The sports betting industry has grown tremendously as the front runner of the gambling sector in recent years. This massive growth is majorly driven by digitalization and advancement in technology. People can now place wagers on mobile devices such as phones, tablets, and laptops rather than visit land-based betting houses. According to Bloomberg, the global online sports betting market was estimated at $66.98 in 2020 – a staggering figure even amidst the COVID-19 pandemic. This statistic further revealed that the market is predicted to grow at a Compound Annual Growth Rate of 10.1% from 2021 to 2028 – reaching a whopping $140.26 billion. These studies show that the market is expected to witness a massive expansion in recent years, thus full of opportunities.
Sports betting in India is ambiguous as many grey areas surround its legality. According to the Public Gambling Act of 1867, which is the country’s most prevailing law governing gambling, all sorts of gambling activities are banned, and no one is allowed to own a gambling house or casino in the country. This law applies in most Indian states, and only three states, namely Sikkim, Goa, and Daman, have permitted walk-in casinos so far in the country. Another reason for the confusion in gambling legality in India is that certain parts of the Public Gaming Act seem to distinguish between games of chance and games of skills – allowing people to wager on the latter while prohibiting betting activities on the former.
However, online sports betting has been booming lately in India, even amidst its confusing regulations. Apart from India’s undying love for various kinds of sports such as cricket, football, hockey, etc., it is also important to note that the restricting laws on betting only ban the operation of betting houses in the country. Today, Indians can easily place bets on their favorite sports on their mobile devices and earn real money using offshore betting sites. For instance, the Indian Premier League, which is the biggest cricket league globally, attracts millions of wagers every year. According to studies, bet rate cricket in India is on the rise as cricket is responsible for more than 80% of the total sports wagers in India.
Sports betting involves chances and risks and is thus dependent on luck to an extent. However, relying on sheer luck when wagering on sports is a wrong approach which can result in losses. In this article, we have compiled a list of tips you need to know to increase your chances of winning.
1. Choose a legit and recognized betting site
An essential tip towards ensuring a successful sports betting run is to look for a legitimate and trustworthy online site to bet. Due to the popularity of sports betting today, there are several online betting platforms available, and some are out there to take advantage of unsuspecting bettors and defraud them of their money. No matter how great your betting tactic and strategy are, you can’t experience successful betting when using an illegitimate platform.
Therefore, it is essential to conduct thorough research on an online bookie before registering and placing your wagers. Ensure that the site is licensed and that its terms and conditions are crystal clear. Pay close attention to their deposits and withdrawals, bonuses, promo offers, and customer service. Also, read reviews from the platform’s former users on other websites to confirm that you are comfortable with their mode of operation.
2. Maximize the bonus on betting sites
Often, many punters fail to maximize bonuses offered by online betting platforms, which is usually a costly error. Many licensed online betting platforms such as Parimatch give promotional offers such as welcome bonuses, sign-up rewards, double deposits, free bets. Finding bookies with these bonuses and maximizing them in placing sports wagers is ideal for increasing your chances of winning without losing much of your money.
3. Do your research
Wagering on a sport you know nothing about is a sure way to lose your money. To place successful wagers on a sport, you must be familiar with its variations, basic rules, teams, players, leagues, tournaments, and so on. Your knowledge of the sport you want to bet on will let you know all the factors influencing your possible wins and losses.
Before you bet on a match, you must conduct thorough research on the teams and players involved. You must know their strengths, weaknesses, rankings, statistics, and history of previous performances. This will help you make better judgments and significantly increase your chances of winning.
4. Set a reasonable budget and plan
Sports wagering can be a pretty addictive activity – characterized by thrills and a rush of adrenaline. However, it is crucial to stay disciplined when managing your finances while placing wagers. It is essential to prepare a reasonable betting budget and stick to it whatever results you get. This will help ensure that you don’t spend more than you can afford to lose. This strategy also guarantees you success in the long run as it allows you to win more than you lose.
Also, you must avoid chasing losses or getting overexcited by your winnings. Whether you are on a long winning or losing streak, you must never go beyond your budget to avoid sustaining massive losses or sinking into addiction.
5. Keep a record of your betting history.
A common trait you should learn from professional punters is keeping track of your betting history. Keeping your betting records allows you to monitor your wins and losses over time, thus helping you to avoid going overboard and spending beyond your set budget.
Apart from helping to keep your budget under control, keeping a betting record also helps to study your strategies and identify the tactics that work and the ones that don’t – thus, significantly increasing your chances of winning.
The rapid growth rate of the online betting market in India and the massive revenues it generates every year show that it is full of opportunities for almost everyone. Online sports betting serves as a way to earn a reasonable income from the comfort of your home while enjoying your favorite sports. However, you must take the tips above and practice them to experience a successful betting journey. Don’t forget to visit Parimatch for the best online sports wagering experience.