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Many of us know someone who places bets and earns real money. Whether its fantasy football or betting on the horses, gambling is a way of life for some people. Even I have a friend who bets through fantasy surfing and consistently wins real money. There are many appeals to gambling – like lottery tickets – for individuals who see it as a simple way to invest a little bit of money and hopefully yield a return.
If you think you are ready to jump on board the betting wagon, then ask yourself the following questions:
Did You Do Your Research?
Each type of betting has different rules, different odds and different payouts. Trying to bet on multiple events will spread yourself thin, quickly. Focus on one sport or game and one opponent at a time. Before you place any bets, educate yourself on the odds, victories and losses and strengths and weaknesses of each unit you plan to bet on.
Do You Have Bankroll System?
Failure to properly manage your money is one of the biggest mistakes that bettors make – especially newbies. If you win big once, you think you’ll win again soon and want to invest all of your funds. However, when you do this, you increase your chances of losing it all. Individuals who lose their entire bankroll in one shot are more likely to chase after the loss in hopes of winning more. This is how gambling debt starts and escalates, quickly.
Create a system for yourself. How much can you safely afford to bet? Determine which types of bets are worth more money to you and designate specific funds for that. If you win, replenish your bankroll and either pocket the profits or use them to grow your bankroll. The same system does not work for everyone. It will ultimately depend on how much money you can stand to have tied up in gambling. Keep a record of your wins and losses as well as the types of bets that you made. This will help you be more strategic with future betting.
Can You Be Objective?
One mistake that bettors make is being too invested in a team that they like instead of who stands the best chance at winning. Failure to be objective is a surefire way to lose money. Betting is a calculated risk in which you use statistics, trends and facts to make your decision. The most successful bettors do not win on luck as much as they win on understanding the science that is behind the sport.
Before you start betting, make sure that you can keep your emotions outside of your investment and make educated bets instead of those based on your gut-feeling.
Tips for Newbies
- If you are ready to dive into the world of sports betting, then keep these tips in mind:
- 80% of your success will be based on your ability to be diligent in your team/player/opponent research.
- Start off small until you gain a deeper understanding of the betting world.
- Never bet more than you can afford to lose.
- There is no such thing as a sure thing.
- Set limits for yourself and stick with them.
- Do not bet when you are under the influence of alcohol, drugs or extreme emotions.
