***Though new to Covers, I've used this
basic strategy (coupled with solid research and the occasional system
play) to turn a profit for the last 5 years***
I look at handicapping simply as an informed investment. As an avid sports fan, I'd rather have my money invested in something I'm both familiar with and potentially entertained by.
You control your own fate when it comes to sports investing (it's completely you to pick the right side) -- and there are no bull/bear markets that you have no control over. And while I firmly believe sports investing is recession proof, it's definitely not idiot or slump proof.
So for me, good investing starts with stable money management: you can't invest what you don't have (ie. borrowing money) or what you can't afford. That being said, if you're going to play to "not lose", you might as well not play at all. I accept there's a legitimate amount of risk involved in this form of investing, but am still confident that I hold enough of an edge to make it worth while.
After I've decided on an acceptable amount to invest, I use the flat-betting strategy: ~2% per play from the principle investment. The goal from there is obviously to hit above that 53% mark. It's important to stick to this strategy, because wagering different amounts invevitably means that 53% winners won't be enough to ensure a profitable return.
For weekend investing (aka football season), I like to go in with most of my plays pre-selected and locked in. This keeps me from impulse picking, chasing a losing session, or trying to double up a winning one -- all choices that are likely to hurt your ROI. Similarly, with weekday selections (NBA, MLB, etc), I like to figure out my plays the night/morning before. Distancing yourself from your book (online, on the phone, in Vegas) during the action is sometimes the best thing you can do for yourself (unless your waiting to get the best value on a given line). You can always sleep off a loss and get back on the horse tomorrow.
After that, you have to put the time in to get the results. It's all about research.
And of course, pickin winners.