Beginners guide to betting on the Stanley Cup Playoffs

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It’s that time of year again when 16 teams try to win 16 games to win the Lord Stanley’s Cup.

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If you’re a fan of the NHL but new to sports betting, here are some tips you should know before betting on the Stanley Cup Playoffs.

BANK ROLL MANAGEMENT

As the saying goes, “Only bet what you can afford to lose”. It is one of the oldest gambling adages. While it’s true for any sport you can bet on, it certainly should be for a sport with as much variance as hockey. After all, it’s a game on ice, with carbon fiber sticks spinning a rubber puck around.

A common bankroll management strategy is flat betting. It’s all about betting the same amount for every game. For beginners, it is recommended that you bet between 1% and 5% of your bankroll per bet. For example, if your bankroll is $100, you would bet no more than $5 on a single game. Developing a strategic plan of how much to bet on an outcome can be a good way to ensure you stay in the game over the long term and reduce your risk of ruin.

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KEEP IT SIMPLE

Whether it’s how many shots a player will make or how many goals a team will win, there’s an almost endless number of events you can bet on in a single hockey game. It can be overwhelming for new sports bettors, which is why sometimes it’s best to just pick the team you think will win the game by betting on the moneyline.

LIMIT YOUR PARLAYS

While it’s exciting to potentially triple, triple, or tenfold your stake by betting on multiple events, parlays are a risky gamble. If you are new to sports betting, it is wise to bet on individual outcomes rather than combining them. Instead of playing two for three on a 3-leg parlay and losing your bet, you could bet the same events one at a time, get two of three right and walk away with a win. If you plan to play parlays, you should aim to use only a small percentage of your bankroll on them.

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DO YOUR RESEARCH

Understand that these sportsbooks always have an edge. After all, it is their job to ensure that the odds are always sharp and accurate. One way to counteract this is to do your homework and not go into a bet blindly. Whether it’s finding out about player injuries, stats, or expert opinion, finding resources that can educate you about a game can be a huge help.

STAY CALM

Watching sports is meant to be fun and sports betting can help enhance the experience. Remember that even the best sports bettors in the world only win 53-55% over the long run. That’s a lot to lose. You’re unlikely to quit your 9-5 job to make millions from hockey betting. Understand that there will be some ups, but also many downs. Keeping a cool head is a must. When you’re going through a cold or even a hot spell, sometimes it’s good to take a day off and start fresh. Betting with a clear heart and mind is always the right choice.

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