What is a sports betting strategy?

As with most things in life, having a strategy or a plan tends to yield better results and this rings true in the world of sports betting.

For those on the periphery, the sports betting industry can appear overwhelming, with so many odds and offers to digest and many mathematical considerations to make.

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However, having a consistent and solid sports betting strategy can enable punters to see returns on their investment, regardless of their betting aspirations or budget.

For many punters, betting on sport is done through a hunch, a gut feeling or intuition, which adds a level of emotional attachment to each bet placed. There is no evidence to suggest that this way of betting isn’t effective, but it is often difficult to quantify, and punters can be blinded by their loyalty or feelings of optimism towards a team or player.

Having a sports betting strategy is the adoption of a plan or approach to each bet placed, which can manifest in a variety of ways. This can range from basic strategies, which centre round betting on certain odds, teams or scenarios, all the way through to statistical analysis betting strategies, which take a deep dive into their sporting field.

As the sports betting industry continues to boom worldwide and with astronomic sums of money changing hands between sportsbooks and players, there is a clear place in the market for punters who adopt strong sports betting strategies.

Let’s take a look at some of the different sports betting strategies out there for players, the impact they can have and some top tips for success when implementing a sports betting strategy.

Why you should use a sports betting strategyThe ultimate aim of any bet placed is to bring about financial returns and having a sports betting strategy in place can help punters achieve that goal.

Risk is an unavoidable aspect of sports betting, with punters always having to legislate and budget for the unexpected, as they are betting on things that they ultimately cannot control.

Here are some of the key reasons as to why players should look to implement a sports betting strategy, regardless of how much money they stake:

Probability: All sportsbooks provide their odds based on the concept of probability. Consequently, punters have a decision to make, do they go with common consensus and back the high probability outcome or do they chase value and increase risk by going against the grain.This is a constant battle of wills for any punter, unless they have a strategy in place, which if they stick to, can enable them to see consistent returns.
Emotional Control: A key part of the appeal for any punter is the allure of being able to win money from a desired sporting outcome. However, fan loyalty can be a dangerous pitfall in the world of sports betting, with players backing what they want to happen, rather than what they think will happen. Exercising emotional control is easier when punters have a sports betting strategy in place, as it gives them a wider context or goal to work towards.
Bankroll Management: As mentioned, the world of sports betting is a volatile one and very few punters hit the jackpot on their bets placed. Adopting a bankroll management strategy, where players stick to a plan in terms of how much money they stake, encourages longevity for punters and enables players to bet within their means responsibly.
Statistical Analysis: With so many sporting fixtures taking place globally on every day of the year, the number of sports betting markets available to punters can be overwhelming. Adding a tried and tested statistical model to each bet placed can help players digest each bet placed and can give a rationale to every stake punted. The use of statistics is commonplace in all global sport, and it has transcended into the sports betting industry, making it a valuable resource for punters to use.

Having a sports betting strategy can help punters identify profitable bets through probability, can add a sense of emotional control and it can provide players with a rationale and consistency, which can turn gambling into a skilled, decision-making process.

READ: What is value betting? A comprehensive guide

Basics of sports betting strategy

Having a strong grip of how sports betting works is essential for any punter and having a handle on basic sports betting strategies can enable a gambler to reach the next level.

It enables punters to move away from the luck/chance aspect of sports betting and start implementing a model that should, if effectively used over time, yield some sort of return.

Here are some of the basic elements of sports betting strategy, which can help all players, regardless of how much sports betting experience they may have:

Value Bets: Risk and reward are the key questions for punters to consider on every bet placed and focusing on the value of a bet, rather than the potential return, is one of the key elements of any sports betting strategy. Probability leads the odds generation for sportsbooks but there is always value to be found in every sports betting market.

Research: It perhaps goes without saying but research is key in any sports betting strategy, as it helps inform every bet placed - regardless of whether it lands. Researching the best odds, the probability of an outcome happening and any additional information around a specific sporting event is essential when implementing a sports betting strategy.
Bet Tracking: Punters who use sports betting strategies effectively always track their bets, win or lose. This gives them a chance to monitor their progress across every bet placed, work out any statistical trends that may have occurred and look for potential patterns and gaps in the market when placing their next bet.
Consistency: An absolute must in any sports betting strategy is consistency. Sports betting is very rarely a quick fix, and a huge amount of patience is required, especially for those seeking substantial returns. Consistently sticking to a betting model or strategy makes it easier for punters to compute any losses and to bask in the glory of any potential wins, without endangering the strategy or the betting budget.

Getting to grips with the basics of sports betting strategies can see punters invested for the long-term when it comes to sports betting. It can also become a more profitable and enjoyable experience than just betting on a whim.

Types of sports betting strategies

The next conundrum for any punter is working out the best sports betting strategy for them.

Many considerations are at play here; sporting interest and knowledge, budget, aspirations, timescale etc, but all do play a factor in the choices punters make.

Some sports betting strategies are inevitably more suited to certain sports and there should always be a degree of chance and fun when it comes to betting on a sporting outcome but having a strategy in place can hugely increase the chances of seeing a financial return.

Here are just a few of the most popular sports betting strategies used by punters:

Fixed Betting Strategy: As discussed, the most common betting strategy used by players is the value betting strategy, which centres around the odds offered out by a bookmaker. Fixed betting strategies are non-negotiable in terms of the amount of money staked, regardless of how much it will return - meaning players accumulate consistent smaller wins, rather than big money returns.

Working example: Manchester City are 1.15 to win at home against Leicester City in the Premier League. £50 on Manchester City returns - £57.69. £7.69 in profit plus the original £50 staked. However, should City manage to win on the road at Liverpool, at odds of 4.50, the same £50 stake would yield a £225 pay out, £175 of which would be profit, plus the £50 stake.

Arbitrage Betting: A more complex strategy used by punters is arbitrage betting, where players look to cover all bases in the bets they place. This often requires multiple betting accounts with bookmakers and in most cases, live tracking of a specific match but it can be hugely effective. The basic premise is that this strategy is risk free, as all potential outcomes are covered but it does require a fair amount of monitoring from punters.

Working example: Jannik Sinner takes on Carlos Alcaraz in the French Open men’s singles final. Sinner is 2.05 to win with one bookmaker, while Alcaraz is 2.05 to win with another. Provided the same amount is staked by the punter, a guaranteed return is locked in.

Handicap Betting: The advent of live betting has added to the increasing number of betting strategies surrounding handicap betting. This strategy targets the differentials in scores in a particular game, rather than focusing on the actual result. This enables players to detach themselves from the outcome of a fixture and target specific scoring instances within the match. In addition, these markets tend to fluctuate in the in-play/live betting sphere, giving punters a great chance to land some decent returns.

Working example: England are playing Wales in the Six Nations. A bet on England -7.5 in the handicap market, means they are starting the match minus 7.5 points. So should they win by an 8 or more point margin, the bet would pay out. Obviously, this market is external to the match result, but it can add value to any potential returns.

Martingale Strategy: Much like any betting approach, there are different degrees of risk associated with different betting strategies. In comparison to many betting plans, the Martingale strategy is certainly one of the riskier options for punters. It tends to be used by players operating with bigger budgets and those who are betting frequently but if a player gets on a roll, it can be a very lucrative betting strategy.

Working example: A £10 bet on the New York Knicks loses in an NBA fixture. For the next bet placed, the punter doubles the stake e.g. £20 on the LA Lakers to win. Should the Lakers win, a return is guaranteed, as the initial lost stake on the Knicks is covered. As mentioned, winning streaks can yield significant returns, however, long losing periods can wipe out bankrolls quickly too.

Fade The Public: Going against the grain can pay big dividends in the world of sports betting, as odds are generated by probability and the number of people betting on an outcome. Different sports offer certain niches that punters can exploit and by looking to go against public consensus, there is sometimes some decent value to be found.

Working example: Everton sit 17th in the Premier League, with all but one of their wins coming at home this season. They take on league leaders Arsenal, who have a Champions League game to consider in midweek too. Everton are 5.50 to win at home against Arsenal, meaning a £10 stake would generate a strong £65 return should they win.

READ: What is exchange betting and how does it work?

Evaluating sports betting strategies

Analysis and evaluation of a sports betting strategy is often quantified purely on outcome. If a placed bet wins, then it is regarded as a good use of a strategy, if it loses, then the plan has not worked.

However, there are many factors to consider when evaluating sports betting strategies and it is not a one size fits all model.

Here are some of the key things to consider when evaluating sports betting strategies and when looking for ways to mould them into a betting approach:

Long Term Investment: The chances of instantaneously landing a bet that returns a life-changing amount of money is very slim and the romance attached to that should be discarded by punters. Most effective betting strategies are long term projects, where players are methodical in their approach, riding the ebbs and flows to see a return. Pitfalls are always present when betting on sport, with a range of different outcomes available in every sporting fixture and punters should be mindful of the journey they are embarking on when implementing a betting strategy.
Odds Comparison: Shopping around is a wise approach for players when choosing which bookmaker to use and efficient use of odds comparison tools can add serious value to any sports betting strategy.
Statistical Analysis: Confirmation bias remains an issue for many punters, especially if they have an emotional attachment to a sporting team or player. Recording each result, in as much detail as possible, can enable players to evaluate their performance with each bet placed and analyse the efficiency of a betting strategy moving forwards.

Implementing sports betting strategies

Once a decision has been made by a player to take on board a certain approach when sports betting, consistency and resilience is key.

Losses need to be accounted for and expected, so players should look to keep a level head when looking to see returns from any sports betting strategy adopted.

Let’s look into some key considerations when implementing sports betting strategies:

Betting within budget: Different strategies work for different budgets and there is no perfect solution. Giving a strategy a chance to manifest returns is key but if it isn’t working within the confines of a budget, being adaptable to the betting environment is key.
Start slow: Going in all guns blazing and laying down big stakes can have a catastrophic impact on a betting budget. Players should look to see if their strategy works through low-stakes bets and gradually increase their financial output as their confidence in the strategy grows.
Be unwavering: Taking the rough with the smooth is expected for any punter but a degree of discipline has to be exercised when using a sports betting strategy. Sticking to the plan and any budgetary requirements are key, with weekly and monthly reviews always recommended to track progress.
Do the background reading: Like any subject, the more knowledge a punter has about a specific sport, the better the chance they have of predicting any outcome. Players can not expect to pluck winning bets from thin air and should put the work in to be fully informed of all the latest trends in the sport they are betting on.

READ: Sports betting odds explained

Tips for effective sports betting strategies

Sports betting comes with very little guarantee in any market and consequently punters are always operating on the fine line of wins and losses.

Finding a sports betting strategy that works isn’t easy, but players can expect to see some decent results, if they are implementing strategies efficiently.

Effective sports betting strategies can be quantified in a number of ways but here are some tips in how to make them effective within a betting realm:

Bankroll is key: Betting strategies only work if there is sufficient funds in a betting account for bets to be placed. Once things get out of hand and a player starts losing money, it is often an untenable position for the punter to be in.Managing expectation and bankroll is the most important consideration in any sports betting strategy. Winning bets will always be topping up the coffers, while losing punts shouldn’t make too much damage in the overall funds, provided a plan has been adhered to.
Understand the maths: While far from traditional maths in many ways, being able to quickly understand and register the odds on offer in any betting market can assist players when implementing a betting strategy. Knowing how much each potential bet could pay out is a very useful tool for players, especially in the live betting market and it can also negate any unnecessary risks for punters.
Keep learning and evolving: Doing the same thing and expecting different results is never an effective strategy to adopt in any form of life and the same applies with sports betting. Finding ways to add new sports to the repertoire, becoming increasingly informed on different betting types and markets remains an effective strategy for all punters.
Establish trends: Finding a trend in the market is always an effective betting ploy and being early to any potential betting patterns can pay dividends. Be resilient when looking to implement a betting strategy and analyse any growing trends or patterns that see sustained returns.

FAQs

What makes a sports betting strategy effective?

Effective and reliable sports betting strategies enable players to have a plan with every bet placed. There is a rationale behind each punt, the odds return value, and the bet placed does not exceed any financial restrictions or a bankroll. The efficiency of a sports betting strategy is often measured by outcome, which is generally measured over a few weeks or months – rather than a one-off fixture.

Why is bankroll management so important when using a sports betting strategy?

Betting responsibly remains a key facet for every punter, with losses to be expected and always accounted for. Losing bets is part of any punter’s journey and consequently, an effective betting strategy ensures that every bet placed does not push a player outside of their financial means. By the same token, not getting carried away within the midst of a winning streak is also key, as players look to manage their betting finances efficiently.

How do you know if a sports betting strategy is working?

There is a never-ending resource of sports betting data available to punters and using it to good effect will enable players to measure the effectiveness of their sports betting strategy. Collating results from as many bets as possible will paint a clear picture for the punter as to how their bets are going and whether their sports betting strategy is working. Establishing trends, analysing results and tracking every bet placed will enable players to ascertain how efficient their sports betting strategy has been.