Spending money to win more money and grab a thrill along the way is sports betting in a nutshell.
Still, the process itself is much more intricate and before you start winning money in sports betting every bettor needs to learn how to control their expenditure and avoid unplanned losses.
Casual punters who invest only as much as they can afford on weekly basis when they bet on games they watch together with friends over a beer or two will never give it much thought, but those who plan on making betting their job and source of income simply need to control the expenses.
It is a generally known truth only a handful of bettors will admit that gamblers are constantly losing their money, frequently floating around with their heads under water.
Making money is difficult, but learning how to stop losing it might be the first step towards success. So here are the best 10 tips you can find aimed towards helping you preserving your money.
- Sound Money Management the Key
Do not get tempted in betting with money you allocated for rent, bills or food. Bet with what you have and know your financial limits. Money management is the key to remaining afloat.
- Switch off Emotions
Sports involve passion and it is very much understandable, but you need to make sure you keep your cool while you bet. Emotions need to be switched off, especially during In-Play betting when a goal against/for your team can push your adrenaline high and make you do something you will later on regret.
- Trust Yourself
As a punter, you will be presented with plenty of information online at forums, blogs, stats sites etc. with different betting suggestions. Be careful who you trust as some tipsters would not even follow their own suggestions, so make sure you trust your instincts in the first place.
- Make a Staking System and Stick to It
If you do not have the required experience and knowledge to spread your stakes, try using some of the available systems around – such as Kelly Criterion – which can help you preserve and extend your bankroll.
Read these two articles about strategies:
- Don’t Let Previous results Sway You
You might be on a winning streak, or your team for that matter, but you need to be careful not to get carried away. It has plenty to do with emotions we spoke about earlier, since every roll and streaks must come to an end eventually.
- Record Your Performance Data
Keep track of everything you bet on, write down results, hits and missed, money you spent and money you won. Numbers of a piece of paper can be intimidating once you look back at them, but they will also be a great wake-up call in case you get carried away.
- Bet on What You Know
The best way to boost your chances of winning and, more importantly, avoid unplanned losses is to stick to what you know. Every bettor must remember that knowledge is key in sport and the more you learn, the more you study, the better you will get.
- Shop Around
Never use just one bookmaker to bet on sports as the same game or an event might come with significantly different odds at different bookmakers. A bet at 2.00 may be a great choice, whereas the same selection on 1.80 might not be as tempting.
- Limit Selections
One might consider it to be a common sense, but punters often disregard it. The fewer selections you include in your individual bets, the more chance you stand at winning.
- Don’t Chase Your Loses
It is quite self-explanatory really, but it needs to be pointed out as an important aspect to consider. Rolls come at both ends of the spectre – positive and negative – and you simply need to know when to stop, shake it all off and restart.