Basics of eSports Betting
Now that we have covered a decent range of topics on sports betting, we thought it would be a good time to take a couple of steps back and help you refocus, and reassess your betting style. Although the topics and ideas in this post are simple and straightforward, it is a must-read for any bettor who wants to move beyond the basics of esports betting.
Choose the right bookmaker
The first thing you need to check is that you are betting with the right bookmaker(s). If you are serious about esports betting, and making long-term profits in general, you need to make sure you use a bookmaker that won’t take too much of the profits from the bets you make. Remember you need a bookmaker who offers margins on the lower end so you get the best possible return on your bets.
Also, you should ensure that the bookmaker you are with, does not restrict winning bettors by placing max bet limits. This will ensure you can maximise on those profitable esports betting opportunities. An option which can help greatly in maximizing your options is to utilise more than one bookmaker. This just means opening up an account with several different bookmakers. This will allow you to check and compare the different odds offered by the bookmakers, and bet on the one with the lowest margins.
Choose your staking method
The next thing you should do is decide on a staking method and stick with it. We promote the proportional staking method. Without going into too much detail, proportional wagering involves betting the same stake as a percentage of your bankroll at the time you place the bet. This ensures that you are maximising your returns while reducing your chances of going bust.
Know your esport
The third thing you should do will be obvious for many. It is to bet on what you know best. The more you know about a certain sport, the more likely you are to make informed esports betting decisions.
This may be anything from focusing solely on particular events or competitions, or even betting specifically on certain teams. If you devote enough time to learning the sport, the teams, and the players involved, it will be easier to find good value and spot discrepancies in a bookmaker’s odds. All this can add considerably to your profits over time.
Measure your success and failures
It is always a good feeling to see winning results from your betting exploits, but if you don’t explicitly measure that success, you will have no idea what your long-term profit figures are like. It is a great habit to get into to create a simple spreadsheet with information regarding your running bankroll amount, the bets you placed, the stake amount of the bets, and the result of those bets. This will help you keep a close eye on how you are going, set goals, and re-evaluate your betting and decision-making strategies.
Follow the odds
A great way to see whether you’ve been making the right decisions is to follow up with the closing odds of your bets. If your bet loses, but you consistently bet at higher odds than the market closes at, you are definitely doing something right, and it will most likely be a case of waiting for instances of randomness and luck to even out.
Now that we’ve covered the things you should be doing, we will cover what to not do, and what to avoid.
Being drawn in by tempting odds
A lot of new bettors will see a match offering high odds, and be instantly tempted to bet on the underdog for a big return. Conversely, they may place a big bet on the favourite for a ‘guaranteed’ win. What you have to understand and remember is that the odds represent implied probability. This is merely a bookmaker’s estimate of what will happen. It is always better to calculate your own probability of a team winning.
Betting on too many games
If you can know how important a staking method is in the development of a betting strategy, you will also know that it is incredibly difficult to make a profit if you plan on betting on every single game on offer. In fact, if you were to bet on every underdog or every favourite, you would come out with an overall loss regardless of results. This is because you need to find odds that offer positive expected value. Hence, you should only bet when the probability is in your favour.
Using chain logic
If team A beat team B, and team B beat team C, this does not necessarily mean that team A will beat team C. Although it’d be nice to think that this works, this simply does not. There are far too many key pieces of vital information that are missing in the equation. For instance, their playing styles and strategies, or map pools may not match up well against one another. There are so many factors that can affect the outcome of a match.
Betting when emotional
In our previous blog post, we covered emotion management. From that, you will know that betting based on your emotion and feelings is not a good idea. Try not to let your emotions get the better of you when things don’t go to plan. If you are with the right bookmaker, do the research, act on information, use a staking method, and track your results, you are much more likely to become a profitable bettor.
The journey to becoming a profitable bettor doesn’t stop there. The points covered in this blog post are just some basic guidelines to stick to. Similarly to playing esports, becoming a successful bettor takes time and effort to develop your skills.