How to Become a Good Sports Investor in Three Steps

So, you want to get deeper into sports betting?

 

 

Unfortunately, unless you have deep pockets, purchasing expensive premium picks from top Vegas handicappers cuts so far into your bottom line that it can make it difficult to actually turn a profit.

 

Look t it this way. If you spend a chunk of your earnings on the picks and still a factor in the standard vig, your 55% win-rate to be profitable starts to grow and approaches that 60% area … which is tough to hit for even the best of the best.

 

Let’s do some quick, simple math. If you make one hundred $100 bets throughout a particular season or year, you are risking $10,000. If you win half the time, 50 bets at -110, you only return $4,545.5. So, you lost almost $500. If you win 55 times, you break even. If you win 60% of the time, profit $454.60. That isn’t very much when you really think about it. So, if you are giving away money to get those wins … your profits disappear.

 

This means you have to learn to be a better handicapper and make your own picks.

 

1. Start with a Focus

Start small and focused. One of the biggest traps I see budding sports investors fall into is spreading their attention too wide. Pick a couple of sports or leagues and stick to it. If you are massively into MLB, focus on baseball. If you really know Soccer, stay in your lane with that. If you are a fantasy stat geek and follow American football religiously start there.

 

The point is, pick your strongest area and live there. At least for a couple of seasons. What we often see is people having success in their lane, so they branch out and start betting other sports or leagues. Suddenly, they are missing here and there on those games, which drops that 58 or 59 percent rate that they were winning, back down to 56, 55, 54 or lower … now they are in the red overall. Stay focused on where you are most knowledgeable and build on that knowledge. If you spend less time focusing on these weaker areas, you can build even more expertise in your stronger sport.

 

2. Track Everything

Data, data, data. Track everything. Spreadsheets are your friend. Separate your wager types on spreadsheets and even add a short summary of why you picked the way you did – the edge you found whether statistical or situational, etc. Then do a post-mortem and track that too, especially on the losing bets. Write down what happened in another cell. Sometimes you made the wrong play. Other times, you made the right call, but s*#& happens, so to speak. This will help you identify what handicapping processes are working and which ones are not. Furthermore, it will help you narrow down your strongest wager types. You may find that you consistently do well with totals and not as well ATS, so you can adjust accordingly.

 

You’ll also want to check Sportsbookreview.com to see the best sportsbooks so that you have multiple accounts for lines shopping. Why take a line at -110 if you have the opportunity to increase your margin by getting it at -105. Or why take an underdog on the spread +7 if another shop has them for the same price at +7.5? Remember, look for that edge and track everything.

3. Stick to the Plan

Create a plan of action and stick to it. This reinforces No. 1 above. I myself have been guilty of getting greedy and murdering my profits. Long win streaks and suddenly you start upping your unit amounts or making more bets than you typically would and bam … those profits you had racked up go away.

 

Create a plan that includes the number of bets you will make each week and your unit size and stick to it. I do not believe is starred picks or diamond plays, etc. You can bet, bet, bet and bet, and then the second you come across a supposed 5-star play, it’s almost always that one that you are going to lose. Then you have to win more plays to make up for that five unit loss … or chase the dragon and risk going down in flames. Succesful sports investing is about the long game. Consistent, repeatable winning over the entire year, not going big here and there and ruining your profits – Vegas was built off the dragon chasing mentality. Discipline. Remember that word.

 

If you create a plan based around your strengths and track everything you do so that you can adapt and adjust, you’ll be on your way to becoming a better sports investor and handicapper.