Signing Up Accounts:
Signing up with a sportsbook or exchange is relatively straight forward. You provide some details about yourself, go through the process, and an account is created for you that can be accessed through your browser with a username and password. While there's nothing wrong with opening just one account, if you continue betting be sure to deal with a variety of sportsbooks so you can shop around for the best odds.
Putting Money In Your Account:
When your account is first opened it doesn't have any money in it with which to place bets. The process of funding your account is usually known as making a "deposit", which can usually be found in a "banking" section in your account after you've logged in.
There are many different ways that customers can fund their account, though just which in particular depend on who you're dealing with. Credit and debit cards are a common depositing method for many, with wire transfers the preferred method for most bigger bettors handling larger sums of money. Withdrawals (collecting your winnings and/or balance) can be made in a variety of ways too - including wires, cheques, e-wallets (like Moneybookers – described at the end of page) and many other ways.
You should have checked before signing up to make sure the banking facilities accommodate your needs - but if not, now's the time. If you don't see any option that allows you to make a deposit (and/or just as importantly a withdrawal) it's time to find another place to bet. If everything's fine both ways with banking, follow the instructions the sportsbook or exchange provides for making your deposit and you're ready to start betting
Making Bets:
Most sites will use a tree hierarchy for listing all the available events, first split into different game types and/or leagues, then branched further into leagues/groups.
Once a sport or league has been selected, sub-categories for that selection (if available) will be available for you to click on. Once you find the market you're looking for, click on it to bring up a list of the events available for you to bet on. If there are different types of bets available there may be further segregation available - in which case choose the type of bet you'd like to place (i.e. Asian Handicap, Correct Score, etc.) to view further details.
Once you've found your bet, make the appropriate selection to choose your team/player/horse/dog/whatever you're backing, add it to your betting slip, enter your stake amount and place the bet. Some sportsbooks may have the a field to enter your stake amount along with your team choice - particulars depend on where you're betting. Be sure you're comfortable with the betting slips and how to make your wagers before placing any bets.
Taking Money Out Of Your Account:
When you do make the right picks and the cash comes in - the money should be credited to your account as a balance once the bets are settled. This means that the sportsbook/exchange won't immediately mail you a cheque with your winnings after each wager, you'll have to make a withdrawal through your account, much in the same way you made a deposit in the first place.
Choose your desired withdrawal method and follow the instructions provided to have it processed. Normally, if you made a deposit with your credit card, a sportsbook will refund the initial amount that was charged first. For example, if you deposited £100 using your Visa, and cashed out £150 - they would credit the £100 back to your card, and send the remaining £50 balance by another means.
The accounting department may ask for additional verification before they will process your first withdrawal. This is commonplace, and is done to protect them from fraudulent activities (such as people making bets under false identities with other people's credit cards, then taking the proceeds). They may require you fax/email/post some proof of identity, but thankfully the inconvenience will only be required once.
Did you get through all that? You should be ready to venture into the world of online sportsbooks and betting exchanges! As a newcomer, take your time and get comfortable with any sports betting site before you start wagering.
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Sports Betting Advice
Don't bet if you can't afford to lose
Always before placing a bet - think how you'll feel if the bet loses. If the thought of losing it makes you feel bed ... then don't do it!
Learn, Learn always Learn!
An easy and cheap way to learn without making expensive mistakes is to read books on betting. Learn, Learn always Learn. Visit the local library or buy books from Amazon or Ebay…
Bet only on what you know
Exotic games seem exciting - until the bet loses. And when you find out (after the game) that a main team star was rested or great defender was out injured then you'll feel stupid. The bookies knew - that's why they set that tempting price.
Beware of 100% certain bets
Remember that nothing is ever 100% certain!
Big odds are big for a reason
If the bookies are prepared to give you 50$ for every 1$ you wager, then this horse, golfer or football team is probably not going to win during your lifetime.
Keep good records
Keeping an accurate track record of your plays can reveal areas of weakness you may not have been previously aware of. You might find that you win in most markets, but consistently lose money in one particular area.
Select your Sportsbook wisely
As a general rule of thumb, stick to solid sportsbooks that have been established for at least five years. A good starting point for new players is to build a sportsbook portfolio that includes at least one reduced-juice book like Pinnacle Sport, which offers up to 60% better odds than traditional sportsbooks. In the long run playing reduced is worth much more than any sign-up bonus.
Open accounts in multiple Sportsbooks
While you may think it's easier to have all betting money in one single bookmaker account, you can lose money on this. Having accounts in multiple bookmakers will ensure you a much wider selection of sports, leagues and last, but not least, odds to choose from. Having the ability to place your bets on 1.95 instead of 1.90 can make a great difference over time. Getting the best odds is important. Using multiple bookmakers will also give you the ability to spread the stake, if you should be limited one place and not be able to place the amount you want to bet. Accounts in multiple bookmakers means you will get a better selection, better odds and all in all more possibilities.
Limit your bankroll
Bankroll is traditionally defined as the amount of money a bettor is prepared to lose before they’ll stop wagering. Decide what your bankroll is before the season begins and stick to it.
Never stake more than 5% of your bankroll on a single bet
Staking higher amounts may seem as a good idea, and, during winning runs, such form of staking seems like getting vindicated. But any serious bettor's key concern must be to be able to stay in the game: to be able to conduct any sort of work, you need to have a tool, and in betting, your betting bank is your tool - if you lose your betting bank, you have no way of betting anymore. With aggressive staking, one single losing run is enough to wipe out a bank that has been built through numerous winning runs. Staying safe should therefore always be the main concern.
Bet mostly only on singles
It's tempting to bet on accumulators and multiply your odds, and potential winnings. But singles is the way to go. When betting on accumulators you are restricted to one bookmaker and in most cases you won't get the best odds available. In accumulators your odds are multiplied and your average odds are higher, but to keep the same risk rate as with singles you must lower your stakes. Your hit rate will decrease and so will the profit. The bookmaker's turnaround will increase while your chances for a win will decrease and a bookmaker's expected payout will move in favour of the bookmaker. Remember, a bookmaker don't have a 100% payout on singles. It won't be better if you multiply it. Betting on accumulators will make you the bookmakers friend. Bet on singles and you have the chance to make the bookmakers your paying friends.
How to select the most efficient odds range
To reach a 10% yield you need a 61% hit rate combined with average odds at 1.80, if average odds is 1.90 you need a 58% hit rate and when average odds is 2.00 you need 55% hit rate. At 2.20 you want a hit rate of 50% to obtain a 10% yield. Profitable bettors usually have a hit rate between 50 - 65% and therefore odds between 1.70 and 2.20 will be most effective. Lower odds, like 1.60 and under, need a very high hit rate to provide a decent yield. And when the loosing bets occur it will take longer time to build up the bank again. Odds below 1.60 are simply not good enough to compensate for losing bets. Odds above 2.20 are too risky, especially on football/soccer. Of course this varies by sport. In tennis you can have a 45% hit rate and also higher average odds, even around 2.40, as you here will bet on duels with a 2 way outcome.
Importance of long term perspective
Serious punters need to treat sports betting as a long term investment. If you are into sports betting to get quick money you will most likely end up losing it all. Serious punters bet for one main reason: earning money. No matter if you have sports betting as your primary income or as an extra income, sports betting are a long term investment. You won't win every bet, losing weeks and bad months occur, but over a season or a year you should see a positive result if you do it right.
How important live betting can be
Most professional punters are familiar to live betting or in-running betting. Live betting gives the punter an excellent chance to win something from a game the punter either missed for some reason or realise that the game turns out different than what the punter would think pre-game. As you follow the game you will see how the game develops and will have a chance to win something from a game you didn't place a bet on pre-game. It's no secret that a card, injury etc or even a score in a different match will affect this match. A different situation is when you already have a bet pre-game, but realise as the match progress that the bet is in danger. Live betting gives you an excellent chance to make a cover bet and you can win something from the game no matter what the result will be.
Understand why you bet
Different people bet for different reasons. Some enjoy the intellectual challenge of analyzing a match-up, while others bet to add excitement to watching a live game. Be honest with yourself about what your motivation is, as understanding why you bet will help you make better decisions.
The importance of buying proofed picks only
Investing your money into the betting market is a serious investment. One of the ways to invest them is following tips from paid services. If the services are proofed by independent third parties it's a great indication that you get what you pay for. With proofed picks you are guaranteed that the stats are true, you can trust the tipsters' records, that picks are posted in time before kick off and the picks are not and will never be modified before, during or after the match Every serious service should have proofed picks. More info can be found here – Professional Sports picks.
Have fun!
Don't forget to have fun while you are making bets. The more serious you take it, the less likely you are to get anything out of the experience.