Why do we love sports betting? It’s simple, fun, and it gives us an opportunity to make some money! Beginners shouldn’t rush off to start placing wagers just yet though. You see, as simple as sports betting is, it’s not exactly easy to get everything right when you’re just starting out. Approach things in the wrong way and it are unlikely that you’ll enjoy sports betting at all. Not to mention, you certainly won’t be on the right path towards making a profit.
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Set a Budget & Use a Staking Plan
Every single tip on this page is important, but none of them are more important than this one. Regardless of how much money you have, or what your short term or long term goals are, you simply MUST set a budget. Remember, losing money is a far more likely outcome than winning money. You need to decide how much money you are prepared to put at risk, and make sure that you don’t start risking more if you lose it all.
You can set a daily budget, a weekly budget, a monthly budget or an annual budget. We have even heard of people setting aside of sum of money with no timescales attached at all. How you set up your budget is entirely up to you. Just make sure that your budget is set at an affordable amount and that it’s something you are determined to stick to.
Spending too much on betting can lead to all kinds of problems.
No-one has an infinite amount of money, so everyone has to manage their finances to some extent. There are certain living costs that should always be the priority. Gambling with disposable income is fine, but gambling with money that is needed for other things is not. That does when gambling can start to get out of control, and the consequences can be dire.
This is easily avoided by simply sticking to a budget. Sports betting are far more likely to be an enjoyable experience when it’s affordable, and there’s no need to worry about whether a wager wins or loses.
Ideally, you should also use a staking plan. A staking plan is basically just a set of rules that determine how much should be staked on each wager relative to the size of your budget. We recommend staking around 1-2%, and definitely no more than 5%. This will allow you to withstand a few losses without blowing your whole budget too quickly.
There’s no right or wrong way to bet on sports. There are all kinds of different approaches that can be effective, and the best way to determine what works well for you is to experiment. By trying different systems and strategies, there’s a good chance you’ll eventually find an approach that yields positive results. You should also experiment with the various different types of wager, and with different forms of sports betting too.