Afterthoughts on Sports Betting 101
I wrote that piece on Sports Betting several months ago, and I think it's still pretty good information. I can also tell you, however, that I have violated every one of those guidelines since I wrote it - and never to my benefit. Maybe it's just me, and others will never have the same problem, but I find it all too easy to make careless mistakes in my sports betting. I need to get better at that.
After getting all my money jammed into one sports book before I met the wagering requirement to withdraw the bonus for a SECOND time, I have finally realized I was over-chasing for the size of my bankroll. You pretty much need at least 1.5 X the wagering requirement for the bonus you are chasing in order to effectively chase without missing additional opportunites. I was not doing that. I was chasing where I didn't even have half the WR available for sports betting. That won't work given that I am trying to find arbitrage and middle opportunities, and need to place opposing wagers at different books.
Mathematically it could work. I could win an equal number of bets between the two books and eventually meet the wagering requirement. In reality, Murphy's law was infallible. I would consistently win at the book where I had a large wagering requirement, eventually getting my roll all into that book before the wagering requirement was met. Then I was robbing from my poker bankroll for sportsbetting - essentially undermining my ability to chase both sports books and poker rooms. Instead of enhancing my earnings potential, chasing sportsbook bonuses that were too large was degrading it. Well, at least I have finally figured that out!
I am chasing some smaller bonuses now until my sports bankroll is healthier. Bodog, Canbet, Nine.com, and of course - Pinnacle. (If you're a bettor who wants arbs and middles, all roads eventually lead to Pinnacle!)
Thanks for reading!