Betting strategies that can help maximize profit
Have you ever wondered how to Maximize Profit with a Betting Strategy? Every bettor stakes a particular amount with the hope of winning big, but not everyone is lucky enough, and it is mostly because they underrate betting strategies.
Betting strategies provide bettors with guidelines to maximize profits and reduce (to a reasonable level) losses. As betting is a game of luck, it is important to strategize and, even more importantly, understand and use whatever strategy works best.
The best betting strategy is the one that is based on proven mathematical theories, sound knowledge in whatever sport is involved, and a disciplined mind.
Top 3 Strategies to Win on Live Betting
Table of content:
- Betting strategies that can help maximize profit
- Strategy based on mathematical theories
- Strategies based on a sound knowledge of the sport involved
- How to create a good betting strategy
- Conclusion
Strategy based on mathematical theories
The Kelly Criterion formula:
The Kelly Criterion formula is very popular because it helps bettors determine the optimal percentage of their money that should be allocated to a bet. Its main function is to create a balance between gains and losses.
Although it seems ambiguous, it is very effective. For the Kelly Criterion formula to yield an accurate result, it is important to give probabilities with reasonable accuracy, which is the tricky part. The formula is:
(bp – q) / b = f
“b” is the odd of the proposed wager
“p” is the probability of the proposed wager winning.
“q” is the probability of the proposed wager losing. You can calculate it as ‘1-p’.
“f” is the fraction of your bankroll to stake on the proposed wager.
For instance, if the proposed wager has odds of 2.00, the probability of it winning is 0.70, and the probability of it losing is 0.30. The calculation of the fraction of the bankroll to a stake is here below:
(2×0.70 – 0.30)/ 2 = 0.55
This means that you should be staking 0.55 (55%) of your bankroll on the proposed wager.
Strategies based on a sound knowledge of the sport involved – Maximize Profit
Double betting:
This strategy allows you to bet on two different outcomes, only when the sport has three possible outcomes: win, lose, or draw. The risk of loss is reduced. However, the odds are low when you compare them to the regular bets.
Understanding Value:
Value in betting is the relationship between the odd of a wager and the probability of winning the wager. The value becomes positive when the probability of winning the wager is greater than the odds suggest. It is negative when the probability of winning the wager is lesser than the odds suggest. Never place a bet until you’re sure it offers positive value.
Betting on Favorites:
This is an obvious strategy because favorites are most likely to win. This strategy hardly requires any knowledge of whatever sport you’re betting on. However, it is smart to combine this method with understanding the value of the favorite you’re about to place a bet on. Look out for a favorite that is most likely to win and confirm if it offers any value. If it doesn’t, it is safe to place a bet on it.
Betting based on past successes:
Look out for a team with a record of consecutive wins and place a bet on them. There is a high chance that they’ll win again. Alternatively, you can look out for a team that has lost consecutively and place a bet against them. However, it is important to note that it doesn’t always work as logical as this strategy because it can be an unexpected loss.
Bankroll Manager: Value strategy (probabilities) and Kelly’s bet
How to create a good betting strategy
- Do thorough research on all the existing betting strategies and read extensively on them
- Study the sports you what to bet on and take note of any new feature or addition that might aid your winning
- Test whatever strategy you’ve chosen with small stakes and take note of the results it yields.
Conclusion on how to Maximize Profit
As a conclusion of how to Maximize Profit, people generally believe that using complex strategies is the best way to win. The best betting strategy is to keep it simple (especially for beginners).
