Sports betting is easier than just dice because it atleast has some facts and figures which you can compare before forming a decision regarding buy or sell. Just go by the sheets a team which looks good on sheets really is the team which plays better on field. Cutting losses is also pretty important these things can make you profitable in gambling.
You are likely referring this sports betting to trading or day trading since you mentioned of cutting loses, man, there's no such thing as cutting loses in sports betting. What is important here is you understand how to manage your bankroll and you are consistent in choosing the winning bets, its called winning bets as choosing a team is easy but in every game there's a lot of odds you can choose from.