Step 3: Figure Out Your Deposit and Withdrawal Strategy

Do this before you bet.  Seemingly elementary, but again, you would be amazed at the number of people who do not have a strategy for getting their money into and out of a sportsbook.  There area variety of ways to make this cash transaction with an online sportsbook, but in addition to knowing the vehicle (Credit card, check, eWallet, etc.) that you are planning to use, you should also know what all of your limits are.  What is your upper limit - how much to win before you withdraw some winnings?  What is your lower limit - how much to lose before you call it quits?  What is your bet size going to be? 

Decide these things before you get any money at risk.  Deciding these things once you have begun winning or losing can be disastrous for your sports betting bankroll.  In the long run, money management is more important than good bet selections.

Step 4: Shop the Lines for Value

You would not likely buy a new laptop by finding one that seemed a decent fit and then making your purchase.  You would look at many laptops, compare the features of each, and then purchase the one that offered you the best value.  Betting lines are no different.  The lines are not the same from book to book, and the differences between them are often representative of different value.  Shopping the lines for value will save the smart sports bettor 2-3%.  In your personal war against your sportsbooks, value shopping the wagering lines is a simple way that every bettor can give himself an edge.

Step 5: Winner or Loser?

Lose your first bet?  Rest assured it has happened to many people before you. Better luck next time.

Lose your first two bets?  That happens to 25% of new sports bettors.  Lose your first 3?  That happens to one in eight.  Are they idiots?  Are you?  Probably not.

Sports betting leads to streaky results.  Be prepared for that.  If you bet 100 games in a season, you will lose three in a row frequently.  You will lose six in a row on occasion.  Maybe more - even if you are winning over all.  Be prepared for the streaks, because that is when that little voice in your head will start telling you to make changes.  Bet more games.  Bet more on the next game.  Bet some parlays.

If you are not prepared for that little voice, you may not be able to resist him.  Brace yourself for streaks, both bad and good, and stick to your strategy.

Good Luck!