Betting on football can add an extra level of excitement to the game you are watching. But unless you win regularly, the novelty can soon wear off and disappointment wins. That is why the most successful sports bettors develop well-defined strategies when betting.

1. Do your homework

The first thing you need to successfully place sports bets is to have the necessary knowledge. Bets should never be placed solely on instinct or intuition. Every bet you place should be the result of solid research and a great knowledge of the game. So, if the Premier League or Bundesliga are your areas of expertise, you should start there.

Betting with your head instead of your heart is a golden rule that you should never break. Do your research and look at as many statistics as possible, without exception. Bookmark your favorite football tips and statistics websites and use that information to understand trends in certain markets.

After a while, you will know which teams win a lot of corners, which receive the most reserves, and which give up in a high percentage of games. You will know which goal scorers tend to score first, which players receive the most assists and which referees are the quickest to draw cards. All this knowledge can be used to identify betting opportunities.

2. Always keep a betting log

To know if your strategy is working and identify areas where your performance could improve, you should keep an up-to-date record of your bets from day one.

Even if your accounting skills aren’t great, you should have a basic record of your football picks . A betting log can give you a lot of information, such as what type of bets give you the best returns and what bets you should avoid or investigate further.

Your betting record should include:

• Betting house: who did you bet with?
• Match details: teams, stadium, competition, referee, etc.
• Match date: when did the event occur?
• Betting market: type of bet placed and data about it.
• Quotas: the best price that was offered.
• Amount bet: how much did you bet?
• Result: did you win or lose the bet?
• Performance: Did you make a profit or a loss?

Additionally, you should also set aside space to make other notes that may be relevant, such as your reason for choosing the bet supported by the statistics you used and your data sources.

This may seem like a lot of effort, but you will appreciate having this information available for future reference. And it will help you develop your own success strategy. If you’re good with numbers and spreadsheets, you could even take this practice to the next level by expanding your own statistical database. You could apply formulas to identify whether or not a bet offers good value based on previous bets.

If you’re thinking about skipping this step, remember that every successful sports bettor keeps a record of their bets. Learning from your mistakes and building your success with experiences is essential if you want to produce positive long-term performance.

3. Open more than one account

If you’re thinking about betting regularly, having just one betting account could cost you money every other week.

Soccer betting is all about margins. Therefore, you must maximize the return on each individual bet. And that means you must have multiple betting accounts. If you spend your time studying statistics to find the best betting opportunities, it makes sense to place your bets with the bookmaker that offers the best odds. Otherwise, you’re just wasting money.

You can increase your potential winnings by 10% or more by finding the best price for each bet you place. That could make the difference between a profit and a loss in the long run.

 4. Find value bets

This is a slightly more difficult skill to master, but it gets easier over time. A value bet is one in which the odds offered are high in proportion to the probability of the outcome. The difficult part is calculating the probability of the outcome. By looking at historical results and taking into account form, injuries and other factors that can affect the outcome, more experienced bettors can arrive at a reference figure. The more statistical study you do, the more precise you can be with your predictions.

A simple formula for finding value: If you calculate that a bet has a 60% chance of happening and the odds are Even (2.00), then we can use the calculation 0.60 x 2.00 = 1.20 to find the perceived value. As a general rule, if the result is greater than 1.00, the bet offers good value.

5. Manage your funds

Before you start betting, you should set aside a certain amount of money that you can afford to lose without putting extra pressure on your finances. Next, you should manage the money as if you were investing in a business.

This means betting small amounts until you find the right strategy. Even then, you should spread your money sensibly across a variety of bets. And remember, there is no guarantee that you will make a profit, so it is important that you never bet more than you can afford. Even the most successful bettors follow a strict bankroll management system.

6. Know your strengths

As you gain more experience, you will begin to identify your strengths and weaknesses. You must be honest, self-critical and be prepared to change your strategy if necessary. If something isn’t working and there’s no obvious reason, stay focused on what’s working. Don’t waste time on failed strategies.

7. Be careful with bonuses

Online sportsbooks sometimes offer bonuses, promotions and better odds on certain betting markets. One of these offers may cover a bet you are considering. In that case, you could increase your potential returns by taking that advantage.

8. Avoid advice from people who know

If you get advice about horse racing or soccer from someone at your local bar or a friend at work, don’t assume they know what they’re talking about. Always do the calculations yourself and make an informed decision regardless of the source that gave you the information.

9. Know when not to bet

Sometimes it can be difficult to find a bet that meets your own strict criteria. In this situation, you may be tempted to bet anyway and choose a bet you wouldn’t normally back. This habit should be avoided. If a bet does not offer the right balance of probability and value, then it is best not to bet.

Also Read: Breaking Down the Odds: Tennis Betting Explained for Indian Beginners

10. Don’t spend all your earnings

When you win, you should treat the cash as part of your financing. Remember, you must think like a business person and any profits must be reinvested in your company. Of course, treat yourself to a little bonus from time to time, but try to avoid withdrawing all your winnings if you plan to gamble regularly. Bankroll management is key to your success when betting.

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