Economy

How to bet safely

Changes to the laws on betting have generated a lot of news and plenty of speculation since the decision was made to rescind a nationwide ban on the practice. Among the key reasons some people have campaigned against the introduction of igaming as a wider market is the – perfectly reasonable – feeling that it presents risks. Addiction, destitution and pressure on families have all been mentioned as reasons not to go ahead with liberalization.

Those reasonable arguments do have reasonable counter-arguments, but they do make a key point about it being important to gamble smartly, cautiously and above all safely. So while you can visit this resource to find the best providers with whom to gamble, it is also a good idea to have some rules for yourself, and know the things to do and avoid. If you follow these reasonable rules, you’ll be better placed to bet safely – which is the only way you should bet.

Don’t see gambling as an income stream

If you win money on a football game or a horse race, it’s a pretty nice feeling, as is always the case with an unbudgeted windfall. However, professional bettors put untold amounts of work into what they do and it still comes with a significant risk element. You should not see betting as a way of augmenting your income in the long term, because when you do you will start to treat winning as an essential. As a result, if you end up down on a weekend’s betting, you’ll feel pressured to find a way of winning that money back. Which leads us to…

Never chase your losses

If a bet that you expected to win snaps back against you and leaves you down, the temptation is to “put it right” by placing more bets. You’ve got $10 less than you expected, so it’s got to be won back, right? Then you end up $20 down. Then $40. And when you keep doubling that number, you’d be shocked how quickly it climbs to an amount you’re not going to be able to replace easily. If you lose a bet you thought was going to win, then call it a day. Don’t let emotion enter your decision-making process, because it will end badly.

Only bet what you can afford to lose

It’s best to have a bankroll that you keep separate from the money you use to pay bills, buy food and pay for all the essentials in life. You can add to that bankroll if, say, you have money left over at the end of the month or you win big on a bet. But the bankroll must never be augmented from money you need. So, if you are betting on parlay betting sites or other gambling games, only bet what you can afford to lose.

Keep records

It’s a good idea to keep a spreadsheet of money that is connected to betting. Within that, you can keep a record of what your bankroll is now, where that bankroll is held and which bets you have placed. Keep a note within this of which bets have won, how much they have won (and lost), and when. Have an entire separate accounting system for betting, because you’ll need to keep an eye on where that money is going. This is important for tax reasons, but also as a way of showing you how exactly you’re faring on the betting front.

Leave a Reply

Your email address will not be published. Required fields are marked *