Betting on the outcome of sporting events in the US is a fun and exciting activity. It’s perfect for those who want to add some extra adrenaline to an already fun match in a sport like baseball, football or basketball, for example – while it also offers you the chance of winning some cash if your wager goes the right way.
However, gambling on sports is not just fun and games. It’s also, to a degree, an opportunity to think about strategy and mathematics. Yes, math makes it sound a bit boring but that’s what betting boils down to – you have to compare all of the stats from both teams across the whole season to work out where you should put your money.
One of the major strategic questions you will need to ask yourself will be whether to stick to the supposed best odds or to go in behind the underdogs. This blog post will help you explore the pros and cons of each option.
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Before looking at which strategy might work best for you when online sports betting in New York, it’s important to understand that all is not necessarily as it might seem at first glance here. The Game Day note that, when faced with the question of whether to back the underdog or the favorite in a betting context, most people would automatically suggest backing the favorite. After all, the underdog is supposedly more likely to lose, which means that you’re more likely to lose your own wager.
Of course, the flip side of that is that the potential reward is higher. So, if you do manage to win back your wager, you’re going to win more if it’s an underdog compared to if it’s a favorite. There’s also no guarantee that you can simply bet on one single favorite for a small win. There’s almost always more than one favorite, and by the time you’ve placed a wager on each, you might have wiped out your whole deposit. There is, therefore, no clear-cut strategy. All you can ever hope for is balance.
Mixing and matching
One approach that some bettors take as a way of untangling this complicated question is the “mix and match” approach. They might begin by placing a few bets on favorites and then also placing a few bets on underdogs. In this sense, the bettor is taking a “mix and match” approach. By betting on some favorites, the bettor is increasing their chances of making some small wins – but by also betting on some underdogs, they’re holding onto the chance of winning a larger sum. With this strategy, the bettor can hope to win some and lose some in a way that allows everything to balance out in their favor.
Really the underdog?
It’s also important to ask yourself whether a team or player which has been lumbered with “underdog” status truly is actually an underdog. In truth, a player or team which has been given the status of underdog might not actually be an underdog, they may actually have a decent chance of winning. The recent Super Bowl is a perfect example. The whole season both the LA Rams and the Cincinnati Bengals were consider underdogs and look where they ended up.
Another thing to consider is how well you know the sport and the teams playing. If you have some specific knowledge about the team in question, for example, you might be able to capitalize on it in a way that allows you to recategorize the underdog and find a chance to win.
Avoid the question entirely!
When most people think about sports betting, especially people who are new to betting or still learning the ropes, they assume it’s all about betting on the winner. It’s true, that’s a big part of it and the most basic type of betting is to place a simple single bet on the outcome of one game. But there’s an awful lot more to betting than that.
If you don’t want to debate betting on the expected winner or the underdog, don’t! Place a different type of bet. Betting the spread is a fun alternative. With spread betting you’re betting on what will happen during the game, not what the outcome will be. The most popular type is point spread betting. With this type of bet the bookmaker offers what they think the total score will be, counting both team’s scoring. You then bet on whether or not you think the total number of points will be higher or lower than the bookmaker’s estimate. It’s a fun way to bet without having to pick a winner.
A game of chance
Finally, while it’s fine to enjoy some betting from time to time as a way of having fun, and to apply some of the above strategies if you feel able to, it’s also vital to remember that betting is – ultimately – always going to be a game of chance. The outcomes on which you are betting are not only unknown, they’re also out of your control, and to that extent no amount of strategy is going to change it. Perhaps, then, it’s best to view sports betting for what it is: a game of fun, and one in which you can potentially gain some cash if luck falls your way.
Overall, there’s clearly no guaranteed strategy that will lead you to victory in the betting stakes. If there was, the sportsbook would never make a profit – and they would be out of business! The tension of choice between underdogs and favorites is likely to always persist in the betting world. It’s up to you as the bettor to come up with a strategy that mixes and matches the two approaches and determine the right balance for yourself. Remember, though, that betting is ultimately a game of chance and fun – and that strategy won’t solve all your challenges. In the end, strategy can only take you so far – you will also need some luck on your side too.