One of the most vital things for new sports bettors to learn is that going the extra mile can pay off handsomely in the long run. Doing the research, finding the angles, developing the edges -- all this leg work helps bettors cash in.
Similarly, line-shopping for the best odds can help bump returns on investment (ROI) from good to great.
Who wouldn't want to land the biggest potential payout every time they place bets!? Why wouldn't you look for a better price and give yourself a chance at the greatest return?
Let's discuss in more depth why signing up for multiple sportsbooks and always finding the best odds can significantly boost your sports betting success.
Why signing up at multiple sportsbooks matters
Signing up for multiple sportsbooks means having access to a wider variety of sports odds. It allows you to find the shortest spreads, the highest-value over/unders and the most lucrative potential payouts.
It's like looking at all the computer shops before purchasing a laptop. Why pay top dollar at the first shop you visit, when there could be better deals at a shop down the street?
Signing up for multiple sportsbooks also allows bettors to cash in on new user bonuses and promotional boosts.
Online books offer a plethora of deals and giveaways for new users, so it's crazy to not cash in on them. As the old saying goes, "If it's free, it's for me."
👀 MORE: How to read betting odds
Line Shopping: How it maximizes value
Line shopping maximizes value because it ensures you find the biggest potential payouts and also the most attractive lines and spreads.
Sometimes, certain books have different action and therefore adjust their lines considerably different from other major sportsbooks. Other times, they're simply late on the draw in terms of adjusting odds based on public betting handles.
Whatever the case, odds and lines vary from book to book more often than most novice bettors realize. It's a great idea to have your eye on all of the lines across all the books so that you can maximize the value of every wager. This can have a profound effect on the long-term growth of your betting bankroll.
One of the best ways to quickly shop what different operators are listing is to use an odds comparison screen.
These can be accessed to compare lines at DraftKings, FanDuel, and more books via specialty tools for bettors. These programs connect directly to data feeds from shops via either a third-party web site, app, or a coded algorithm from more experienced bettors for personal use.
For example, if you're aiming to bet on the NFL's games in a particular week, don't rely on only one sportsbook, which has no reason to give you the best market price. They just want to keep you in their universe and use their lines, without question.
Don't opt for simple. Get the whole picture.
(OddsChecker.com)
Getting better odds on the same bet
Make it a habit to shop for better odds before you submit any bet. If you don't want to look at all the sportsbooks yourself individually, you can tap into one of those odds screens that will list the current odds for every game across every book.
These sites streamline the line-shopping experience, lining up each books' offerings side-by-side for an optimal, quick-and-easy price comparison. They also typically list the new-user signup bonuses right over each sportsbooks' name and/or logo (see above photo).
Exclusive promos and bonuses across books
As mentioned, sportsbooks constantly run new-user promos and bonuses to bring in new traffic to their sites.
These often include hundreds of dollars in complementary bets or deposit matches, which can obviously have a profound effect on bettors' initial bankrolls.
For example, entering a particular DraftKings promo code with your signup deposit could net you bonus bets after the result of your first wager goes through.
These operators are willing to offer ample funds or credits up-front in order to convince you to bet with them long-term. With proper planning and informed decision-making, these get-in-the-door offers could yield a bankroll that could get you started on a smart, emotionally controlled betting journey.
Bookmark AllSportsPeople for the most up-to-date promos and bonus bets across all major books.
Managing risk by diversifying wagers
Just like investors diversify their portfolios with various stocks, bonds, ETFs, IRAs and high-interest savings accounts, sharp bettors manage their risk by diversifying their wagers.
This can be done through thorough research across the books as well as savvy hedge and arbitrage opportunities.
Hedging is placing a second bet on a game or prop that directly opposes your initial wager, in order to limit the damage incurred (or, in some cases, offset) an expected loss.
An arbitrage is a betting strategy that allows a bettor to guarantee a profit off an outcome by placing two opposite different bets at different odds.
Avoiding limits and restrictions where possible
Another plus to joining multiple sportsbooks is the attempt to avoid limits and restrictions.
When you enjoy a great deal of success on a certain book, you might be limited by that book, so you don't continue to take them for too much money. Sportsbooks are always trying to limit their liability, and one of the ways they do that is to limit the maximum deposits and wagers by the best bettors.
If you get limited on one operator, you can simply go play on another book that hasn't restricted you in any way. Of course, it's always easier to get action in on a book you've already joined, so you might want to join as many as you can now so you're ready to hop books whenever that time arises.
Tips for using multiple sportsbooks effectively
- Stay organized and disciplined.
- Track your bets to keep yourself accountable.
- Use betting tools and resources to streamline your book-by-book research.
- Make mental notes of which books tend to offer the best lines for each sport or sporting event:
- Are there certain sites that have a wider range of player props or have higher limits on mini-parlays?
- Which books have the most in-app promos from week to week?
All these things are worth noting as you progress through your sports betting journey.
Building smart betting habits
The most important habit to build in sports betting? Consistency.
Start making betting your science. Do the research. Develop your ability to find value by scouring the books and becoming an effective line-shopper.
Bet with your head and never with your heart. Trust your instincts and never jump too far into the betting pool if you don't have a strong safety net or life preserver. And always know when it's time to take a break or set some personal limits on your account.
If you start digging into a hole, don't dig deeper. Use responsible gaming resources when you determine that you need them.
If you stay consistent, remain disciplined and understand that successful sports betting is a marathon, not a sprint, you will achieve your goals and then some in the long-term future.