Millions of Americans will tune into Super Bowl LI on Sunday, but they won’t just be watching for the game. They’ll have money — sometimes thousands of dollars — on the line. As more states legalize sports betting, experts say this trend is changing the way people watch games and wager on them.
Profitable sports betting requires discipline and a long-term mindset. It’s a marathon, not a sprint, and there will be many losses along the way. A successful sports bettor is prepared for that reality, and practices a number of key disciplines, such as bankroll management and bet sizing.
The first thing a sports bettor needs to do is open a separate bank account to fund his or her betting activities. It’s a good idea to set a base bet amount and stick with it, aiming to risk no more than 1% to 5% of your total bankroll on each play. This will help you avoid making irrational decisions on hot streaks or when feeling confident about a certain bet.
Another key aspect of successful sports betting is studying the teams and players to make informed picks. This involves analyzing stats, matchups, coaching strategies and player histories to spot value bets. In addition, a thorough understanding of the rules of each sport will give you an edge over the bookmakers. A third component is recognizing and learning from mistakes. This can be hard to do, especially when you’re losing.