Get your hopes up for the hoops! 17% of Americans wagered on March Madness in 2022. More than $3 billion was bet on that one event, and billions more are bet on basketball games throughout the year.
If you want to make money while having fun, you should consider betting on the NBA. But before you put some money down on NBA picks, you need to get smart.
What should you do before you make any bet? What types of bets can you make? How can you earn money back and make a profit over time?
Answer these questions and you can earn money off of basketball without stepping onto the court. Here is your comprehensive guide.
Research NBA Picks
Do not bet on basketball if you do not know about basketball. Spend extensive time researching players, teams, coaches, and games so you can make an informed decision.
Visit websites like Oddstrader every day and see what the latest NBA picks and betting tips are. Popular picks right now include the Celtics and the Warriors, but keep in mind that picks can change overnight.
It is okay to bet on your hometown team, as long as you do not let your emotions affect your betting decisions. If you’re worried about making emotional bets, pick a different team that doesn’t affect your hometown. Learn everything you can about the team, including who the star players are and what their best stats are.
Bet on one game at a time so you can give your full attention to it. Do not stop researching your game until the game has started, as coaches can pull players from the starting lineup minutes before tip-off. Keep your phone on you so you can check the latest news just before you make your bet, and adjust your bet accordingly.
Prioritize Betting on the Money Line
A money line bet involves picking the winner of the game. It is the most popular kind of bet because it is so simple. The bulk of your bets should be on the money line so you don’t spend too much time on research.
The only complexity is in reading the odds sheets. A team with a negative value is the favorite to win the game while a team with a positive one is the underdog.
If you want to win $100 off of a team with -125 odds, you would need to bet $125. If you bet $100 on a team with +125 odds, you would win $125.
Try Out Point Spread Betting
Point spread betting is similar to money line betting, but there is one extra variable involved. In order to win your bet, your team has to win the game and win by a certain number of points. You can win more money off of point spread betting, but you’re also more likely to lose your bet.
Take a look at the point spread and think about the dynamics between the two teams. To cover a spread, the offense of your chosen team must be significantly better than the defense of the opposing team.
If the defense seems strong, you should refrain from betting on the spread. You can also make a bet that the winning team will not cover the spread or that the underdog will win.
Experiment With Point Totals
Point totals relate to how many points both teams will score together. You can bet over or under the point total, giving you more options than the point spread.
You will need to do research on both teams in order to bet on point totals. If both teams’ offenses seem strong, you can expect a lot of points during the game, and you should bet over the total. If the defenses are strong or if both teams seem evenly matched, you may want to bet below the total.
Betting odds related to point totals can change dramatically if players are removed from the starting line-up. If many players get removed from the game right before you make your bet, you should avoid making a point total bet.
Be Diligent With Futures Bets
Futures bets are any bets that are on outcomes that will not be decided in the short term. You can bet on whether a team will make the playoffs or whether a player will win an award. The odds of your bet are significantly high, so if you win your bet, you can win a lot of money.
But many variables can affect the success of your bet, and you can’t change your bet once you’ve made it. You must research the odds of futures bets before you make a wager.
You should research the subject of your bets and understand what factors will go into the success of your bet. If there are too many random variables, you should not make the bet.
Be Specific With Parlays
Parlays are bets where you bundle multiple wagers together. You may bet on who wins the game, how many points a particular player scores, and whether the winning team covers the spread. You must win on each wager, and you lose all of your money if you have just one loss.
Parlays are high-risk, high-reward. You should only make parlays on your chosen team after you’ve watched several games and know the ins and outs of your team.
Try to make your wagers based on specific variables. Avoid things that are based on random chance, like who will win the tip-off. Cap your parlays at two, three, or four wagers so you have a better chance of winning your bet.
Think About Scheduling
Scheduling can impact the outcome of games significantly. During the pandemic, the NBA introduced two-game series in which two teams faced off against each other twice in two days. Without a break, many teams got tired and lost games they were expected to win or fell below the point spread.
A team may also play three or four games in five nights. As time goes on, the team may get exhausted and players may experience injuries.
Prioritize bets on games early on in a series. Monitor how your team does and make adjustments to your later bets based on how they perform in the series.
Some oddsmakers will take into account travel distance and home/road advantages and change the odds accordingly. Think about how these factors affect the odds. If your team underperforms during a series or is away from home, you should consider betting against them.
Make a Few Live Bets
The betting windows do not close once the game begins. You can make live bets, wagering on the outcome or other factors as the game continues.
While the action is going on, you should pay attention to what is happening. Make your bets during commercial breaks. You can bet during stoppages, but understand what is going on and how the stoppage can affect the momentum of the game.
Be Careful With Prop Bets
Prop bets are bets on random factors that may have nothing to do with the game. You can bet on whether a fan runs onto the court or if a certain number of injuries happen. The bets are usually not significant, but they can help you recoup losses.
Don’t make more than a few prop bets. They can be hard to keep track of, and you may lose a lot of money if you also bet on the outcome of the game.
Protect Your Bankroll
Bankroll management is the most important part of sports betting. You may go into a downswing and lose money through your bets, or you may win a lot of bets in a row. Managing your bankroll correctly can help you navigate through the swings and make a profit over time.
Never bet more money than you can afford to lose. Take a look at your savings and figure out an exact amount you can put into your bets. Never exceed this amount, even if you are doing well with your bets.
Never bet more than 5% of your bankroll at once. Most gamblers bet 1% or 2% of their roll in one wager, which can equal hundreds of dollars in earnings over time. Hire a financial advisor who can monitor your money for you and invest your earnings.
Master Basketball Betting
Basketball betting is about more than selecting NBA picks. You need to do extensive research before any game and then be precise with what you’re betting on. For the most part, you should bet on the outcome, but you can experiment with other types of wagers.
Take into account player injuries, scheduling quirks, and home/away advantage. Stay away from bets that involve random variables, including parlays. Keep your wagers small so you don’t blow through all of your cash.
Never stop researching basketball betting. Read more basketball betting guides by following our coverage.