Whether or not poker is a game of skill is an argument that has long been solved. Time and time again, people have proved that skillful play will always prevail in the long run in the game of poker. One other area where the skill v luck debate has always been raging is sports betting. Much like poker, it is a game of incomplete information, where players are trying their best to make the right decision. The big difference of course comes from the fact players are playing against the house and the house will try to keep itself with an edge.
However, neither the punters nor the bookie know how a match is going to end. The best both can do is assess the probability of something happening and make their bets according to these assessments. This is why best punters can still find flaws in the bookies’ odds and make bets that have positive expected value. If you are a poker player, there are many ways you can apply your poker knowledge to sports betting and make a nice return. Here are some of the poker skills that can come in very handy when betting sports.
Perhaps one of the most useful skills in any form of gambling is bankroll management. Poker professionals usually learn the hard way that proper bankroll management is absolutely crucial in their business and this skill is easily transferable to sports betting as well.
Much like in poker, where a certain number of buyins is necessary to overcome negative variance even if you are a great player, you will need a proper bankroll for sports betting as well. The amount of money you will need to make sure you ride out the variance will depend on your average bet size and your average betting odds, but most punters should have a substantial bankroll to support the losing runs. Remember that even if you are making great value bets, you can still lose many times in a row and it is necessary to have enough cash for when you finally hit a winning run.
Finding good games and bad players to play against is the best trick in any poker professional’s book. Many of the best professionals will never sit in a game where several solid players are playing and will always look for a terrible game where everyone is just gambling it up.
While there are never such soft spots in sports betting, best punters always wait for spots. Many people are used to placing several bets per day, but this is not really a winning formula for most people. Instead, you should always look for spots where odds are way off in your opinion and only place bets on such games. It is much better to place a big bet where you believe there is true value, than many small best on games that may not even be profitable.
In order to win at sports betting, you need to really understand how odds work, what they represent and when they may not be correct. The job of a professional sports punter is to track teams and leagues and find situations in which certain bookmakers have made mistakes in the odds.
One interesting thing is that you will often find most bookmakers offering certain odds on a certain outcome, but one particular bookie is offering much different odds. This kind of a situation may be where true value can be found, and professional punters spend many hours a day looking for just such spots.
Fortunately, modern internet offers many great resources for professional punters where you can compare odds at different bookmakers and find tons of statistics in one place. For instance, if you like to bet on the UEFA Champions League, there are plenty of great resources for it. At certain sites, Champions League odds comparison can be used in three ways to help you find the best odds and the best value bets out there.
Many professional poker players have made a successful transition from poker to sports betting by applying their analytical brains and their knowledge of statistics, risk and money management and other poker skills to dominate the sports betting sites.
The one thing to remember is that bookies are professional betting companies, unlike the poker players you play against and they will do everything in their power to prevent punters from winning. If you are winning too much from one bookie, they may end up limiting your maximum bets and pulling other tricks on you, so be careful not to get into trouble and make sure that your every step in sports betting is made with the same amount of analytical thinking as your poker steps are.