Hockey is a known sport around the world. While it is not as big as basketball and football (except in Canada) in terms of following, hockey is still a beloved game for those that play and watch it. In this article we will tell you eight effective hockey betting practices. Keep reading to score.
Not surprising since hockey, like the Arctic Winter Games, is often perceived and strongly associated with ice—or any frozen field for that matter.
That said, whether it is not as popular, you can still earn a sizable payout when you participate in the sports betting aspect of the game.
For hockey bettors anywhere in the world, one of the highly anticipated annual events is the National Hockey League. It is an opportunity to win big. However, there is also the chance for big risks and big losses.
So, before you check out any NHL tips and top up your bankroll for this season, you need to apply these effective hockey betting practices:
Know your risk tolerance
Every bettor is somewhat different from one another. As such, it is only natural that the type of bets that you make is also different from the next bettor.
Some people are quite the risk-takers and would opt to bet on the underdogs of the NHL hockey teams and even events that have a slim chance of happening.
There are some who prefer to play the waiting game. While others are more inclined to place their bankroll in huge parlays when watching hockey games.
Be that as it may, whether you are an aggressive or conservative bettor, it pays to know yourself. This includes identifying how much you are willing to risk and the types of bets you often prefer to place.
That way, it would be easier to formulate a tailor-made strategy that suits you and minimizes your risk while increasing your chances of winning.
Set realistic expectations
Everybody wants to win, and win big! But that is a tall order for almost anyone, even the “sharp” or professional seasoned bettors.
Most successful “sharp” can usually win around 54% of the bets they place. However, they did not instantaneously achieve those dizzying success rates. They also started like everyone else. It takes time, experience, and grit to reach the same level of success as some of the best bettors in the world.
That is not to say that it is impossible for the novices. On the contrary, there are some that can even win ten bets in a row. However, keep in mind that according to the law of averages, at some point you will also experience lows and losses.
That is why it is important to stay grounded and set realistic expectations if you truly want to continue betting long-term. In addition, it is best not to veer away from the strategies and methods that have enabled you to win thus far. In addition, you also can continue to improve them and apply other proven strategies as well.
Always do your research
Research is the key to learning the ins and outs of anything. For hockey sports betting, this is a must if you truly want to find the best available betting lines and formulate sure-win strategies.
In today’s age of modern marvels, it is not difficult to do your research and delve deep to learn everything about hockey as the sport and as an income avenue for bettors.
All you need is to type in your search or even check the latest sports news for hockey and you will be easily up to date on the NHL teams’ schedule, hockey players’ injury reports, and even their individual performance statistics.
Everything is so accessible these days. In fact, there are plenty of sports betting and hockey game communities and forums. You can explore groups like subreddits and get a chance to learn from seasoned bettors.
Start with a sensible bankroll
Winning big payouts starts with your bankroll. Simply put, it is crucial to start managing your bankroll to better absorb possible losses down the line.
That said, a sensible-sized bankroll is a good starting point. It does not have to be small, but it surely must not be big that it is beyond what your current overall budget can afford to lose either.
Once you have established what is a sensible budget for your bankroll, you should also consider allotting a standard unit size whenever you place a bet. If you are a novice bettor, it is encouraged that you start with a stake of around 1% to 5% of your bankroll per bet.
Compared to the size of your current, it might not seem much. But keep in mind, that starting small allows you enough leeway to be more explorative with how you bet. It is an opportunity as well to learn more about what type of bettor you are and, ultimately, minimize your losses.
Learn to love the ugly duckling
They say beauty is in the eye of the beholder. In terms of sports betting, value is not often the popular or famous hockey team in the NHL. On the contrary, it is usually the “ugly duckling,” or in this case, the underdogs that offer great potential to bettors.
It sounds counterintuitive but betting against public bias has its perks. For example:
There is a hockey team A that had a bad streak for the past four or five games this NHL season. However, if you look at their performance in the past couple of years and previous seasons, they are a good performing team.
Because of their recent losing streak, the public bias has jumped to the opposing team B. In this instance, when you place your bet on team A and they do win, you earn a bigger payout.
In addition, oddsmakers and bookies also utilize the public bias in hiking up the price of the favored team B betting lines. If you opted for this, you can either: win a small payout in contrast to what you paid. And two, lose a big amount of money when team B loses to team A.
Cut your losses
Whether it is in sports betting, investments, or even a bad relationship, it is crucial to learn when to cut your losses. This is based on the term called “sunk cost fallacy” from the study of behavioural economics.
Basically, the “sunk cost fallacy” means that the more money you put or the time you invest into something makes it more difficult to abandon it.
In sports betting, this translates into placing more bets in hopes of recovering your losses. While it sounds ridiculous from a logical standpoint, it is not surprising either.
Decisions, especially when it comes to money, are influenced by emotions. This is because money is the physical manifestation of the time you spent working your butt off.
Be that as it may, remember to cut your losses instead of betting some more. In addition, you should not top up your bankroll either to cover your losses.
Window shop first, pay later
Window shopping, or line shopping, for betting lines allows you to take advantage of the price difference between different sports betting platforms or sportsbooks, even if it is for the same NHL game.
A way to find the best odds available is to create multiple accounts on different sports betting sites. Be sure to carefully check each one first before you place your bet on a hockey team.
It is a foolproof strategy that enables you to increase your return on investment and guarantee bigger payouts long term. Just keep in mind to carefully choose the sports betting website first. This is to ensure your safety as a user and minimize your bankroll’s exposure to unnecessary risks.
Keep a record with you
Always remember to keep a record of all the bets you have placed so far. Be thorough in your record-keeping, you will benefit from it down the line.
While it is not exactly fun to revisit losing streaks and potential payouts that you lost, having a record enables you to have the hindsight of your strategies and methods. This also ensures that you do not make the same mistake twice.
Being retrospective of your overall performance helps you grow as a bettor. And it also gives you the opportunity to properly assess a part situation once you are more settled instead of being emotion-driven. Especially in instances when you have followed your strategies but you still lost.
Lastly, a little bit of Lady Luck’s blessing and a prayer to transcendental beings does not hurt to try as well.