Poker Skills Used by Professional Sports Bettors
Betting sports is something most poker players do on a regular basis. Bet amounts are normally based upon the stakes played at the poker table so as you can imagine the best betting sites in terms of profit are those where high stakes poker players leek their profits in the sports book.
To get even semi competent at sports betting you need a skill set very similar to that which is required of a winning poker player. This article will look specifically at the skills you can take from the poker table and transfer to sports betting to help you become much less of a mug punter.
Positive and Negative Expectation
The concept of expectation is one poker players employ on a regular basis. Does making this raise produce a positive expectation? Can I chase down this flush draw profitably in the long run? Does getting this hand all in preflop vs this type of player produce a positive expectation? The game is essentially a series of decisions based up the expectation of their outcome.
Sports betting also works on the same concept of expectation. If you make a negative expectation sports bet then you’ll lose money in the long run. If you make a positive expectation bet you’ll win money in the long run. Granted it is harder in sports betting to know your true expectation but to win long term you must be on the right side of the wager. To bet sports profitably you must try to identify odds that are higher than the true chance of an event happening. The same goes with poker and if you take your knowledge of expectation to the sports book with you you’ll already be miles ahead of the majority of punters who just bet games based on feeling.
Bankroll Management
It’s just as important to have a bankroll when betting sports as it is when you play poker. Any poker player who’s played more than 100,000 hands will most likely have been on both sides of the dreaded variance. You can make positive expectation plays and still lose money. The same goes for placing sports bets, you can make positive expectation bets and still lose money in the short term. You need a bankroll which will allow you to make multiple bets so you can give variance enough time to even itself out.
The newer you are to betting sports the more likely you are to be placing negative bets therefore you will need a bigger bankroll in terms of number of bets than a more experienced punter. The same goes with poker if you have a smaller win rate you will experience more variance and therefore need a bigger bankroll. The more correct decisions you can make the smaller betting bankroll you will need.
Tilt Control
It’s just as easy to tilt at the sports book as it is on the poker table. Chasing losses is one of the biggest reason losing poker players are losing money. Even the best poker players suffer from tilt and the same goes with sports betting. If you have a losing run of bets and start randomly betting sports to get your money back you’re in a world of pain. Take the self control you exercise at the poker table to the sports book with you and don’t let yourself tilt money away.
Bonus Whoring / Rakeback
Poker players want the best possible deal from the poker room they are playing in. It doesn’t matter if you’re sitting at a live poker table getting extra value through the comps on offer or playing poker online with a rakeback deal you’re still increasing your win rate. The concept of getting the best deal possible is one that you should transfer to your sports betting accounts.
You won’t find rakeback on even the best betting sites but you will find bonuses on offer and various promotions which can add expectation to your bet. Clearing bonuses while betting is a great way to increase the expectation of your bets. Taking advantage of money back specials is also a great way to increase your chances of becoming an overall winner. Finally be on the look out for special deposit bonuses. For instance some neteller betting sites will offer you a special deposit bonus for using that method when funding your account. The best sports bettors are whoring their sports book for all they can get.
The same goes for odds. If you can get better odds at one book than another then you should be doing it. Better odds mean better expectation and should be taking advantage of whenever possible.