1. Manage your bankroll

Just like playing poker and casino games, never bet more than you can afford to lose! In sports there is no such thing as a sure thing, and for this reason you should never wager your entire bankroll on a single game. If you lose a bet like this youíll be likely to chase your bet to recoup the money you lost. Chasing your loses is always a bad idea! It is a far better strategy to place multiple smaller bets to spread out the risk. Treat your sports betting portfolio like an investment portfolio Ė diversification, diversification, diversification! You should not look at your wins and losses on a day-to-day basis, but rather over a longer period of time.

2. Be objective when placing bets on your favourite team

You may think betting on your favourite team is a good call because you know a lot about them. However, you will almost always overvalue your favourite teams because you like them and want them to win. Basic psychology here! Personally, I never place bets on my favourite teams, and this has improved my winning percentage.

3. Research your bets before placing them

Never place a bet on a whim. Research every single game you bet on. A lot of factors are at play when betting on sports: home team advantage, injuries, win streak, losing streak, etc. Use these to your advantage! Of course you should look at the odds given by bookies as well.

4. Hunt for the best odds

Itís a good idea to use more than one betting site because different sites offer varying odds on the same game. Finding the right line for you is important, as it can be the different from winning and losing your bet. Not to mention the amount you win on your bet. Online bookmakers adjust odds based on their customersí betting patterns, so it is no uncommon to see odds fluctuate over the course of a day! Online bookmakers need to do this in order to ensure they can cover the bets placed.

5. Timing

Here is a good rule of thumb: bet early on favourites and late on underdogs!

Betting late on underdogs makes sense because towards the close of the betting window bettors often pick the favourite because they have little time to do the necessary research. Betting early on favourites is simple the corollary to the previous statement. Remember itís all about the odds, and they change based on the betting patterns!