Six betting tips for new bettors in New York

AP Photo/Frank Franklin II

New York -- you made it!

Welcome to the mobile betting community, and what a first week it's been. From nearly the greatest tie in both NFL and betting history to the end of sorry seasons for the Jets and Giants (and the QB sneak heard 'round the world) to Kyrie Irving's return to the court, the first week set the stage for what should be an eventful 2022.

So, what should the people of New York expect now that mobile wagering is legalized? Expect a rat race between these sportsbooks. Each book is fighting for the customer and the customer's money -- it's just the truth. Advertisements will be even more apparent, and notifications about current offerings will flood mobile phones. It's normal to feel overwhelmed by the various mobile betting options. Each sportsbook has offered competitive first-time signup offers.

So, what do you do? Whether in New York or any of the other states that recently added legal mobile betting, here are some tips to get you going:

Start off slow

Bettors can get overly excited after their first win (which is normal) and start placing large sums of money on games. It's a marathon, not a sprint. Take time to get comfortable navigating the sportsbook apps and learning the best ways to bet. Each sportsbook app is different from the next one, so make sure you are betting what you want and on the correct side. "All bets are action," and you usually get only one refund from a mistake.

Bankroll management

It is extremely important to set a manageable bankroll. Betting should never be one's source of income, unless you become a professional. One common mistake is being overly confident and then resorting to doubling down to try to make up for lost money. Also known as chasing, this is never a smart option in any gambling space. Even professional bettors rarely hold a winning percentage higher than 55%, which means the common bettor is more likely to lose than win. You have to hit 52.8% to be profitable, and that is not easy. Be cautious.

Shop for the best line

Four sportsbooks are live in New York and at least five more are on the way. It's normal to feel overwhelmed by the various mobile betting options, but one does not have to be exclusive to one app. If you learn one thing today, it's imperative to shop for the best line from a value perspective. Grabbing the best line gives you an automatic edge over the non-best line and you can use all the edges you can get. Grab a pencil and paper (or create a spreadsheet) and take the time and sift through the apps. Even a half-point advantage helps in the long run.

Maximize promotions

This is a extremely competitive landscape for operators. Sportsbooks need customers to survive, so take advantage of the various signup offers and promotions. They won't last forever, so maximize them now even if you don't plan to bet immediately. Customers are allowed to sign up for each book that is legalized, which means bettors can take advantage of each book's promotions. A sportsbook might put a maximum amount allowed to be wagered on a promotion, but this is basically free money to get you in and betting. If you do it smart, you can profit right off the bat and then, going back to earlier, manage your bankroll appropriately. Take advantage and be sure to read the terms and conditions, as all promotions are different from site to site and within each site. Chances are you have to opt-in by clicking a button, so don't forget to do that or it won't count!

Be mindful of injuries and COVID-19

Neither injury nor COVID-19 is predictable. It's unfortunately part of betting now, and as a result, line swings are common. If you place an NBA prop bet and the player gets injured in the first quarter, the bet will be a loss rather than voided. However, if you place a bet on a player who does not enter the game, then the bet will be voided. In terms of COVID-19, this is a moving target, so make sure you are paying attention to the news. For example, if Aaron Rodgers tests positive for COVID-19 the day before the game and a customer bet the Packers to win earlier in the week, the bet will not be refunded and you still have to use the line bet when Rodgers was supposed to play. It's even more of a gamble to bet on games further away from kickoff for that reason. It's the new reality. While the common betting advice to bet as early as you can to beat the market is still true, COVID-19 has added a new dynamic we all must pay attention to.

Know the house rules

This will take time for the new bettor to pick up, but each book has different rules when it comes to refunds, action, suspended games, futures, etc. At the end of the day, the books are going to follow the house rules, which are usually on the app and website, and grant exceptions in only rare cases. Know what they are before you click accept!

This is an exciting time for operators and bettors in New York. One can expect a very competitive landscape for operators, so make sure to take advantage of the various signups and promotions. Don't miss out on the opportunity!