Benjamin Franklin once said, "by failing to prepare, you are preparing to fail." As a sports bettor, this is one cliché I'm particularly accustomed to. Why? It's simple – I appreciate the veracity. Imagine this scenario: you have taken a plane to Las Vegas, Nevada. Looking down from your window seat as you are about to land, you can see the Venetian, Caesars Palace, and other famous casinos you are hoping to visit during your trip. From the airport, you call a taxi and begin to drive towards your destination. As it is for most people, your first stop in Las Vegas is the strip. As you make your way through the tunnel, the area around you becomes a tourist's version of fantasy: multi-colored jumbo screens, long lines of young adults eagerly awaiting the club's opening, street performers, and bright lights that spread throughout the strip, seemingly forever. "Paradise," you think.
After a few days of smoke inhalation, large volumes of beverage consumption, and the proverbial and literal beatings you received from slots and poker tables, you begin to rethink your version of paradise. All hope is not lost, though; the NFL playoffs are on and your team is about to start. Hoping to salvage what little dignity and money you have left, you grab your favorite team's jersey and head to the casino's sports book. Back straight, chin up, you make your way to the counter and place a wager: "$300 on the Steelers, please."
What you probably didn't realize is that you broke two golden rules of sports betting: failing to prepare and betting like a fan. Sports betting is a multi-billion dollar business and treating it like an investment is how you'll get your fair share of its profits. As soon as your goal went from gambling for the sake of entertainment to making up for lost money, you transitioned from a gambler (average fan) to a bettor (sports betting investor). This guide will break down three key elements essential to transitioning from a fan's mindset to an investor's mindset: your attitude, your bankroll, and your statistical preparation.
To accomplish this, I have split this guide into three sections. In the first section, I shed light on the importance of research. In the second section, I briefly touch on what it takes to create and maintain a proper bankroll. Lastly, I end the guide with a third section that provides personal insight to using relevant statistics.
Would you invest in the stock market without doing a lick of research? Of course not. Sports betting – or sports investing, rather – is about research, research, and more research. You wouldn't become a doctor without attending medical school; you wouldn't become a lawyer without going to law school; and you wouldn't become a successful sports bettor without going through piles of statistics. Success it not a conundrum, it simply requires diligent preparation. So make some coffee, grab a pen and paper, and prepare yourself for hours of studying. Accept it. Embrace it. Your...