“Chasing steam” in sports betting is a strategy or approach where bettors attempt to follow or “chase” the moves or bets made by professional or sharp bettors, often with the belief that these experienced bettors possess valuable information or insights. The term “steam” refers to significant and rapid changes in betting odds or line movements across multiple bookmakers.
Here’s how chasing steam works
Identifying Line Movement: Bettors closely monitor the odds or lines for a particular sports event across multiple bookmakers. When they notice sudden and substantial shifts in the odds in favour of one team or outcome, this is considered “steam.”
Quick Action
Chasing steam involves quickly placing bets on the same side or outcome as the sharp bettors who caused the line movement. The idea is to get in on the action before the bookmakers adjust their lines to account for the increased betting activity.
Belief in Sharps
Bettors who chase steam often believe that sharp bettors, who are considered more knowledgeable and successful in their predictions, have placed large wagers based on superior information or analysis. By following their lead, the hope is to ride their success.
Short-Lived Opportunity
Steam moves can happen very quickly, and the window of opportunity to place bets at the original, more favourable odds can be short-lived. Bettors must act swiftly to take advantage of these opportunities.
Risk Considerations
Chasing steam can be risky. While it may lead to profitable bets if the sharps are correct, it can also result in losses if the line movement was a mistake or based on inaccurate information.
Line Movement Analysis
Some bettors also analyze the direction and magnitude of line movements to determine whether they should follow the steam or take the opposite side, believing that the market has overreacted.
It’s important to note that chasing steam is not a guaranteed winning strategy. While sharp bettors do possess valuable insights, they are not infallible, and the sports betting market is highly competitive. Line movements can occur for various reasons, including injury news, weather conditions, public betting patterns, and more.
Bettors who choose to chase steam should do so with caution, conduct their own research, and consider all factors when making betting decisions. Additionally, managing bankroll and practising responsible gambling should always be a priority.