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Basic Sportsbook Tips:
Optimize your betting strategy:
Just like a bookmaker does, place bets on all possible outcomes (e.g. 1-0-2) with the probability summing up to 100%. That way the outcomes of the event itself becomes irrelevant and you can minimize risks and maximize your profits.
Do not bet only on your favourite club:
We all tend to misjudge the probability in favor of our favourite club.
Trade bets:
Act as if you were dealing on the stock exchange and profit from fluctuations in the odds. They tend to rise near the suspension of the markets since more users try to find their way into the market by offering higher odds. Make use of the possibility to place your closed bets back on the market before the actual outcome of the event to profit from that situation. That way you can maximize profits and minimize possible losses. Any information about a sporting event can be useful: The more you know the better you will perform on the betting exchange.
Use possibilities like trading, risk management and probability calculus to reduce your risks.
Skill counts, not luck:
Take advantage of the additional possibilities and large range of functionalities the betting exchange offers compared to the offering from conventional bookmakers. Remember you can back and lay odds and you can place bets on all possible outcomes in a market. Success depends on your information surplus, right timing, using market fluctuations to your advantage and basic match skills (i.e. arbitrage activity...). With the right skills you can earn more money than by simply relying on your luck. You can make your skills count much more on the betting exchange than at a conventional bookie.
Statistics can help:
Statistics mirror the sports world in numbers. In the longer run statistics give us a precise picture: Every kid will tell you that in soccer more home than away games are won. But do you know Michael Schumacher favourite racetrack ? The one on which he has been winning every race for years? Even though each sporting event has to be assessed individually, statistics can help to determine an outcome in advance.
Watch out at the beginning of the season:
At the beginning of each season – no matter if it is soccer or Formula 1 – you should take things slowly. After long brakes the shape of a sportsman and the team play is hard to judge. If you want to be on the safe side, watch the first couple of matches and start betting once you have developed a feeling for the current strength and weaknesses of the athletes and their competitors.
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