Today we’re going to teach you something that is totally brand new. You might want to change your perspective on sports betting. This may not be significant to some players but it is also still important to know.
Today we’re going to address some of the big differences and misunderstandings in sports betting. Hope that this article can help you develop more knowledge in the future so you can be better. This is an important concept to address today.
You may be asking how significant this main topic will be. Well to be honest with you it is very important.
Most of the basic fundamentals really heavily on value as well as who wins or loses. There’s always this wrong misunderstanding the people only play sports betting for fun and recreation.
The truth is that there are dozens of people who make it big. In order for someone to become a professional then they need to commit and play in the long term. Once you can do this then players can start increasing your profit and skills at the same time.
Let us give you the basic understanding of win over loss.This will be a concept that you may take time to develop. Gambling in itself should not make you much money if you do not follow the rules. In the end, gamblers have a higher likelihood of losing money than making some.
Remember to Choose the Right End Goal
Having an end goal is important. You need to be able to pick out a goal in sports betting. Goals can basically be anything. This ranges from the amount of profit you want to aim for or the amount of wins.
It is quite iconic that we are talking about sports betting goals. To do this, all you need to do is to select a bet. Players may be wondering what they should aim for after placing a bet.
After placing a bet, you have a main goal to pick the winner. Your prediction will be crucial and you want it to be correct of course.
On the other hand, we also need to have other goals too. Picking winners in itself is a common and very basic goal. You can achieve this goal simply by hitting the right matches.
Players could then achieve other types of goals. For example you may have a goal of winning as much as you can.
It is impossible to win 100% of the time but maybe 90% is still possible to achieve. Look for sports betting approaches that will get you more win. In the end, long term players are going to lose much more.
You may be confused about some things and that is okay. We are going to talk about this concept more sooner. So stick with us in this article.
What does Win/Loss Records Mean?
Some players may think that they are doing an awesome day at sports betting. There are many ways that you can define as success in online sports betting. Say for example that your friend has won a sports betting match of 3 to 2.
Winning three times and losing two times does not mean much. What it’s most important is the amount of money that you can win. The more money or value that you can get them the more profit that you can achieve.
Just keep in mind that even winning can make you lose money. Maybe you bet bigger on the losing games and hands and then you lose money.
This statement may be new for some players. But just imagine that your buddy has won three bets and lost two bets. Those two beds can add up to $100. Whereas the other three bets can only be worth up to $80.
Then in total three bets can only be worth up to $80. Then in total you $20. Always keep this in your memory every time you want to gamble. On the other side a player that have two wins and three losses could also have the same thing.
In the end all depends on how much money you placed and the odds. How many bets that you have won is actually a very bad indicator. It should not be an indicator on how much profit you’re making. Profit can only be counted every time you have made much more money.
Now this is actually not that important. But say that someone that have won $5 in a day and then lost zero bets. You would consider that they have a really long and profitable day. This is actually true.
On the other hand anyone who have lost every single bet would mean that they have lost money instead of making profit. The success rate is undeterminable because there is no win or loss record on this one.
It’s just being used so that players can know how much they win and how much they lost. Do not use this indicator at all. It sounds good at first because you are still a beginner.
You don’t know what metric to count your win and losses ass. That is why most of the time people will say that they have won so many matches. In reality they actually lost money.
We will give you a few examples below. This is all similar to the three wins and two losses. Now we’re going to take a few examples from the nba. Down below or some of the games that you can see. These games happen most of the time if not every day.
- Lakers beat the Bulls
- Warriors beat the Cavaliers
- Milwaukee beat the Pelicans
- Grizzlies beat the Raptors
- Knicks beat the Sixers
Now let us look at all of the possible outcomes. These outcomes will end up in a calculation of winning 3 games and losing the other 2 games.
- WIN: Lakers beat the Bulls
- LOSS: Warriors beat the Cavaliers
- WIN: Milwaukee beat the Pelicans
- Win: Grizzlies beat the Raptors
- LOSS: Knicks beat the Sixers
The realization of these bets will end up in your friend losing money. Logically there is a total number of 3 matches won. Due to the odds being low, then your friend is unable to win on the individual bets.
This is also affected by the moneyline of a bet. If the moneyline is bad, then it does not matter even if there are 3 wins. Do not forget this term when you want to gamble.
|Betting Payouts||Odds||Amount of Bet||Outcome of Match||Profit or Loss|
From this table, players are able to draw a quite accurate conclusion. The truth is that your friend have lost around $90 in total. You may ask if this is normal and why? Well remember that each bets will payout different amounts.
If you gamble and place a bet on a very big team, then the odds will be much lesser. Whereas underdogs matches will give you higher rewards.
High risk and high reward is a term that sports gambler love to use. If you are look for favorites then expect low rewards from these matches.
Favorites is always a personal choice. If you think that favorite are going to win, then feel free to bet on them. Favorites would not win all the time or 100% of the time.
Of course a strong team could even lose once or twice. The table above have shown you that a winning record is never reliable. Just because you win does not mean you have broke even.
Let us say that hypothetically we are going to add a few more games. Just round 2 more winning bets. Your friend could still potentially lose money. Maybe your friend have won a new record of 5 to 2. Check back at the amount of money placed.
The more money placed means that the more money is either lost or won. Players need to be able to calculate their losses and see how much they can get if they win or lose. Losing too much is not ideal for a player. It may be a long day but winning 3 over 2 is not always ideal.
The concept of value is always not understood well by newer players. We are going to talk further in the next part of this article. The truth is that value will show you if you can actually make some real cash or not. Wins is still important. Even 1 win can be more powerful than 3 wins and 1 losses.
Understanding the Definition of Value
If wins is not enough, then what is actually enough? Lucky that you are asking us in this article because we have all the answers. There is this concept known as value. Value is a way to analyze bets and see if it can make you some money.
A bet with good value will mean that your money is worth it. Say that you are gambling $100 on a 50% odds. Then the reward you should be expecting is around 2 times the original amount. If so, then the reward you are getting is already high and broken even.
Let us look at several examples so that you can get a clearer understanding. To understand, a bet that is highly predicted going to win will give you lesser rewards. The reasons is because everyone would be rushing and trying to put their money on that bet.
The odds will decrease because it follows the demands of the majority. If you look at Lakers vs Grizzlies, then the odds will highly favor Lakers. The historical statistics will show that Lakers is a much more prominent team. That is why people pick them as a team of choice.
There are also adjustments made to the underdogs. Underdogs would give you a much higher reward. In return, you must take the risk and let Lakers have the uperhand. This is because underdog teams are predicted to lose most of the time. But when they win, you can make a lot of money.
Most sportsbook website will try to make the odds favorable to them. Matches such as a mega team vs an underdog team would have a really close margin of payout.
This is done so that they can make huge percentages of profit. In the end it does not really matter who wins or loses. As long as players bet, then there is a lot of room for profit for the bookies.
The bookies will limit the odds and even sometimes decrease it unfairly. Look for websites with good value.
We can also make a hypothetical situation. Say that a sportsbook website gives you good values. And then we will also expect that you try to make the same bed 10 times in a single match.
This is actually not possible at all but we’re just going to assume. Most of the time you would have to gamble on 10 different matches instead of one. Or else you don’t have much choices or value.
What we’re trying to prove here is that you need value and the importance of value itself. A sportsbook website will offer you odds. The odds will keep on changing. Odds are basically determined by the likelihood of a team winning.
If a team is closer to winning than the odds will always change. In case you want to place last minute but then the reward is also much smaller. Anything that will favor you and winning would mean that you will get lesser rewards later on.
We’re not going to talk about implied probabilities today. We have already covered that topic in another article before.
Now we are just going to talk about how odds is also important. From odds and value alone you can see if the team is winning or losing. The further it is from a number one then the further it is from winning.
We’re going to take another example of 10 bets today. We can assume that thise bets have a negative 150 value. So if you convert the bet it would mean that you have a 60% chance of winning. All of this can be calculated easily by using a formula.
But we use softwares to make it much easier for you to comprehend. This in total would show that you have made a profit of 60%.
Most of the bets that you lost would be placed at $100. So in total you can compare a win of $360 over $400 lost. You may be asking why you actually lose $40 in the process.
Well the reason is because you are only getting 60% if you win. If you lose you’re going to lose 100%. That is why the margin of losses set up around 40%. This is already considered too high for players to bet and if they want to place many bets.
There will be some occasions where the sports book actually lose money. This can only happen if you are able to do line shopping. Line shopping is basically when the value is perfect.
You’re actually making much more money than you possibly can in the sportsbook website. Sportsbook website will never have the perfect algorithm. You can expect some flaws in there formula or even values.
When this happens players can take advantage of it. The thing is that you can look at your profit and losses easily. Just add up all of your profits and losses. And then subtract them together. After knowing this you can actually make around $60 in profit.
The reason being is that you have found good value and took advantage of it. The break even point of this is set at 7 against 3. If you only win six matches over 10 then you’re going to lose $40.
But if you win seven against three this means that you already make around $66 in profit. You can always bet on any types of matches that you want to. It does not have to be favorite matches or underdog pads.
There will be much that are equal and will give you around 1.5 times and return. These are called no value bets because they are much more equal. You also need to know the risk that you’re taking against the rewards you’re getting. Be sure that they are similar to each other.
Strategy guide has several other articles that you can use. Use these articles as references for you. Strategy is an important way for you to calculate and comprehend data.
We have also taught you some ways to calculate this for example by looking at the win versus loss. You don’t just look at the winning percentages. Look at the total amount of money that you have found.
We recommend that you read other guides that will help you and gambling. For now we have compiled to use some of the most important things. These three things will be useful for your future gambling endeavors.
- Never forget to convert the payout odds to implied probability. Imply probability is a way for player to know how much money they can potentially win. Implied probability is based strictly off of statistics. If the team is doing well then the implied probability would also reflect upon those results. You can find a good bet by looking at the implied probability.
- You know what the percentage will be. Getting probability and percentage are two different things. After getting the probability do not forget to convert it to a percentage.
- One easy way to do this is that just imagine your gambling 100 times. If you win 65 times then the total percentage is 65%. This is quite easy to count and you can calculate this on another level. For example you can adjust it to 200 dots or thousands of matches. Just look at the percentage and likelihood of you winning. If the number is not good then try to fix the types of matches your betting on.
- Try to compare several different numbers. If you look at a match you can see if it is valuable or not. The way you do this is by seeing if you gamble will you get the same amount of money that you should be getting. Do not be triggered or scammed by a sportsbook website. They would only show you half of the things that you should be seeing. Use other websites as references to.
If your percentage is in the end of the day much lower than you need to look at other games instead. Never force a bet if it is not worth it for you.
Key things that you can take away from this article. We also suggest that you learn how to calculate value. Value can be seen by looking at the differences of profit and loss.
You can find a break even point for example having a target of seven wins and three losses. You can still get away with winning in the end. A loss me me that you lose money. But look at the bigger picture of when you make much more money.
Concluding Win and Losses
In the end we’ve talked about several things that you need to know. First of all understand that when and losses is very unreliable. Never refer to those kinds of strategies if you want to measure your profit period to measure your profit you can use different calculations and formulas.
Some of the ways is by calculating your total profit minus your losses. If there are more profit then you are actually winning. Ask yourself how many bets do you want to place. Look at the percentages and calculate the odds.
If you place your bets on good mattress then you’re actually going to get much more money. Even though the odds are only different by five points. Five points can mean $5 or $50 or even $500. All in all we hope that you can find meaning in our article today.
Look for matches with good value and you can surely start making more money. Don’t be rattled by the amount of bets that someone has won. It has no meaning to it if they don’t get a good value from those bets.