Top Five Tips For Betting On US Elections
To begin your search for placing bets on the US Election, you must keep a few things in mind. Having a strategy along with some tips to point you in the right direction is key. The top five best tips for US Elections betting are:
- Finding a Sportsbook
- Reading the odds
- Avoiding biases
- Reading the news
- Chances to increase your bets
Finding A Sportsbook
To bet on anything, you need to first find yourself a sportsbook. You need to find one that is best suited for your goals as a bettor and has the tools you need.
The sportsbook should have a welcome bonus or some incentives for joining. You also need to do research beforehand to make sure the site is legitimate and that you would want to keep using it even after the election is over.
Reading The Odds
If a presidential candidate has a listing at -140, you would have to risk an initial bet of $140 to win $100, assuming your pick was correct. If a candidate has a listing at +600, betting $100 would win you $600 should that candidate win.
However, it is worth noting that the larger (also referred to as longer) the line means the smaller (or shorter) the oddsmakers' implied probability for that specific candidate to win and vice versa.
If a candidate has odds of +600, they have a smaller implied probability of winning than the candidate with the odds of +250 despite the first candidate's odds being the larger number.
One thing you must keep separate when you want to start placing bets is that you keep your personal beliefs out of the bet. Whether you think a candidate is a good person, is from a certain party, or has a nice haircut, you need to keep it to facts versus how you feel.
For example, if you are a strong Democratic voter, you are probably going to vote Democrat. This does not mean you should completely ignore the Republican side of the election since they have an equal chance to win as well.
Keeping your personal ideas and beliefs out of the equation is essential to making the right bet. Knowing the political party of your choice can help you make an educated guess, but only for informational purposes.
Reading The News
Keeping yourself updated with the news will help you understand what is going on with the world. You need to find information about who is the next candidate moving up or if someone is dropping out.
It is also equally important that you follow several different news outlets. Just as noted above, you want to avoid biases on the networks when you read or watch them. You want to be sure you are hearing news from both sides of the argument.
Chances To Increase Your Bets
One risk you could take to make more money and increase your bet is to increase your bet when a candidate is considered a longer shot after a report or news updates. This is more for an experienced bettor that wants to maximize their profits.
For example, say you have a favorite to win the election, but a news report comes out they are getting a divorce. This is troubling for that candidate, yes, but the odds will considerably change at that moment because they are going through something personally.