Sports betting can provide a lot of thrills but getting carried away is all too easy and a common downfall of many sports bettors. Here we put together a quick betting guide listing principles that novice and avid sports bettors should always employ in order to avoid the potentially damaging consequence of compulsive betting.
Compulsive BettingWithout too much fuss, let’s just get it out there: compulsive betting is one of the biggest problems associated with gambling of any kind – be it online or land-based –and those that display such addictive behaviors are typically the last to recognize they have a very serious problem.
Some people can gamble sporadically with it affecting their lives or damaging their pocket books, but there are those that simply can’t. Recent studies have shown that this is an epidemic affecting more than a quarter million people in the United States, never mind the staggering numbers worldwide.
Like any addiction, a gambling addiction is classed as a disease. Compulsive gamblers don’t know their own limits, have absolutely no control over their behavior and are in denial about their problem, among many other things. The consequences usually are devastating for not only the gambler but those immediately connected to them. To put it bluntly, it destroys lives.
If you or a loved one has a gambling problem, you are not alone. Admitting a problem exists is the first step, often the hardest. There are many handy resources, support groups and institutions that you can reach out to for help.
Reasonable, Responsible and Sensible Sports Betting PracticesNow that we’ve covered the very important topic of the dangers of gambling, let’s look at what makes reasonable, responsible and sensible sports betting practices.
Underage Gambling is Illegal
If you are not of the legal age for gambling in your area, you should absolutely not even consider it. Underage gambling is illegal and a criminal offense for both the player and the institution allowing the practice. Consider yourself warned.
Set Time Limits
Those looking to dabble in gambling of any kind should be disciplined and set time limits for how long they indulge in the practice. It should be a pastime not a full time job.
Set Money Limits
Always bet within your means, don’t go overboard or bet more than you can afford.
Set Betting Stop Loss
It’s useful to set an amount that you are comfortable with losing daily or weekly, that way you discipline yourself to playing within your means.
Set Staking Amount
Set a limit to the amount you stake on any sporting event, casino game or slot machine. That way you ensure you don’t run out of your betting allowance too quickly.
Set Daily Stop Win
At first, this may appear to be a bizarre suggestion, but it isn’t. Just as losing can grate on the nerves and prove a catalyst to try to turning your luck around, so too can winning be a catalyst to breaking all the aforementioned pre-set limits and getting carried away. The high of a hot streak is just as dangerous as the lows of a losing streak. Don’t be greedy and you’ll have a better time of it.
It’s also worth noting that if you don’t stop when you’re head, it’s not uncommon to lose all those winnings just as quickly as they were won, which can then turn into a vicious cycle known as “chasing your losses.” The enticement to win it all back takes over. Avoid such a downfall by setting a winning limit and you’ll ensure a more enjoyable experience.
Don’t Chase Losses
Chasing losses is a common problem with gamblers, hence the above pre-set limits recommended. Set limits for losing, winning and staking that you’re ok with and you’ll avoid this growing problem.
Betting is a Pastime
Approach sports betting as a fun exercise to be enjoyed occasionally, not as a source of income or a viable alternative to a job. The allure of massive jackpots, great odds on a game and generous promotions, among other things, offered by online and land-based casinos can be so alluring that people start to entertain rags-to-riches notions and lose control. Of course, somebody will win the big jackpot or get a bet on a game with great odds right or capitalize on great promotions, but many don’t. The reality is that more people lose than win.
Casinos, Sportsbooks are in the business of making money
Never forget that. Like any business, profit is the name of the game aptly summed up by the common adage, “the house always wins.” Be it a casino or sportsbook or the like, the principle is the same. Where sportsbooks are concerned, odds makers set odds in their favor and where necessary they move odds in order to balance the action and ensure profits. They also rely on the fact that most bettors are square bettors, betting emotionally rather than sensibly.
Be a smart bettor, not a square bettor
Be sure to do your research before making any bets. It’ll help you understand the risks, pros and cons and allow you to make sensible bets. Of course, winning is still down to luck. But you’ll feel a lot better about your bets when employing this rule, and you’ll equally learn from your winnings and losses too.