There is no such thing as a guaranteed win in sports betting. While every sports bettor from the casual fan to the professional handicapper takes steps to make sure they are picking as many winners as possible there is no guarantee that you are going to make a profit from a given set of wagers. The key thing to remember is that if you aren’t losing money then you should be winning money so by curbing the potential for losses you are technically improving the chances to win. Here is a look at the five keys to protect yourself from going broke gambling.
Create Your Own Private Fund
The first step that every sports bettor should take is establishing a bankroll with which to wager. For example, if you can afford to risk $500 of your personal money betting on sports then establish that $500 as your private fund for sports betting and don’t risk anything more. Consider what you would do if you were planning a trip to Las Vegas. You might put aside money for food, drinks, shopping and casino but the point is that you will not risk more than you can afford. The same approach should be taken to sports betting in order to avoid going broke.
Set A Budget For Each Wager
One of the biggest mistakes that sports bettors make is getting caught up in a winning or losing streak and risking more on a single wager then they can afford to lose. There is no such thing as a guaranteed win so you should never risk more than you can afford to lose. Therefore, if you have a bankroll of $500 then it makes sense to establish an amount you can afford to risk ahead of time and stick with that amount on every bet. In this scenario, you might choose to risk a maximum of $50 on any given wager at a time.
Divide Your Stakes By Percentage
One of the smartest approaches to betting on sports is to make sure that your wager is always a percentage of the total money you have available. Therefore, if you are willing to risk 2% of the total amount you have then it will take a long time to go broke. For example, if you start with $500 and risk 2% then you will risk $10. If you win, then you will have $510. If you lose, then you will have $490 and then you will risk only 2% of 490. By dividing your stakes in to a percentage and sticking with a set amount you will make sure that it takes that much longer for you to possibly go broke.
Do Not Add To Your Bankroll Based On One Wager
For as tempting as it might be when you have a wager you think is a lock, it’s important to remember not to add to your bankroll in order to capitalize on one wager. For example, if you have $500 in your account but you have a strong feeling an outcome will occur you never want to add another $200 to your bankroll in order to risk more. It’s important to set parameters on how much you are willing to risk from the outset and avoid going all-in with even more money just because you like a particular bet.
Establish An Emergency Fund
The majority of people already have an emergency fund in place but that money is only used in important situations. You probably don’t want to risk that money on sports betting but it’s good to have a fund in place just in case. Make sure that you top off your emergency fund ahead of time and invest in your long-term savings with money that you aren’t using for sports betting and don’t even think about dipping in to the emergency fund or long-term savings when you are betting on sports. It might seem like an obvious rule but it’s definitely one to remember in order to avoid going broke when it comes to betting on sports.