3 Tips for Beginning Online Gamblers

3 Tips for Beginning Online Gamblers

Online sportsbooks provide a great way to add some excitement to the sports viewing experience.  It can also bring monetary gratification, if you are lucky.  There are some good, bad, and even ugly aspects for beginning bettors.  Navigating potential pitfalls could help prevent addictive behavior and financial ruin.  Remember, online gambling should be done in fun, not desperation.  If it were easy, everyone would do it.  With that said, here are three tips that should help any novice online gambler…

Do Your Homework

This seems simple and self-explanatory, but an inflated ego can get in the way of success.  Self-awareness is a necessary virtue for inexperienced bettors.  Understand the one simple truth when wagering on sports:  You know nothing.  There are few wagering experts, yet everyone thinks they know what they are doing.You cannot simply place a bet on your hometown team because “they are the best ever.”  Grow up.  If your favorite team already has a suspect pass rush, and now two members of their offensive line is hurt, that is a problem.

You must learn why/how point spreads move.   Injuries, history, and statistics are the only things that matter – Not your intuition.  What is a moneyline?  How you do you participate in parlays or round robins?  There are important things to know when dipping your toe into the online betting pool.  It is one thing to pick games/matches from your couch, but it is another thing to pick them when there are actual stakes involved.Do the work it takes to produce the results you want.

Start Small

MONEY IS REAL!  There is no need to risk your entire life savings on any sports wager.  Nothing is guaranteed… that is why it is called gambling.A high-stake, win-at-all-cost mentality is synonymous with sports betting newbies.   Thinking along those lines can lead a person down a degenerate rabbit hole.  Placing bets on games and races can and should be fun, but it should not cost a person their livelihood.

Everyone knew Mike Tyson would make “easy” work of Buster Douglas in 1990.  Douglas was a 42-1 underdog who pulled off one of the most shocking upsets in American sports history.  Again, nothing is guaranteed.  That is why I believe that for beginners, small wagers are key.  The smaller the better.There is nothing wrong with a few 50¢ or $1.00 (maximum) wagers initially.It seems a little silly, but doing this could save some major financial headaches in the future.

Develop a Balance Strategy

I am not sure if people think about having a bankroll strategy.  The best advice I can give is:  Do not keep more money in an online sportsbook account than you are willing to lose.  If you can only afford to lose $200 a year, then that is the balance you should keep per year.  Win or lose that is what you have, and that is it.

For example, A guy starts an online betting account with $500.  He places a couple of wagers and loses a total of $200 (his first mistake was not reading what I wrote above about starting small).  His first instinct is to replenish his account to cover his losses, but that is a gigantic mistake.  Casinos and Sportsbooks are businesses that exists under the construct of not losing (i.e., “The House Always Wins!”). If you are just going to replenish your balance after each loss, you might as well bypass this process altogether.  It would be more efficient to just send a percentage of your paycheck to the sportsbook and stop wasting time.

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