Updated: Jul 5
Summer is a relatively slow time in the sporting world, all things considered. The PGA Tour is providing plenty of drama, you can always find a baseball game to watch, and the Women’s World Cup is in July, but most people have tuned out until college football starts ramping up in August. While we wait, I decided to reexamine some common betting advice and see what I agree or disagree with.
1. Manage your bankroll effectively
This is good advice! Sports betting should be fun, and nothing is less fun than losing all your money. Set a budget and stick to it. Your budget over time can change but don’t increase your budget just to chase your losses.
I like to allocate an amount of money I’m willing to “spend” on a weekend of entertainment, which might vary depending on the sporting events. In the fall, for example, I may set a higher limit to be able to bet on both college football and the NFL.
2. Have a betting strategy
I partially agree with this one. A betting strategy consists of setting goals, managing your bankroll, and understanding the markets of sports you are betting on. As mentioned in the previous point, managing your bankroll is very important, and if you want to get more serious, it’s worthwhile to understand the different types of bets you can make in various sports. However, if you are a casual bettor looking for extra incentive to root for your team on Saturday morning, I don’t think you need to have a clearly defined strategy. Place $10 on them to win and call it good!
3. Conduct thorough analysis
This advice becomes more important as the size and number of bets you are making increase. Again, if you are just a casual bettor and want to root for your team, no research is necessary. You also shouldn’t place uninformed bets on a full college football slate. However, there is no need to spend 20 hours a week researching bets to make. People and companies (like Betting Ladies!) have done the research and have compiled the “Best Bets” and the “Lady Locks” for you to benefit from.
Most of the time, the extent of my research involves listening to my favorite betting podcast twice a week. That way, I get to learn from people who bet for a living and have watched every game. I don’t always make the same bets they do, but I at least feel relatively informed without much effort.
4. Shop for the best odds
I agree with this to an extent. It can be worthwhile to look at a couple of different sports book options, but sometimes your betting possibilities are constrained by legalities of your location. The primary betting platform I use is BettorEdge, which is legal in 45 states. One benefit of BettorEdge is you can set your own lines, which means they can often be better than one set by a competing sportsbook.
5. Be disciplined
This is great advice, and it’s actually where women have a leg up! Research has shown women are more successful bettors, likely for a few reasons. Women are less impulsive and are thus less likely to “chase” on Sunday night to try and recover losses from a bad weekend. Women are also generally more risk averse, which leads them to make fewer, more strategic bets. Use these tendencies to your advantage – pocket those winnings rather than reinvesting, make separate bets rather than a single risky parlay.
Finally, remember that sports betting is supposed to be fun. The betting advice above is just that – advice. You get to set your own rules and make your own bets. Above all, keep your bank roll in mind and cheer for your home team! Good luck!
Katie Quinn is a marketing professor in Seattle and she also reads and reviews books about athletes, sports, and all things adventure. You can follow her on Instagram (@TheSportsLibrarian) and find curated collections of sports books on her page at Bookshop.org. Her favorite sports to bet on are college football, NFL, March Madness, and the PGA – her BettorEdge profile can be found here (@Quinn).