Tuesday, December 9, 2008

Basketball; Betting to Win Small

By Rob Webster

There are two kinds of gamblers... those who lie about their losses and those who don't. Very few people who gamble come out ahead.

But, winning basketball bets is possible if you're smart and have a little good fortune.

Those who do win...that small minority...tend to do it by strictly adhering to six simple rules.

1. Start the season with a plan. Know how much you are going to bet on each game (or at least set a range). Determine the maximum number of games you will bet during the season. And, most important of all, remember that wagering is something that should be done for fun. Never risk more than you can afford, and never increase your maximums, regardless of the circumstances.

2. If your goal is winning, treat every wager as an individual investment decision. Research, analyze, and weigh the options.

3. Limit your selections to games on which you are the most confident. It is much easier to win if you try to select only a few winners.

4. Be wary of attaching too much importance to trend data, especially if some of that data is historical, as opposed to current. How well a team has shot free throws during the last five years may not tell you much about what its percentage from the line will be this year, for instance. TV and radio analysts will sometimes give you a lot of "gee whiz" information or make statements they could not defend against the questions of a high school debater. You have to decide which information really means something in determining the outcome of each game on which you consider wagering.

5. Continue to question and analyze the method by which you select games and winners. Do you tend to select games which interest you instead of games in which choosing a winner might be easier? Too you place too much value on a team's ability to shoot three pointers? Do you tend to favor teams from tough conferences without deeper analysis? What kinds of games have you been more likely to win?

6. Never underestimate the value of the homecourt in basketball, especially college basketball. In no other major sport is playing at home such a huge advantage.

If you follow the rules above without exception, the odds of your coming out on top against the pros...the online and the brick and mortar casinos...is still pretty low. But, you'll have a good chance against your friends and in the office pools. And, the bragging rights are even more fun than the few dollars you can win.

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