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How To Handle Sports Gambling Wins And Losses

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[dropcap]Y[/dropcap]ou are reading this article because either sports gambling intrigues you or you are an active sports bettor. If you are neither, then we’re happy to have you and hopefully, you’ll learn something about a topic that is becoming much more mainstream.

If you are a professional sports bettor who actually earns a living predicting the outcomes of professional sporting events then you know what a rollercoaster ride it can be. However, if you are a recreational bettor and are looking to profit with your hobby then you also know there are good times and bad.

But everyone has their own financial pain threshold, and by that we mean, how much can you lose before you lose sleep at night? Whatever that is, don’t ever get there. Not only does it adversely impact your life but it’s not conducive to becoming a successful sports bettor. You cannot think clearly if you know that the outcome of the game you’re betting will determine whether or not you will be able to pay the rent this month. It is a recipe for disaster.

So, in essence, you have to figure out who you are and what you want out of sports betting. If it is action you crave then there are games on every night to fill that void. But even the wealthiest among us don’t bet to lose, they bet to make a profit and that can be done with money management and personal discipline.

Get Knowledgeable

Whether you have been betting sports for days or decades makes no difference, every successful player needs to be knowledgeable about many different facets of sports gambling. The most important thing is to make sure you are going to get paid if you win, otherwise, what is the point?

To the uninitiated, it sounds like a question so obvious, it’s not even worth discussing. However, for those who have dealt with bookies for any length of time, you know they are not all created equal. Some will delay payment when you win, hoping you will blow it all back to them shortly thereafter, eliminating the need to come up with the dough. Others have no intention of paying to begin with but you won’t know that until your first payout request.

What you need to do is vet the top betting sites by researching them on independent sports betting sites. There are a dozen or so online books out there that have a proven track record of excellence over a long period of time. There is no reason to do business with any entity that you don’t believe will make the process as effortless to receive your funds as it was to deposit them.

sports betting console
A man watches a baseball game in the sports book at the South Point hotel-casino, Monday, May 14, 2018, in Las Vegas. | AP Photo/John Locher

Secondly, know your teams and don’t bet with your heart. Many sports bettors refuse to bet for or against their home teams because they are too emotionally invested in them. This often clouds one’s judgment and often leads to a negative result. And one bad bet can lead to more bad bets which leads to chasing losses and losing more than one should.

Lastly, determine your bankroll. It’s the amount of money you can afford to lose without losing your quality of life. Some might put aside $1000 for the entire football season while others will stash 100 times that for their season of wagering. It all depends on what you can afford to lose if everything that can go wrong, does go wrong.

Once you have a bankroll in place, make sure not to bet more than one percent of it on each wager and limit the number of bets to only a few select choices each day. This will keep you sharp and in the game for a long time. It will also help with your winning percentage because no one bet will rock your financial world if it loses.

Lastly, learn from your mistakes and don’t give up. To wit, we will close with a quote from legendary sports bettor, Billy Walters, “I know what every sucker thinks because I used to be one. I can assure you that every successful gambler I know has been through some monumental failures on his way to getting there.”

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