The coronavirus pandemic has sent the sports betting industry reeling with professional leagues like the NBA and NHL suspending play, MLB pushing back the start of its season eight weeks, and the NCAA shuttering the March Madness national basketball tournament.
One by one, leagues have halted events around the globe due to COVID-19, leaving fans without their favorite sports and sports bettors without their favorite wagers.
But not all leagues are shuttered for the immediate future and those still trying to get action down could find themselves venturing into unchartered waters with these outlier sports.
If you’re betting on a sport or event for the very first time, here are some tips to follow when handicapping and wagering on the unknown:
TIP NO. 1: MONEY MANAGEMENT
Implementing a money management strategy is a good idea no matter what sport you’re betting. However, when handicapping a sport you know very little about, putting strict restrictions on your bet limits is imperative.
Basic money management strategy for a sport you’re comfortable with suggests wagering between 1-3 percent of your bankroll on single bets, based on how confident you are in your prediction. For example, if you have $1,000 to bet on MLB odds this summer, you would risk between $10 and $30 a game. The most-confident bets would be towards the top of that limit while picks you felt semi-sure about would be scaled down in terms of money wagered.
For a new sport that you know very little about, those risk limits should be even tighter – at least when you’re starting out. If $10 is your single unit and your smallest wager, you may want to consider wagering half and quarter units - $5 or $2.50 – until you get a solid grasp on this foreign betting market.
TIP NO. 2: OBSERVE THE ODDS
Betting on NFL odds or MLB lines may be second nature to most seasoned sports bettors but throwing yourself into an unknown market requires some study into just how you will gamble on these sports.
Depending on your sportsbook, you may have a long list of alternative options outside of those suspended sports. Your current book may only limit itself to the more mainstream North American events, and you may want to start looking around for an operator that does present a broader menu of gambling offerings.
As for the popular ways in which these new-to-you sports are bet on, find a commonality between them and sports you already enjoy wagering on. Betting on an outright winner is straight forward but you’ll find secondary markets for various sports, like game totals and team props as well as odds on player performance. For example, a sport like cricket could have 20 or more game-based betting options.
And then there’s live betting options. If you want to watch these games – streaming them from around the world – and take part in the in-play odds, check into which sportsbooks offer in-running action on these outlying events before you deposit.
TIP NO. 3: RESEARCH AND READ
This one is a no brainer. If you’re looking to lay your hard-earned money on some league you didn’t know existed before this COVID-19 outbreak, you’ve got to do some homework. Start broad and then narrow your view as you dig deeper, like kicking off your research on something as obvious as the league’s Wikipedia page or home site.
Given the odds available for that sport, you’ll want to start discovering sources of credible data, results, and analysis. This information could be scarce or even in a different language depending on where the league takes place (Google Translate will take its best hack at it), so pick your poison as you choose what to bet. The more info you have, the better your chances are of winning those wagers.
Try to discover creditable sources for pregame and postgame coverage, either through local media, newspapers, fan sites and blogs. That coverage of the league overall or individual teams will be ripe with actionable information that could give you an edge at the sportsbook. These sources will provide injury updates, coaching strategies and lineup changes, as well as insight into a team's triumphs and struggles.
Sportsbooks are in a similar boat with their oddsmaking process as well. Most are likely pulling their stats, data and betting lines for these outlier events from a third-party provider and may be slower to adjust these numbers to league news and impactful info, like lineups, injuries and coaching plans. That said, books know this and will protect themselves with lower betting limits on these sports.
Social media may be the best resource you can utilize when gaining insights into these betting markets, either through platforms like Twitter (with people sharing their picks and leans), Reddit, and traditional posting forums – such as our Covers Community forums. Highlight the top experts and analyst in those sports, and don't be afraid to engage with them in socila chatter and questions about how you can be a smart sports bettors when it comes to these unique gaming options.
TIP NO. 4: WATCH AND LEARN
This one could be tricky depending on where you call home. With most of the ongoing sporting events being held in Europe and Australia, there’s a significant time difference for those sports bettors in North America looking to get down action.
If you care to watch your wagers take place or get bets down on the in-play odds, that means plenty of early mornings or late nights. For those learning a new sport, the best way to find your footing is to watch the games live and get a feel for the action, pace of play and advantages.
In order to do so, you’ll either have to have a kick-ass sports package or discover the live streams for these events online. Many prominent sportsbook operators will carry the live streams directly on their odds menu and you can find multiple streaming options on the web and through larger providers, like DAZN carrying KHL hockey (depending on your country).
But beware: an online stream usually runs 10-30 seconds behind the actual action. That means that jumping into the live betting markets must be done a little more strategically, when there is an expected break in action.
