Introduction

Online sports betting can be tough, but there are ways to increase your chances of making a profit. In this article, I'll discuss 13 tips for making money through great sports betting strategies. Some of these tips include researching teams and players, taking advantage of promotions and bonuses, using software like Odds Jam, and being selective with your bets. These tips can help you improve your odds and potentially earn more money through sports betting.

1. Sportsbook sign-up bonuses

Registering on multiple online sports betting sites is a wise idea, as it helps to find the best odds and lines across markets. Moreover, many sportsbooks offer sign-up bonuses for new customers like risk-free bets and deposit bonuses that can boost your earnings. By signing up for all available sportsbooks in your state, you can maximize your earning potential through their promotions and bonuses.

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2. Online Sports Betting software

Sports betting software tools like Odds Jam can help you identify the best lines and odds, arbitrage opportunities, and more. The Arbitrage Betting Tool can help you find profitable bets by identifying misaligned odds between sportsbooks. The Positive EV Tool assists in finding sportsbooks with odds or lines offering positive expected value. By making only positive EV bets over time, sports bettors can earn money.

3. Shortlisting smart bets

Being selective with your bets and taking your time to research and find markets that provide an edge is the key. Look beyond the featured events and primary markets and check if sportsbooks have mispriced any props or markets in lower-level competitions. It is also advisable to choose the best sports to bet on, including those with the lowest vig and those where you have the most knowledge.

4. Longshot parlays

While longshot parlays may offer a potentially massive payout, they aren't the best type of bets to make in terms of winning odds. Parlays have a low chance of hitting, and the more legs you add, the lower the probability. Even the most successful bettors are satisfied when they win more than 55% of their bets with standard -110 odds. You need to win 100% of each leg to earn something, making it almost impossible to make a long-term profit on them.

5. Sports Betting strategies

Sports bettors may utilize a variety of betting strategies such as betting against the public, following sharp money, and betting on underdogs. Betting against the public is not recommended as casual sports bettors usually lose. Instead, follow the reverse line movement, taking note of the line movement relative to the percentage of bets taken on either side. If the majority of bets are taken on one side but the line moves against it, it means larger bets made by sharps are going in the opposite direction.

6. Prop bets

Sports bettors should study and look for value in prop bets, which are offered by many sportsbooks. With so many props available, oddsmakers might have mispriced some of them, allowing bettors to find value. By finding mispriced props, bettors can increase their chances of making a profit.

7. Bankroll management

In online sports betting, bankroll management is important to avoid losing a lot of money and focus on making it. Set a bankroll limit before placing any bets and distribute it evenly, betting between 1% and 5% of the total bankroll on each wager.

8. Injury reports and other news

It is important to stay on top of injury reports and other news that may affect the outcome of a game or event. By being aware of player injuries, bettors may find value in betting on replacement players or affected markets. Bettors should pay attention to forecast reports as bad weather can also affect the outcome of a game. However, bettors need to act quickly as the lines will move as soon as information reaches the sportsbook.

9. Odds boost offers

Sportsbooks offer odds boost promotions, with increased original odds by 10% to 40%. These come with prerequisites and terms of use, like stake limits, so not all odds boosts present a good opportunity. Odds boosts can create a scenario with positive expected value and are advantageous when used in combination with arbitrage betting.

10. Ongoing Promotions

Sportsbooks offer ongoing promotions such as parlay insurance, cashback, free bets, deposit bonuses, referral bonuses, and loyalty program bonuses. These promotions can help cut losses or extend the bankroll. Parlay insurance offers a refund if a parlay is missed by a single leg. Cashback offers a portion of losses back after a given period. It is recommended to take advantage of these promotions whenever possible.

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11. Compare odds and lines

Sports bettors should compare the odds and lines of different sportsbooks before placing a bet, as they differ from site to site. Comparing could help bettors find the best line and/or odds available, resulting in a better spread point or payout.

12. Arbitrage betting

Betting on both sides of a market on two different betting sites can guarantee a profit, which is called arbitrage betting. To find these opportunities, the odds must align in the right way, and the required stake must be calculated. An arbitrage betting calculator can make the process easier.

13. Chance prop bets

Avoid placing complete chance prop bets, such as a coin toss or odd/even point totals in basketball games. These bets have a 50/50 chance of winning, but the sportsbook charges juice and does not offer even-money payouts, making them a losing proposition in the long run.

Conclusion

Incorporating these tips can help you improve your chances of making money through online sports betting. Remember to stay disciplined and patient, avoid chasing losses or making impulsive bets, and take advantage of sportsbook sign-up bonuses, promotions, and ongoing bonuses whenever possible. By following these tips, you can potentially increase your earnings and make the most of your online sports betting experience.