Three Key Things Every Sports Bettor Should Know to Turn a Profit

It’s no secret that sports betting is rapidly expanding across both the national and global sports landscape. What was once legally restricted to only the state of Nevada, regulated sports betting now exists in some form in over 30 states, with 21 of those states now offering complete access to mobile betting.

With the sports betting audience growing larger, we’re here to make sure everyone from recreational bettors to hardened gambling veterans maintains an enjoyable experience. We believe sports betting is and should be a form of entertainment. Although the goal is to profit from our bets, we can’t win them all and it’s important to have fun despite inevitable losses.

That’s where we come in. By using the power of our predictive analytics, we help you find every edge in your bets to turn a profit. In addition to showing off our tools, we’re highlighting three things every sports bettor needs to know before getting started.

How to Bet on Sports

If you do plan to get involved in sports betting, be sure to take advantage of the exclusive signup bonuses offered by each book available in your state. For example, DraftKings is giving new users $150 dollars in bonus bets for placing just a $5 wager. At BetMGM, you can get up to $1,000 back if your first bet loses.

You can use our Best Sportsbooks page to see every book that you can get access to, as well as the details of every promotion you can use.

RELATED: Turn $6 into $350 Instantly

1) Understand and Utilize Expected Value (+/-EV)

If gambling was easy, we’d all be rich. There is no secret trick to hitting all your bets or guaranteeing a profit. The best tool at a bettor’s disposal is expected value, or EV. The concept of expected value is to isolate which bets have a probability gap that is too large when compared to the posted odds. Depending on whether the bettor believes there is a greater or smaller chance of winning, the wager is assigned positive (+EV) or negative (-EV) expected value.

You can use EV to identify when lines are mispriced, meaning the odds that the book has placed for a particular bet aren’t accurately represented by the likelihood of that bet winning. See below:

Let's say you see the Baltimore Orioles are priced at +110 to beat the New York Yankees. This means the sportsbook sees a 47.62% chance the Orioles win, however, you believe the Orioles have closer to a 55% chance of winning, which means their odds should be around -122 and favored in the game. You’ve identified an opportunity to capitalize on the mispriced odds and get Baltimore at plus-money.

Our model combs through every game in every slate and compares the odds to identify +EV scenarios, noted in this instance by the edge %.

RELATED: 2023-24 College Hoops Futures

2) Manage your Bankroll and Unit Size

Although this one slots in at No. 2 on the list, it’s just as important. Managing wins and losses is critical to both long-term gambling success and responsible gaming. Betting inconsistent amounts and chasing losses with a bigger bet to recoup your money are surefire ways to hurt your sports betting experience.

Your bankroll should be a predetermined amount of money from which you place your bets. You should only ever bet within your means and an isolated bankroll is the way to do so. To maintain your bankroll and avoid losing too much on any single bet, set your unit size. On average, a sports bettor’s unit size should represent 1-3% of their bankroll.

Once you settle your unit size, use it to keep your bets consistent. Varying too much in your unit size from bet to bet will make it difficult to secure recurring profit.

Bankroll	Unit Percentage	Unit Dollar Value
$100	3%	$3
$500	2%	$10
$1000	1%	$10

3) Shop Around!

This one will differ from state to state, but the rule remains the same no matter where you’re located. Unless you only have access to one sportsbook, you should be cross-checking the odds for any bet you place. Not all books are operated equally and the odds or even line itself may differ from book to book. The house advantage is ever-present, and any edge we can find on a daily basis is key to long-term profitability.

The more books in your state, the more variance you’re likely to find. For example, bettors in Connecticut have access to DraftKings and FanDuel, whereas users in Colorado, Indiana and New York have BetMGM, WynnBet, BetRivers Caesers and more.

One of the key things we do at Dimers is automatically source every book and compare the odds, so when you check out our Best Props, Futures and Game Predictions, you’ll see the absolute best price available at any given moment, ensuring you can keep pace with the books every step of the way.

Whether you’re a seasoned sports bettor or new to the game, these tips can refine your betting strategy to help you see a consistent profit and sustainable results. Most importantly, they’ll make sure you have fun and a positive experience in the wonderful world of sports betting.

Looking for an extra edge in your bets? Our predictive analytics model runs thousands of simulations for every game, identifies the Best Bets available at the best price and offers insights into hit probability and more. Take advantage of our completely free tools for MLB, NBA, MLS, Golf and beyond.