Estimated reading time: 3 minutes
Once upon a time it was a man and his newspaper. Now, it would be fair to say that the world of sports betting has well and truly turned on its head.
The thought of a professional gambler many years ago tended to be someone who had luck on their side, or who had a touch of insider-knowledge. Punters winning time and time again, and beating the bookies over the long-term, were few and far between.
However, some savvy punters now take advantage of all of the different types of software that is now out there. Some have made millions by following such an approach and will continue to do so as they leverage the stats in their favor.
Through today’s article we will now take a look at three different types of tools that you should keep in your arsenal.
Keeping it simple: a betting calculator
Let’s start with the simplest of all; a bet calculator.
Particularly if you are just starting out, this can be one of the most important tools you possess. This is something that can do everything from converting odds, right the way to telling you how much is at stake once you get into the Yankee, Heinz and other more complicated categories. Even if you are a more seasoned gambler, the calculations in such a tool will allow you to gauge how much of your budgets you can dedicate to each bet.
Diving into the details: any statistics tool you can find
This next tool is a little broader. As we mentioned at the start of today’s article, we are now based in a world of so-called ‘big data’. For the savvy gambler, this is hugely important.
Depending on the nature of your bets, it is really up to you on how far you take this. For example, some people might decide to turn to the data sources that professional sports clubs might use (such as Opta), while others might just be checking relatively simple data which is available on most sports news websites.
Regardless, once you have armed yourself with such data, make sure you know how to use it. Opening up Excel generally won’t suffice, you’ll need to perform your own calculations to forecast the probability and see if you can find any value between what the bookmakers have set, and what you have found in your own calculations.
Grabbing the value: compare your odds
On the subject of odds, when you have decided on your bet, you need to make sure you are getting absolute value for money. Sometimes, this will be all about making a previously unviable calculation potentially profitable, while on other occasions you’ll simply be supercharging odds that are already in your favor.
Luckily, there are nowadays countless odds comparison websites. A simple search on Google will reveal plenty, although we would also advise you to look out for any new customer bonuses which can sometimes unleash even more favorable ones to your account.
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