You might have seen a few movies and come away with the impression that sports betting is an easy way to earn a lot of money in a quick time. You might have even thought that it’s a get-rich-quick scheme.
However, the reality is that sports betting is a lot more complex than what you see in movies. Sports betting is ultimately a game of chance, meaning that it’s quite possible to lose a small fortune in the blink of an eye, especially as a beginner.
To help newcomers minimize their chances of losing money, we’ve compiled four important tips that newbies should use to improve their game and keep their finances intact.
Read on and learn how to make your sports betting journey less risky!
Never Gamble While Under the Influence
Movie characters often visit casinos while drunk. Unfortunately, it doesn’t make a lot of sense to gamble when drunk or under the influence of other substances. In fact, it’s a really bad idea.
The main reason for this is that when you’re intoxicated, your judgment becomes impaired. As such, you might make decisions that you wouldn’t normally make when sober, and this can easily result in huge losses.
For instance, you might bet on the wrong team or put all your money on a single bet and lose everything in a single move. The increased impulsiveness might also lead you to make an account on a random betting site instead of visiting a comparison site such as https://listofonlinebookmakers.co.uk/ first and researching the best options.
If you really want to get a drink, consider something non-alcoholic, like a soda or coffee. Or simply open your beer only after you finish your betting session – to celebrate your wins!
Be Reasonable
You might think you will be more successful if you win your first few bets. Why? Your newfound success may make you overconfident and make you want to place bigger bets. However, bear in mind that any lucky streak will end eventually – it’s not likely to last forever. You will eventually lose, and it might be very painful.
Because of that, you should think about how much you can lose before you begin. Long-time players recommend not placing individual bets exceeding 2% to 3% of your total sports betting budget.
You may also be tempted to bet on matches you believe will end in a certain way. However, there are many elements that can affect the outcome. Weather, injury to key players, and even sleep deprivation are all factors that can influence the outcome.
Control Your Emotions
It’s not uncommon for players to feel almost attacked after a match they thought would make them rich turns out to be the exact opposite. They act emotionally and place higher-risk bets, not realizing that they are responsible for their bad decisions. You can’t try to win back your losses.
While it is understandable to feel upset if you lose the money, you must learn to relax. How do you do that? You don’t have to go on a five-day shopping spree. Instead, you should aim for something beneficial and relaxing at the same time, e.g., exercise, meditation, or just a short walk while wearing headphones.
If that’s not enough to reign in your emotions, consider taking a short break from sports betting. With your emotions in such turmoil, you’re likely to make even more bad decisions and lose even more money.
In the end, you have to accept that sometimes things don’t go according to plan.
Create Your Own Strategy
Although it is theoretically possible to make money from sports betting simply by placing wagers at random, it is much better to have a plan and stick with it. While intuition is certainly not without its merits, it should not be overestimated.
If you believe that one team will win, despite all odds, consider why. Maybe you’ve been following their matches for a long time and you have more information than the bookmaker. On the other hand, if you’re placing a bet simply because you like the color of the team’s jerseys, you might want to rethink your strategy.
However, even if you have a solid strategy in place, you have to remember that nothing is ever certain in sports betting. Factors change all the time so you have to be willing to adapt your strategy as needed.
For instance, you might have been following a team’s matches for years, and you’re convinced they will win the next one. However, if their best player is still recovering from a nasty accident, they might not be in their best shape, and you might want to reconsider your bet. Even a single red card can be enough to completely disrupt the dynamics of a match and put your entire strategy in jeopardy.
The bottom line is that you shouldn’t get too attached to any particular strategy. The key is to be open-minded and always be willing to try something new when necessary.
Conclusion
Sports betting is a great way to have some fun and potentially make some money. However, it’s important to remember that it’s also a game of chance, which means that there’s always a risk of losing money.
As a beginner, you should be extra careful to avoid making any rash decisions. To that end, we advise you never to gamble while under the influence, be reasonable with your bets, control your emotions, and create your own strategy.
If you follow our advice, you should be on the right track to limiting any potential losses you may experience!
