How Sports Betting is Leading the Bitcoin Recovery

How Sports Betting is Leading the Bitcoin Recovery

COVID 19 has had disastrous consequences on a multitude of lives as well as prominent industries.

Sports betting opportunities suffered greatly at the height of the pandemic, with most major sporting events cancelled – leaving punters without any live action to bet on.

The knock-on effect of this was felt in the world of bitcoin, as huge sums of revenue were not being used to bet on sport – playing some part in temporarily bringing down the value of bitcoin.

As the global situation looks to be improving with COVID 19 and people are able to bring a sense of normality back to their lives, sports betting is back on the agenda once more and this consistent revenue stream is great news for bitcoin and sports traders alike.

Here is a guide to developing more income streams through sports betting:

Always use the Bookmaker Apps

Being able to bet on the move is hugely important for all levels of punter and most of the major sportsbooks in the world have well-constructed betting apps.

Access to these apps has never been easier and the number of markets bettors can utilise, continues to grow on a daily basis.

Furthermore, most of the biggest bookmakers have different apps for different markets such as a sportsbook app, a casino app, and a poker app.

Paddy Power offers more than 6 apps to their players, allowing punters to find the right betting niche for them as they look to win big.

Play the Long Game

As with any trading vocation, expecting to make a huge sum of money in an instant is completely unrealistic.

One of the most common mistakes sports punters make is their obsession with winning lots of money and winning it fast.

The reason this is rarely achieved lies in the odds put up against the punter.

If a bet is 100/1, that means that only 1 time out of a hundred it will win – meaning 99 times out of said hundred it doesn’t.

Probability should be at the forefront of your thinking when looking to win money through sports betting, so don’t be drawn in to betting on long odds punts.

Winning at 5/1 will yield far less money but is far more likely – therefore accumulating smaller wins frequently, will in time return as much as one big win.

Not being too greedy is key with sports betting and if a fun, rational approach is maintained, there are plenty of opportunities for punters to make money through sports betting.

Always Develop a Betting Strategy

Any trader will know that having a plan and a strategy is key to success. Whilst that is not to say that spontaneity is discouraged, having rules when betting (and trading) can help massively in the long run.

Sports punters are often seen as opportunists – as every player tends to have their own opinion on a particular fixture or match.

But working out a plan for yourself can help you not only win big, but also come to terms with any losses you may endure.

For example: if you have a rule of not betting above 5/1 on a horse – it is easier to accept when the 33/1 shot comes in. If you chop and change that rule, every missed win could play a psychological effect on your next bet.

Don’t Chase the Wins

As mentioned, being patient is key and ensuring that you seek value in each bet can pay a bigger dividends – than laying down a big stake on a big favourite, just to see some type of return.

In a direct comparison to trading, sports betting is all about finding the niches that others haven’t found – this allows you to build a bank balance, rather than chase the wins.

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