Betting can be a fun hobby for everyone looking to test their luck in the games. However, it can be a brutal cycle that’s hard to get out of for those who are too deep in it. We’re not in any way scaring you from betting. We want to say that you should consider being a responsible bettor before dipping your toes in sports betting.
If you’re unlucky enough, irresponsible gaming behavior can lead to dire consequences, including financial, relationship, and even legal issues. That said, being a responsible bettor is a very important thing you should always keep in mind as you enter the betting world. But that said, how do you become a responsible bettor? Here are some tips you might want to know.
1. Manage Your Bankroll
Before you start your journey in betting, it’s integral for you to have a budget first or, more appropriately, a bankroll. What is a bankroll, and why does everyone need to have it? A bankroll is essentially the money you should wager in betting. It’s like your lifeline, and of course, when your bankroll dries up, it will be game over for you, except when you fill it up again.
Usually, veterans recommend that you should only put money that you don’t need in your bankroll. For example, junior college tuition is off limits, as well as your rent money for the month. In short, you should never put important money in your bankroll since it can create a plethora of problems down the line. It’s a habit of irresponsible bettors, so you should never do that.
2. Create a Unit Size
A unit size is like a standard amount of money you put in bets. This is why you always hear people talking about the unit size they put in the bets they made when talking about betting. Usually, your unit size should be 1-5% of your bankroll. So, for example, if you have $100 in your bankroll, your maximum unit size should be $5.
Also, when it comes to games, you should set a budget to manage your bankroll much easier. It’s recommended by veterans to never put more than two unit sizes in a single instance. For example, let’s say that you are betting on roulette on casino.fanduel.com, and you’re thinking of betting on the color, odds, or even the exact number.
Instead of putting three unit sizes on those three bets, you can put $2 on odds or evens, $5 on what number it will be, and $3 on the color. That makes it $10, which is two unit sizes.
3. Always Be Realistic
A realistic bettor never goes into the casino expecting to go out with millions of dollars. While that certainly did already happen before, the chances of being in that situation are like one in a million. That said, it’s always important for you to have realistic expectations, or you’ll be sorely disappointed. You can call it a successful night if you won at least 54% of your overall bets. Getting to 60% means that you’re extremely lucky.
Usually, you can win ten bets in a row and then come crashing down on the next ten based on statistical average. Even winning ten in a row is a tall order, so you should not expect it to be the case. That said, by setting realistic expectations, you’ll avoid doing anything rash that might cut your night in the casino short.
4. Ignore Personal Bias and Superstitions
You can ask any veteran in the casino and even in sports betting about any superstition about betting, and they will probably tell you a thing or two. Bettors can be superstitious; there’s nothing wrong with being like that. However, it’s a different thing when superstition and personal bias overcome logic. To be a responsible bettor, you should always choose logic over personal bias and superstition because the former wins you more bets.
For example, let’s say that your favorite team in the NFL is playing against a much stronger team. Your first instinct might be to support them, and that’s okay since you’re a fan, but when it comes to betting, you should do the opposite. Instead of betting with your heart, you should bet with your mind. Since your favorite team is more likely to lose, you should bet on the other team if you want to win.
5. Don’t Get Overconfident
Although the odds are against you in betting, that doesn’t mean we won’t get lucky occasionally. It’s not unheard of to have winning streaks in betting; honestly, it’s one of the best feelings in the world. However, it’s important not to let it go into your head. It’s one thing to be happy when on a winning streak, but another thing if you get overconfident.
When you’re overconfident, you tend to think less before you bet and become more careless. These two things aren’t a good combination, and before long, all of the winnings you got from your previous winning streaks will be gone. Being on a winning streak doesn’t make you a betting genius, so you should always be careful and be a responsible bettor, even if you’re on a streak.
6. Take Regular Breaks
Betting is a fun and exciting thing, but it can get very tiring for a while. And when you get tired, you tend to be sloppier in your decisions, which can make you prone to losing. We don’t want that, so it’s always advisable that you might want to take it easy on betting the next day after a long night of gaming. Not only that, but betting every day is not a viable way to live since it’s a fast way to bankruptcy and might even be called an addiction.
And that concludes our list. Whether in the casino or sports, betting is a fun hobby you can do during your downtime from work. However, it’s important to have self-control and a sense of responsibility in betting since it can keep us away from a plethora of life’s problems. It’s important to be responsible, especially regarding betting, since it costs money. And you can be responsible by following the tips we discussed above.