Online Betting / Betting Strategies

Online Betting Strategies: Everything You Need to Know in 2024

Welcome to the world of online sports betting where betting strategy can make the difference between a winning and losing streak. With a vast array of sports to bet on, the right strategy can significantly help you place worthy bets.

Delving deeper, it’s crucial to understand that successful betting is much more than just a hunch. It’s about fully understanding the sport, the teams, the players, and the conditions. Whether you’re a fan of football, basketball, tennis, or any other sport, we’ll guide you through tried-and-tested gambling strategies tailored for each sport and updated for the current year. Read on.

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Building Your Own Betting Strategy

Bets can be placed pre-match, in-play, or as a mix of the two. Pre-match betting gives you the opportunity to fully delve into the research. You can also edit your bet (on some operators), allowing you to really craft a robust betting approach before the game begins. Live betting, of course, is different, so have a look at our top live betting strategies to learn how to put a bet strategy to work when the game is underway.

Pre-match or live, there are a few great online betting strategies that you’ll want to try out, and consider incorporating into your own bet approach.

1.   Bankroll Management

Bankroll management is one of the most important betting strategies that work, and not because it helps you boost your wins and minimise losses. Instead, it helps you keep your bets affordable. A good way to work out your bankroll and keep it well managed is to think of your bets in terms of points. One point is 1% of your bankroll. If you have a small betting budget, a point can be as low as 20p; if it’s larger, it can be £1, £10 or so on. Try to not bet more than five points on any given bet, no matter how valuable you think it is.

2.   Value Betting

Value betting is a pivotal strategy for experienced bettors seeking long-term goals. A value betting strategy entails identifying overpriced bets — essentially, when the probability of an event occurring is more significant than what the bookmaker’s odds suggest.

For instance, if a bookmaker gives Player A a 50% chance of winning a match, but your analysis and understanding of the players’ form, head-to-head record, and other factors suggest Player A has a 60% chance, you have found a value bet. The key to value betting lies in accurate and comprehensive analysis of factors like recent form, fitness, playing surface, and head-to-head records, among others.

3.   Best Odds

With this strategy, you have a bet that you have in mind, and then shop around between different betting sites to see which one has the best odds. Keep in mind that you should never bet on just any site. You need the site to be reputable, have little to zero deposit/withdrawal fees, and low withdrawal requirements. We’ve put together a list of the best betting sites online, so you can pick the best odds between the best operators out there.

4.   Fade the Public Betting

Public favour goes a long way towards impacting the odds. Big exposure can move the stakes, which means the public’s favourite to win will naturally have lower odds, even if it isn’t the team most likely to win. If, through head-to-head matchup research, you determine the unpopular team (or the underdog) is actually the more likely to win, then you can bet against the public’s favourite. There’s no guarantee, of course, especially considering the impact a big home crowd can have on a team’s morale.

If you do win, however, you will generally get a better payout, simply because the public pushed the odds towards their favourite team.

5.   Hedge Betting

In one-or-the-other results (moneyline, race winners, etc), you can hedge your bets. Hedging your bets is a loss-limiting exercise. If the underdog wins, you can take home a good chunk, and then if the favourite wins, you can recoup some of your bankroll. You can hedge your bets right at the start of the game, or throughout the game once you see where the game is going. The hedge betting strategy also works with futures betting, where you try to pick the title winner.

6.   Dutching Bets

Dutching bets means placing multiple bets with the hope of either winning big, or at least recouping your bankroll for that game. Dutching bets can be similar to hedging bets, especially when there’s only two outcomes. This method, however, can be used for three or more bets (unlike when you hedge bets).

You can work out how much you should wager with a Dutching calculator so don’t worry if the following equations make your head spin. Essentially, you place bets on multiple results, with the goal of minimising potential losses.

If you do want to check the calculations yourself we’ve laid out the method below.

For example, say you’re betting on a three-horse race. Horse A has 4.00 odds, horse B has 5.00 odds, and horse C has 6.00 odds. You have £10 to bet between all horses.

The algorithm to figure out how much to place on each horse is:

Stake for Horse  = (Total Stake / Horse Odds) * (1 / Total Implied Probability)

To calculate the total implied probability, you’ll use this calculation:

Implied Probability  = (1 / Horse A’s Odds) + (1 / Horse B’s Odds) + (1 / Horse C’s Odds)

= (1/4.00) + (1/5.00) + (1/6.00)

= 0.25 + 0.20 + 0.1667

= 0.6167

With that, you can now calculate the stake for each horse:

Stake for Horse A   = (10/4.00) * (1/0.6167)

= £4.08

Stake for Horse B   = (10/5.00) * (1/0.6167)

= £3.27

Stake for Horse C   = (10/6.00) * (1/0.6167)

= £2.65

7.   Underdog Betting

The underdog, or the team that isn’t favoured to win, will always have longer/higher odds than the favourite. Placing a smaller bet on the underdog could win you a fair amount – but only if there’s a significant upset. Underdog betting is usually a part of hedge betting or Dutching, but it doesn’t need to be – you can just bet on the underdog and hope for an upset.

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Research Factors to Inform Your Bets

The best betting strategies are always made with information and in-depth research backing them. The good news is that you can get that information from so many different sources, including the top online betting sites themselves. So explore their live statistics, stat visualisation heatmaps, and more. Just remember to also read up on the news, watch after-game analyses, and really delve into the world of your sport so you know the teams and players inside-out.

Head-to-Head Matchups

In a head-to-head matchup, you’ll be comparing the strengths and weaknesses of both sides.

Environmental Analysis

Take weather, pitch conditions, and other environmental factors into mind when making bets.

Recent Game Trends

Investigate how the team/player has performed in recent games.

Player Performance

Investigate an individual player’s strengths, see if they’ve had any recent injuries, and how well they’ve performed in their past few games.

Team Performance

Investigate the team’s offensive/defensive strategy, the coach’s play strategy, and news.

What’s the Best Betting Strategy for Each Sport?

Each sport will, naturally, have online betting strategies that suit it more than others. This boils down simply to what betting markets and strategies work best with the rules of the game. There will be some overlap, of course. Shopping for the best bets is a strategy that works for every sport. Hedging bets works best when there’s a clear winner, and Dutching works best when there’s more than two competitors (like a race). To give you an idea of how bet strategies change per sport, have a look at our quick overview of some popular sports, or delve deeper in our expert guides found on our site:

1. Football (Soccer)

A robust football betting strategy often involves in-depth player and team analysis. Consider the teams’ recent form and head-to-head statistics, as these can provide insights into potential match outcomes. For instance, if a team has a strong track record of scoring in the first half, betting on first-half goals might be a strong approach.

Player analysis is key to creating the best betting strategies for football, particularly when betting on First/Last Goal Scorer. Identify players with a knack for finding the net early or those who tend to score late goals. Additionally, always keep an eye on team news for information about injuries, suspensions, or tactical changes, as these factors can significantly impact game results.

2. Basketball

When formulating betting strategies that work for basketball, it’s crucial to delve into team statistics and player performances. For instance, understanding a team’s offensive and defensive abilities can inform Over/Under bets. High-scoring teams often lead to higher Over totals. Consider player matchups and how they might impact the spread. A team might struggle if their star player is up against a strong defender. Take Giannis Antetokounmpo at the Milwaukee Bucks. He’s certainly saved his team some points.

3. Horse Racing

The best horse racing betting strategy should lean heavily on understanding a horse’s form, the track conditions, and the jockey’s skill. The betting markets are mainly focused on race outcomes, but there are also opportunities for exotic bets such as trifectas and exactas. With this in mind, Dutching your bets, value betting, and odds comparison can be great strategies to start with.

The Best Strategies to Use with Each Betting Market

There are many different types and betting markets you can bet in, on any given game. Knowing exactly what all the different types of bets mean, and how you can (and should) use them, can help you enhance your betting strategy. To help you out, we’ve put together a small overview to refresh you on the most important betting markets and some strategies to use with them. Of course, you can use whichever strategy you wish on whatever market you wish, but these are some of the most recommended.

Betting MarketMeaningStrategies
Moneyline/Match ResultBet on the winnerValue Betting, Best Odds, Underdog Betting, Hedging bets
Handicap Betting/Point SpreadHow much a team will win/lose byBest Odds, Fade the Public, Underdog
Over/UnderCombined score is over or under your chosen numberValue Betting, Best Odds, Hedging Bets
Both Teams to ScoreBet on how much each team will scoreValue Betting, Best Odds, Hedging Bets
Props BettingBet on a specific action occurring in-gameValue Betting, Best Odds,
FuturesWho will win the tournament/championship/titleBest Odds, Value Odds, Fade the Public,
Half-Time/Full-TimeBet on what the result will be at half or full timeBest Odds, Hedging Bets, Underdog betting
Accumulator/ParlayBet on multiple selections, you win if they all happenBest Odds, Value Betting, Dutching Bets (for seasons)

Building the Best Betting Strategy for You

It’s clear that developing the best betting strategy requires a deep understanding of the game, the players, and the specific betting markets. Whether you’re passionate about horse racing, football, basketball or something entirely different, each sport presents unique betting opportunities. Remember to find the betting strategy that works for you and to alter your strategy based on the sport that you’re considering and the type of bet you want to place.

Ultimately, by mixing strategy with bet and your personal risk style, you’ll be able to place sensible well thought through wagers and enjoy yourself.  As you navigate through the fascinating world of sports betting, we’re here to support you every step of the way. Feel free to consult our extensive range of resources designed to help you make informed decisions.

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Betting Strategies FAQ

🤑Is there a way to not lose with sports betting?

No, there isn’t a single sports betting strategy that can guarantee that you won’t walk away with a loss. You can minimise the loss by betting on both sides, but there’s no sure-fire way to always win.

🤓What betting strategies work with every sport?

You should always manage your bankroll when betting as a strategy. Other strategies that work on all sports are value betting and odds comparison.

🙋What’s the best beginner-friendly betting strategy?

Beginners should stick to pre-match betting markets, since you can take more time to calculate odds and look up information. A good strategy to start with is best odds, since this is a very simple approach with simple outcomes.

🗞️What resources should I use when looking up researching for my bet strategy?

After-game analyses, sports news, and even dedicated fan channels on social media can all provide invaluable insights and information that you can use to make better betting decisions.

❓Can I use bonuses in my betting strategies?

Yes, but do make sure that you read through the terms and conditions for each bonus fully so you know how to integrate it into your strategy. For example, free bets can be used in Dutching or when hedging bets, but they usually need to be placed on an accumulator bet.