Sports betting is a growing pastime for millions of people around the world. And online, it has transcended geographical boundaries and cultural differences. Sports itself is thrilling and exciting even for people who don’t participate in the sports itself, where the experience touches the hearts and minds of those who watch.

Adding to the emotional connection of cheering for your favourite team or athlete, is the adrenaline rush that comes with placing a bet on the outcome. The uncertainty of the game’s result keeps fans engaged throughout the event.

But there is a difference between placing money on sports outcomes just for the thrill and turning sporting knowledge into an edge. For those who bet on sports with even just a bit of strategy behind their money, it’s like being part of the game and doing your best to win.

With platforms like Stake, enthusiasts can place bets on various sports events while leveraging the benefits of cryptocurrency. In this article, we explore essential strategies to enhance your sports betting experience and increase your chances of success.

1. Bankroll management

Before getting into specific sports betting strategies, let’s address the foundation of gaming, that is, bankroll management. This simply means properly managing your funds for sports betting.

While this might seem like common sense, it’s especially important for the beginner to follow some of these key principles to stretch out every bit of fun you can with your crypto.

  • Set a budget: Gaming is entertainment. Just as you would expect to set aside a monthly budget for dinner outside or movie dates, set a budget for your gaming activities against a timeframe. Some people use a weekly budget, others use a monthly budget. This amount is what you’re willing to put on bets and possibly lose, so never deposit more money than you can afford to lose.
  • Set a unit size of bets: Instead of putting random amounts on a bet, stick to using a consistent unit size. For example, if you always place 1% of your initial deposit or bankroll of 500 USDT, then you know you can place 100 bets of 5 USDT with your deposit. This helps you to avoid chasing losses by increasing your bet amounts impulsively.
  • Avoid follow-up deposits: The purpose of setting a budget within a timeframe is to keep your gaming comfortable. If you’ve lost your funds, don’t follow up with another deposit until your next budget allocation has arrived.

2. Understand the sport

Unless you plan on being a casual sports punter, you should invest some time in researching the sport you want to bet on.

Knowledge is power and knowledge is an edge. You should always be familiar with the sports and the type or market you want to bet on.

Once you understand team dynamics, player strengths, recent form, injuries, and even tactical styles when facing different opponents, you will find it much easier to find outcomes that are more likely to happen and place your bets accordingly.

For example, if Player A and Player B in a tennis match are evenly matched and have similar winning odds, you might want to look up their recent matchups and see who normally dominates. Is either player injured? Which performs better on the current pitch? Do either perform better with a home crowd backing them?

Knowing all these things can be helpful so you’re not just placing a random bet.

3. Shop for best odds and lines

Everyone has their favourite sportsbook. Some prefer the convenience of having one account, some just trust their choice.

At Stake, many users like the ability to deposit all kinds of cryptocurrencies, but also like the favourable odds on some events like UFC, which the platform sponsors.

Always compare odds between sportsbooks because different books offer varying odds for the same event. There’s no need to leave money on the table! Comparison sites like Oddschecker compare odds across over 20 sportsbooks in the UK and there are others you can look up, although they usually don’t consider crypto sportsbooks.

4. Understand the common types of markets or bets

For any given sporting event, there can be dozens of different betting markets, or types of bets. The more popular the event, the more markets there usually are.

Beginners should focus on the common types of bets first. These are:

  • Moneyline: This is a bet on the outright winner. It is usually suitable for favourites or when you’re certain of an outcome.
  • Point spread: This type of bet accounts for the difference in team or player strengths. It is suitable when you might be sure of the winner, but unsure of whether or not they might dominate.
  • Over/under (totals): This bet simply predicts whether total points or goals scored are over or under a specified number. Some people prefer this instead of picking a winner.

Once you understand these markets, you can then consider Prop bets, which are more advanced wagers on specific events within an event. These usually focus on player or team performance, such as how or when an activity might happen.

5. Identify value bets

While sports betting is ultimately based on skill and luck, you can sometimes identify value in bets. A value bet can be when the odds offered are better than what you think is the outcome’s probability.

For example, if you calculate that Team A has a 50% chance of winning, then the approximate odds for that is 2/1 (fractional odds) or 2.0 (decimal odds). So if you see odds better than that, it’s a value bet.

On occasion, sportsbooks also offer promotional bets or event-based bets where odds can be better than what other rivals offer. Stake, for example, will often offer boosted winnings for Everton FC, a football club it sponsors in the English Premier League.

6. Keep records

One really important thing to do if you bet on sports is to keep records of your bets. This way, you can track your own winning or losing performance over time.

The best sports bettors analyse their performance, identifying their strengths and learning from their mistakes. Records help you identify patterns in your betting, and allow you to build strategies that capitalise on your strengths.

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