In online betting, comfort and convenience are among the key benefits. You can take your phone or laptop at any moment and place your wager ion a few seconds no matter where you are at the time of the day, provided you’ve got internet access. That comes with several pros and cons, but you can mitigate the disadvantages with the right plans and strategies.

Here’s a brief online betting guide that will help professionals and amateur punters maker more money from their betting adventure.

Understanding Online Betting In 2020

Over the last decade, online gambling has grown significantly as several jurisdictions have continued embracing this growing industry. However, that doesn’t mean that all punters have been successful in the quest. In fact, over 60% of the people who place wagers in online casinos lose their money. Fortunately, we’re here to ensure that this doesn’t happen to you every time you place your wager.

Here are a few tips to help you out:

Understand the Odds

In a layman’s language, the odds of an outcome represents the probability of that outcome happening. As such, it’s what determines the amount of money you get if a prediction is correct.  Nonetheless, the bookies may undervalue or overestimate the power of a team, thereby giving biased odds. That might be confusing to new punters, but you should be alright if you understand the concept of identifying value bets.

How To Identify Value Bets

Whether you like Betway on iOS or Android, you must understand the concept of value before you place your wagers, especially if you want to remain successful on the long-run. The concept may be hard for new punters to understand, but it may seem like common sense to veteran Betway bettors.

A value bet means that the likelihood of an event happening is more than what the bookies are showing on the odds. Using a coin toss as an example, there’s a 50% chance of getting heads. As such, if the bookies’ odds stand at 2.20 for the coin to land on heads, then there’s value since the bookmarker is showing less than what’s likely to happen.

Using the above example, we can deduce that there’s value in any bet that results in a positive answer using this formula:

  • Value = (Probability x Decimal Odds) – 1

Keep Off Fixed Matches

Due to the popularity of sports betting and the challenges of winning bets, there are lots of scammers on the internet selling fixed odds. However, most of those predictions end up failing, despite the steep cost involved in getting the matches. Instead, you should concentrate on analyzing matches and predicting the outcomes based on your statistics and facts.

Develop A Proper Staking Plan

No matter how careful you are when selecting the betting site to place your wager, you’ll end up losing your entire bankroll if you don’t have a proper staking plan. For a start, you must set aside the amount of money you’re willing to lose and consider how many bets you’re ok placing, even if you don’t win. For instance, if you’re willing to bet $50, you can choose to stake $1 in each bet, meaning you’ll have 50 chances to try and win without worrying about depositing more money.