Betting on sports can be incredibly entertaining and rewarding. Nevertheless, it is also very unpredictable. Even a seemingly surefire bet can quickly become a loss and cost you a small fortune if you are careless.
Although it’s impossible to eliminate the risk of losing money when betting on sports (after all, it’s a game of chance), there are some things you can do to reduce it, at least to a certain degree.
While the tips below might seem obvious to master bettors, they are often neglected or overlooked by first-time gamblers and beginners. This is why we have listed them here to help these individuals keep their losses under control and improve their chances of winning.
Read on and discover the best tips to make your sports betting experience less risky!
Find a Reliable Sports Betting Site
Finding the right site for your needs is the most important thing you can do to protect your money when betting on sports online. You can find hundreds of online sportsbooks out there, but not all of them are created equal. Many are scams that will simply take your money and run, so finding a reliable betting site with a good reputation is a must.
The easiest way to find the best online bookmakers is to look for sports betting comparison sites. Such places offer unbiased reviews of the most popular bookmakers, often explaining the essential features of their offer and listing the pros and cons of each sportsbook. Many also have a page dedicated to the latest sports betting offers and bonuses.
If that’s not enough for you, consider asking around on forums or social media groups to see if your friends and acquaintances have any recommendations. Once you find a few good places, open an account at each of them, deposit some money, and try placing a few bets. Doing so should give you a clear idea of which bookie is right for you.
Don’t Try to Win It All at Once
Many new sports bettors develop the habit of betting too much on single bets in hopes of winning a large amount of money in one go. This behaviour is risky and should be avoided at all costs.
If you want to stay in the game for a long time, you must learn how to control your bankroll and protect your money from bad luck. The best way to do that is to ensure you never bet more than 5% of your bankroll on any single bet. This way, you can afford to lose a few wagers and stay in the game.
If you are very conservative with your money, consider betting no more than 2% of your bankroll on each bet.
Never Chase Your Losses
Many first-time gamblers often place bigger and bigger bets after each loss in hopes of winning back their money. It is a bad idea; not only will it hurt your bankroll, but it can also lead to serious addiction problems. Remember that gambling should be fun, not a way to get rich overnight.
If you find yourself chasing your losses and pushing the limits, it’s time to take a step back and consider calling it quits for the day. Thanks to it, you can keep your bankroll healthy and avoid significant financial problems in the future.
Don’t Let Emotions Interfere With Your Betting
It’s no secret that love for a particular game or club can cloud one’s judgement. It is a common problem among sports bettors of all levels, not just beginners or casual gamblers. No matter how strong your emotional ties to a particular team or club are, you should never let them interfere with your betting.
To win at sports betting, you must take an unbiased and logical approach to each bet. It might be hard to do that when placing bets on games involving your favourite team, but it’s essential if you don’t want to lose money in the long run.
Set Long-Term and Short-Term Betting Goals
Many sports bettors make the mistake of not having any goals at all. However, without goals, it will be problematic to measure your progress and know whether or not you are making any money from your gambling activities. That’s why setting both short-term and long-term goals for your betting is essential.
For example, you may want to make at least $100 from sports betting next month. Once you reach that goal, you could set a new one for the following month. Having clear objectives can help you stay motivated and work harder towards becoming successful in sports betting.
Nonetheless, as mentioned above, don’t go on tilt in the hopes of winning back your losses in one go — it is a straightforward way to go broke quickly, and it will only cause you more stress and anxiety.
Above all, make your goals realistic. Don’t expect to make $10,000 from sports betting every month.
If you are losing way more money than you are winning, consider taking some time off to rethink your sports betting strategy. A quick break will help you refresh your ideas and develop a new approach to gambling.
The Bottom Line
Improving your betting skills can take some time, but it will be worth it in the end. The tips listed above will help you make your sports betting less risky and more profitable.
Stay disciplined, have realistic expectations, and keep emotions from interfering with your betting decisions. If you do that, you should reduce your risks considerably and have more fun betting on sports.
Additionally, always stick to your sports betting budget and know when to call it quits. It will help you improve without putting your financial stability at risk. Good luck!