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Sports Betting Tools and Resources

Knowing how and what to bet requires knowledge. Nowadays, thanks to the internet, betting information is at your fingertips. Literally. You can find all the information you need within a few clicks of a button. It also means you don’t have to spend time finding the best sportsbooks in your region.

Success in sports betting is all about research, data analysis, and placing the best wagers. And that’s where sports betting tools and resources come into play. The right sources help gain an advantage over instinct alone.

In this guide, we will look at the necessary sports betting tools and resources needed so as to maximize wins. With insights, calculators, and analysts you can make calculated bets. Let’s take a look at the types of tools, and features and how to incorporate these resources in your strategy.

Introduction to Sports Betting Tools

Sports betting tools are any applications, calculators, databases, or platforms that help sports bettors gain an edge in their wagering decisions and outcomes.

Sports betting tools are necessary to help research and analyze games, teams, and sports betting markets.

When armed with the best sports betting software, players can increase their chances of making winning bets.

sports betting at bitedge

The key benefits of using sports betting tools include:

1️⃣ Calculating potential profits before placing bets.

2️⃣ Comparing odds across multiple sportsbooks.

3️⃣ Uncovering trends and making data-driven predictions.

4️⃣ Optimizing betting strategies through automation and algorithms.

5️⃣ Tracking detailed records of your betting history and performance.

The proper blend of tools and resources can help bettors be more accurate in their predictions, which is one of the key factors towards achieving success.

The information and abilities offered by sports betting tools are a key component for benefiting the gamblers over the sportsbooks system.

How can sports betting tools improve your research?

1. Sports betting tools help in research by giving you more data to work with.

▪️ You can look at things like historical odds, historical results, trends, and other advanced stats.
▪️ You can also run models or simulations to see if a theory or strategy would have worked well historically which helps to quantify how good it actually is and when it will be profitable.

2. Tools also save time on research and analysis.

▪️ It can take hours to gather, organize, and understand new data. Reports have to be made manually. Information from books has to be compared page by page to find the better value.
▪️ Constructing different formulas for expected values is not easy without automation.
▪️ In a similar way, performance tracking and construction of expert systems would require years of effort.

Types of Sports Betting Tools

There are all sorts of useful sports betting tools available to sports bettors these days:

1. Parlay Calculator

🔹 A parlay calculator is a betting tool that gamblers can use to help determine the payouts for different combinations of bets and legs for a parlay. 🔹 You can plug in different bets and legs, and it shows you how much you will profit if they all hit. 🔹 Parlay calculators are especially important when considering whether or not to place a parlay wager as far as risk versus reward goes but can also be used to compare potential winnings between two different parlay bets with varying legs and odds.

2. Betting Odds Calculator

🔹 A betting odds calculator takes the odds offered by bookmakers or betting sites and translates them into implied probabilities and the expected value of either a winning or losing wager. 🔹 You can use a calculator to determine the percentage chance of a wager winning (your winning probability) or losing (the loss probability). 🔹 A calculator will also spit out the estimated win payout for a total bet (including unit stake), while factoring in your potential unit profit if you win at certain odds. 🔹 In other words, they help you calculate your returns on any given bet.

3. Moneyline Calculator

🔹 Moneyline calculators can help you determine the win probability and estimated payout on any given moneyline bet. 🔹 This can be helpful in deciding which bets to make, or in comparing how different sportsbooks are valuing a particular bet. 🔹 Moneyline calculators are especially useful when making bets on sports with low-scoring games, where even small differences in the implied probability will significantly impact your winning percentage or estimated payout.

4. Overround and Probability Calculator

🔹 An overround calculator works by calculating the total of the odds implied probabilities for all possible outcomes in a market to see how much the house edge, or “overround” is. 🔹 The overround is shown as a percentage and it represents the sportsbooks built in margin and profit on every bet they take. 🔹 By comparing overrounds you can see if one betting site has better value overall than another and also which markets are heavily stacked against you with inflated odds.

5. Teaser Calculator

🔹 A teaser calculator is used to determine the payouts and returns for teaser bets at different adjusted point spreads and odds. 🔹 Teasers are a type of bet where you move the spread in your favor on multiple bets but receive a lower payout. 🔹 You can use the calculator to experiment with different types of teasers and teaser legs. This is helpful in determining if there are any advantageous teaser or parlay bets. 🔹 The calculator also helps you pick which lines offer the best value based on historical results.

6. Hedge Calculator

🔹 A hedge calculator allows you to calculate your hedge bets across multiple sportsbooks to either lock in a profit or reduce risk on your original bet. 🔹 You enter information about your original bet - like the amount you bet, the odds on the bet, and any lines on which the bets were placed - and the calculator will tell you exactly how much to bet and which odds to take at other books in order to hedge your bet. 🔹 Hedge calculators are particularly helpful in calculating hedges for larger parlays or accumulators. They facilitate locking in a guaranteed return or reducing risk.

7. Gaming Terms

🔹 A sports betting glossary is a list of terms that are commonly used in the sports betting industry. 🔹 These glossaries are similar to dictionaries in that they list out definitions for topics related to types of bets, formats of odds, rules for wagering, and other sports betting phrases. 🔹 New bettors can use the glossary to search specifically for a term or phrase that they do not recognize and find its definition. 🔹 The ability to reference a sports betting glossary will help you understand books and websites as quickly as possible.

8. Crypto Analysis Tools

🔹 Crypto sports betting analysis tools use on-chain data, technical indicators and project fundamentals to forecast price direction, generate trading signals and direct betting strategies by quantifying volatility, momentum and probabilities. 🔹 For crypto you want to have a back-test performance to ensure the signals were accurate over time. 🔹 Crypto is so volatile that these types of analysis tools are very important for betting markets.

9. Handicapper Records

🔹 Handicapper records are a recording of historical picks and performance from experts, tipsters or betting consultants for various sports. 🔹 It tracks stats such as win rate, return on investment (ROI), units won and streaks over time. 🔹 By analyzing handicapper records you can uncover who consistently delivers returns and winning picks for different sports or if there are any highly trusted advisors to help you with your own research.

10. Betting Exchanges

🔹 Betting exchanges are platforms which help facilitate peer to peer betting that is not through a bookmaker. 🔹 Bettors can place wagers with other bettors on an exchange at agreed upon odds. The exchange acts as the intermediary. 🔹 This means you can in effect be betting at higher or lower odds than may be offered at regular sportsbooks. It also makes it easier to enter and exit positions on any given outcome. 🔹 The additional liquidity and competition in pricing is likely to mean better value bets exist.

11. Bet Tracking Software

🔹 Bet tracking software keeps a complete history of all your sports bets. It tracks your bets, bet outcomes, profit/loss, and other important stats like ROI for all your bets. 🔹 More advanced tools also analyze your performance in more detail like profitability by sport/bet type/bookmaker and identify areas of improvement and provide inputs on how to make adjustments. 🔹 They also make tax reporting and accounting much easier.

12. Statistical Analysis Tools

🔹 Advanced performance data is crunched by sports statistical analysis tools to reveal trends, make predictions and understand how strong teams are. 🔹 These tools use ratings, simulations, machine learning models and the output can often spark betting interest that would not have been flagged via regular analysis. 🔹 The tools’ focus with their output is generally on the wider betting markets, rather than specific games.

13. Odds Comparison Tools

🔹 Odds comparison tools collect the odds for a particular game or match from multiple sportsbooks and display them all on one page. 🔹 This way you can easily see which sportsbook has the best odds for the bet you want to make. Depending on where you live, these tools will also show you the best line at regulated sportsbooks compared to overseas books. 🔹 Just spending a few seconds to compare odds with one of these tools before placing your bet can increase your overall profits in the long run.

14. Automated Betting Bots

🔹Automated betting bots enable you to automate your own betting systems. You set the rules for things such as target odds, staking plans, maximum loss limits and how to hedge. 🔹 They then place bets 24/7 on your behalf according to the rules you’ve decided. 🔹 It basically reduces the time and effort of implementing an advanced betting strategy against the bookies over the long-run.

Essential Features to Consider When Choosing a Tool

When you’re choosing sports betting software, here are some of the most important aspects that you need to look for:

1. User Interface

▪️ The interface should be intuitive and easy to use. You don’t want to struggle trying to figure out how to make a bet.
▪️ Keep in mind that the more complicated the tool, the longer it will take you to learn how to use it properly.
▪️ Look for a simple, clean interface that allows you to easily access the information that you need.
▪️ If you plan on doing a lot of betting from your mobile or tablet, you should also look for a tool that is mobile-responsive.
▪️ Don’t waste your time with tools that are overly complex or difficult to understand. The best interfaces are effortless.

2. Data Accuracy

▪️ Reliable data and calculations are at the foundation of any bet.
▪️ You need to trust the algorithms, odds feed, and databases that the tool you are using is relying on.
▪️ Bad data will lead to bad analysis.
▪️ Trustworthy tools use information from reputable providers and also disclose explicitly their sources of data.
▪️ Similarly, they should offer a track record showing the success of their statistical model over time.

3. Integration

▪️ Look for a tool that integrates with as many of the sportsbooks you use as possible, so you don’t have to manually track and enter all your wagers in multiple places.
▪️ After all, if you’re using one tool for finding positive expected value and another for tracking results, it’s really tough to optimize if they aren’t both working off the same data.
▪️ Tools that allow further number-crunching in Excel-type environments can also be helpful.
▪️ Basically, look for flexibility and sync-ability at a minimum.

4. Customization

▪️ Customizable tools let you mold platforms to your betting style, sports preferences, and needs.
▪️ Adjustable risk models, staking strategies, color schemes, notification settings, and widget layouts are all ways to keep your tools in line with you.
▪️ You should also be able to add new statistical indicators.
▪️ Also, make sure that the platform allows for an open API so you can build on top of the base tools.

5. Real-Time Updates

▪️ Timeliness of information and notifications is probably most important given how news can impact betting markets quickly.
▪️ You’ll want to give priority to tools that provide a real-time odds feed, notifications on line movements, live stats, and injury notifications.
▪️ Speed leading up to games is probably more important than at any other time as slow updates can cost you the chance to let down on a valuable bet.
▪️ The best tools have this process optimized to get you the latest information as fast as possible.

Sports Betting Resources

Apart from the betting tools, there are also a lot of informational resources to learn from.

1. Sports Betting Platforms

Robust sports betting platforms give you access to a variety of markets and bet types that go well beyond what you’ll find in a mainstream book.
🔹 Some focus on betting exchanges, where you’re betting against your peers.
🔹 Others concentrate on niche sports or unique prop bets.
The additional opportunities available can be plentiful.

2. Betting Tools and Software

Sports betting apps, on the other hand, are typically purpose-built predictive modeling and optimization platforms that feature data analytics, automation, and betting calculators.
🔹 You can also download sports betting software and mobile apps that provide automated tools for a more convenient experience.
🔹 The best sites host all-in-one platforms.

3. Advanced Betting Strategies

Refine your sports betting skills and knowledge with the help of coaching platforms, training courses, and theoretical publications.
🔹 Discover everything from bankroll management to arbitrage betting, line shopping, and behavioral psychology methods used by the experts.

4. Educational Resources for Betting

Books, video courses, and tutorials provide systematic learning processes for you to learn about betting.

🔹 These educational materials help you to acquire the necessary skills such as how to read odds, evaluate statistics, study teams, and manage your money.
🔹 You need a strong foundation before you can apply more complicated strategies.

5. Latest News and In-depth Analysis

Keep an eye on roster changes, injuries, trades, coaching changes, and other items that can impact a change in betting odds or offer a line advantage.

🔹 News and analysis content sites deliver the goods leveraging a large network of sports news sources.

6. Expert Picks and Betting Tips

Get advice from proven sports handicappers on what are the best bets to make on upcoming games and matches.

🔹 Experts pour over stats, trends, matchups, and injuries to find the most valuable wagers that have the highest chances of winning.
🔹 Their educational analysis might reinforce your picks.

7. Sportsbook Bonus Codes and Promotions

Use sportsbook promotions to your advantage such as sign-up bonuses, free bets, matched deposits, risk-free bets, and odds boosts.

🔹 Bonus offers add value to your bankroll and winnings can be maximized from the same stake.

Understand playthrough requirements before accepting bonuses, however.

How to Integrate Sports Betting Resources into Your Strategy?

How to add sports betting resources to your overall approach.

1. Effective Techniques for Analyzing Betting Odds

➡️Use odds analysis tools to find outlier odds, calculate implied probabilities, identify steam moves, and get the absolute best possible odds on a betting market.

➡️Knowing how to read the odds is the most important thing in sports betting. If there are any gaps in the market it’s where you make your money.

2. Using Trusted Platforms for Better Betting Decisions

➡️Do your due diligence vetting sports handicapping software and other resources before even thinking of using them.

➡️Use only reputable platforms that are known for providing reliable data, full transparency, strong security, and good ethics.

➡️Being suckered in by bad data or fly-by-night platforms can completely destroy your ability to find profits.

3. Maximizing Your Wins with Expert Betting Advice

➡️Include picks and predictions from trusted sports betting experts and handicappers.

➡️Sometimes, they will reinforce what you already think, but other times, they can give you an alternative take on a game that you had not considered.

➡️Still, always do your own homework before tailoring picks to fit into your own game plans.

4. Combining Resources for a Winning Betting Approach

➡️Blend different resources from statistical models, and expert advice, to bonuses, line shopping tools, and quantitative analysis.

➡️The more data-driven combined with human intelligence the better in making an informed decision.

➡️The trick is to find the right mix of resources for you and your set of skills. And keep refining it as new resources, tools, and information become available.

Popular Sports Betting Tools

Here are 3 popular sports betting tools to consider:

OddsChecker
Action Network
OddsJam

1️⃣ OddsChecker

OddsChecker is among the most important, for picking off the best available prices across more than 100 sportsbooks.

It provides users with real-time direct feeds as well as arbitrage opportunities.

Pros
Compares odds from 100+ sportsbooks
Identifies best prices on bets
Real-time odds feeds and line alerts

Cons
Limited statistical models and betting calculators
Focused mainly on line shopping

2️⃣ Action Network

Action Network is a top destination for those looking for in-depth betting analytics, custom bet tracking, and more.

Action Network provides tools, data models and even premium expert picks to help you optimize your game selections based on game probabilities and expected value.

Pros
Comprehensive betting analytics and models
Customizable bet tracking capabilities
Expert picks and educational content

Cons
Subscription required for full access
Can be information overload for new bettors

3️⃣ OddsJam

OddsJam is a well-known odds comparison and line shopping tool for American-facing sports bettors.

The service permits you to view live odds, as well as see the best prices available across regulated bookmakers in your state.

A user-friendly interface enables you to compare odds, track line movements and increase your edge on all of your picks.

Pros
Compares odds from 100+ legal sportsbooks
Real-time odds updates and line alerts
Intuitive interface and easy registration

Cons
Limited betting calculators and models
Does not cover offshore sportsbooks

Frequently Asked Questions

The following are some frequently asked questions about sports betting tools and resources:

What is EV+ betting?

EV+ betting is the act of placing bets where the expected value is positive in your favor. In other words, when the likelihood of winning multiplied by the payout is greater than the amount risked. EV+ bets make you money over time. There are tools to find EV+ opportunities.

What tools do professional sports bettors use?

Pros utilize advanced modeling, line shopping tools, odds databases, bet tracking software, and quantitative analysis tools. They use everything that will give them an edge. Resources such as Pregame.com, DonBest, BetQL.co, and Champions Odds are some of the resources professionals use.

Is there an algorithm for sports betting?

There are many different types of algorithms created to try and model sports betting markets and outcomes. Quantitative analysts use statistical arbitrage, machine learning, Monte Carlo simulations, and other more complicated methods to develop algorithms. They are then used for pricing models, finding value, and automating bets.

Is there an AI for sports betting?

Some sports betting tools use artificial intelligence to find trends within large sets of data, automate analytical processes, produce picks, and even develop and hone advanced betting strategies. While AI is a great tool for digesting a large amount of information quickly and efficiently, the majority of the actual betting still requires a human element of interaction and intuition.

What are the best tips for sports betting?

Shop for the best odds, use discipline and avoid chases or tilts, manage your bankroll and your units carefully, take full advantage of bonuses and promotions, keep detailed records, and never stop learning or trying to improve.

What is a low-hold bet?

A low hold bet means any wager where the sportsbooks’ built in house edge or “hold” is lower than normal. These bets have higher expected value long term. Example: NFL point spreads (-105) vs -110 vig with other sports.

Is it legal to sell sports picks?

The legality of selling picks is dependent on jurisdiction. Many places expressly forbid the selling of sports picks under anti-gambling laws. There are also scams to be aware of. Generally, however, selling sports picks is legal in many places such as Nevada where sports pick selling businesses operate openly and honestly.

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Will Wood

Expert in Sportsbook and Casino Reviews

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Expert in Sportsbook and Casino Reviews

33 articles

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A pro gambling writer since 2015, immersed in the world of crypto since 2016, Will built up a wealth of knowledge and experience in both crypto gambling and crypto betting, making him one of the most prominent voices in the industry. His high-quality reviews have been featured on prominent gaming platforms, making him a trusted authority in the field.

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