Z,
Baseball is the one sport where I turn a consistent profit, year in and year out. I think it's then easiest of all major sports because, without question, baseball has the greatest amount of data available.
Some things I've learned:
1. Pick your spots. With nearly 5000 games in a season, there's always tomorrow.
2. Don't just look at pitching. Look at pitching in relation to value. Of course there are those years where you do have studs on the hill. In the 2011 season I bet Verlander like the game had already been played. He simply didn't lose. But last year, he was far less profitable, yet still getting the -240 lines. To bet -240 lines you have to win about 5 times for every 2 losses. He didn't do that last year.
3. Late in the season, remember this: baseball is a game of numbers. If a team went 50-50 in their first 100 games, don't expect them to go 42-20 in those last 62. Sure it can happen, but it's really rare. Watch streaks and play accordingly. Applicable to both sides and totals.
4. When looking at betting situations, don't just consider the game. Consider the series.
5. Early in the year (first month, minimum) the name of the game is conservative betting. I'm talking .5-1% of your BR. Baseball is very much a marathon. As the year goes on, you'll have more and more data available. Apply some filters. Reduce your plays, increase your units.
Good luck.