The lure of winning big with just a simple bet is irresistible to many. With the rise of online sportsbooks and casinos, betting has never been more convenient. However, the fast-paced environment online can overwhelm betting newbies. This guide will walk you through strategies tailored for beginners to consistently win at online betting on sportsbooks and games on the platforms, such as Bit7 Casino.
Set a Bankroll and Manage It
The most crucial tip is to only bet what you can afford to lose. Set a bankroll and stick to it. A common rookie mistake is letting wins ride excessively only to give back profits later. Get into discipline early in your betting journey:
- Decide on bankroll based on your financial situation
- Split bankroll across different games/bets
- Cash-out winnings regularly
- Stop playing if you lose your allocated bankroll
By managing your bankroll wisely, you remain in control while minimizing losses from the inevitable bad beats in betting.
Gain Essential Knowledge Before Placing Bets
Another mistake beginners make is betting on sports they hardly follow or playing casino games they don’t understand. It pays off tremendously to first gain basic knowledge and understanding.
Study the rules, systems, and formats of games that interest you. For sports, research factors like a team’s roster changes, coaching style, and historical statistics versus opponents. These will help you make informed betting decisions.
Here are some basic things to learn about before betting:
Football and Basketball
- Key stats like shooting percentage or rushing yards
- Impact of trades, draft picks, and injuries
- Head-to-head records
Baseball
- Pitching matchups and batting averages
- Hitting and pitching trends for ballparks
- Situational strategies like sacrifice bunts
Hockey
- Save percentage and goals against average for goalies
- Power play and penalty kill percentages
- Individual stats like hits and blocked shots
Casino Games
- Basic blackjack strategy and house edge
- Ranking of poker hands and pot odds
- RTP and volatility for slots
- Craps odds on different bets
Yes, it takes time upfront. But sound knowledge pays off over thousands of bets in the long run.
Leverage Promotions and Bonuses
Online betting is an incredibly competitive space. Operators rely on attractive promotions and bonuses to acquire new customers. And the offers keep getting better.
As a new customer, you’re in the best position to capitalize on these incentives before you settle on one or two preferred sites. Here are some common ones to look out for:
Matched Deposits
Deposit $100 and get another $100 for free to bet with. This instantly doubles your bankroll. Some matching bonuses go as high as 100% or $500.
Risk-Free Bets
Place your first bet risk-free up to $200. If you lose, get your stake back as a free bet token. Essentially you get two shots to win your bet.
Deposit Bonuses
Deposit on sign-up and receive a fixed bonus amount like $50 or $100 in site credits. This pads your bankroll to bet with.
Reloads and Rebates
Look out for weekly or monthly reload bonuses offering matched deposits or rebates on losses to keep customers returning.
VIP and Loyalty Programs
Big players get showered with personal casino hosts, free vacations, tickets to events, bonuses, and more. But even lower-tiered programs offer weekly cashback and prizes.
Refer a Friend
Convince friends to join the same betting site and get $50 or $100 each. Some places even offer referral commissions on friends’ losses.
Of course, read the fine print on playthrough requirements before you can withdraw. But used strategically, these promos give your bankroll and win rate a significant boost as a beginner.
Start Small to Build Confidence
It’s tempting to throw down $500 on a crazy 10-team parlay for a big payout when starting out. Avoid this and bet small until you build confidence. Place $20 bets and get used to analyzing matchups, running the numbers, and living with wins and losses.
Focus on making smart and strategic bets rather than chasing a huge payday. Over time, increase your bet size as you get better. Patience is key. Rome wasn’t built in a day and profitable bettors also put in the work before seeing results.
Set Stop Losses
On bad days, losses seem to snowball. You may chase to try making back money. Every seasoned pro has been here. The solution is to set stop losses, which are thresholds to stop betting for the day.
Say you start with a $500 bankroll for a football weekend. Set a rule to stop when you lose 30-40% or $200. Log off and come back next week with a refreshed mindset.
By capping losses, you live to fight another day. At casinos, it means walking away from a table when you hit your loss limit, even if it’s only 30 minutes into play. Limit the damage and bounce back stronger.
Review and Improve
Finally, one tip that separates winning players is constantly reviewing and improving. Keep tabs on the data from all your bets. Analyze what works and doesn’t. Then make tweaks to your strategy, bankroll allocation, or research process.
Review these key items periodically:
- Your profit/loss ratio and ROI
- Which leagues or bets do you excel or struggle at
- Reasons you won or lost certain bets
- How emotions affect decisions
- Key stats like your risk/reward ratio
- Which sites treat you best with bonuses and support
Improving at betting takes self-awareness. But fixing leaks in your game through review gives you an edge. No successful sports bettor or poker player goes long without analyzing hands and tape to get better. Make it a habit.
Conclusion
Like any other skill, winning at betting requires putting in effort to study the games, manage your finances, take advantage of promotions, and constantly improve. But the journey can be tremendously rewarding. Follow these tips and set yourself up for bankrolling success.
The key is staying disciplined with your bankroll from day one, building up your knowledge and wagering experience, and reviewing to incrementally get better over time. Don’t expect overnight success. With the foundation covered in this beginner’s guide, the world of online betting riches awaits.
