How to Minimize Risk When Betting on Sports
There’s always significant financial risk when you are betting on sports. That’s why they call it gambling. Considering the odds will always favor the bookmaker, you want to find ways to minimize your risk. In order to achieve this objective, you want to start with the premise that you will never wager more than you can afford to lose and you will always show discipline in the way you manage your bankroll. If you can agree to those two things, you are off to a good start.
Moving one, here are some things you can do that will help you either build your bankroll and protect your bankroll from big losses.
Picking a Reputable Bookmaker: Wagering on sports offers a risk. You don’t want to increase that risk by wagering with dubious bookmakers that might not pay you if you win. The best gambling sites are the ones that focus on good customer service and giving its bettors as much extra value as possible. Before you select a bookmaker or two, you should read a few reviews and watchdog sites for a better understanding of each bookmaker’s reputation.
Claiming the Freebies: A free bet is a free bet. When you sign up with an online bookmaker, you should choose one with a good reputation that has put forth a lucrative bonus offer with realistic terms and conditions. The best way to build your bankroll with a minimum of risk is by taking advantage of the freebies. You should also look to take advantage of betting promotions that offer increased odds or insurance against unfavorable outcomes.
Managing Your Bankroll: In the world of sports betting, there is no such thing as a sure bet. If you want to stay in action long enough to encounter a “hot streak,” you need to manage your bankroll in a way that keeps you in action. As a rule of thumb, you should never wager more than 5% of your bankroll on a single team or event. That includes a combination of straight bets and multis. Example: If you like Manchester United to beat Liverpool, you should never wager more than 5% on Manchester United in any way shape or form. Be a grinder and don’t go looking for the big win.
Be a Value Hunter: Instead of throwing your money down on favorites, you should be willing to do a little handicapping and look for underdogs that represent good value. Popular teams and favorites are often over bet by recreational gamblers who don’t take the time to handicap the games and want the easy way out.
Don’t Play the Board: The drive to be in action and have a betting interest in lots of games is the single most significant reason why bettors consistently run through their entire bankroll day after day. Every day you choose to bet on sports, you should isolate your bets to a small handful of games that you have a strong opinion about and let the other games go off without your involvement.
By taking these tips to heart, you can effectively incorporate the discipline you will need to be a successful sports gamblers. Remember, success is not always determined by just winning. The odds are against you and if you can stay in action for a long time with the same bankroll, you will be a winner of sorts.1