If you are just starting to bet on sports, there are few basic things about sports betting online that you must know before you dive into this adrenaline pumped hobby:
1. Never bet the money you can't afford to lose! If you make $3,000 a month, don't make a $100 bet to impress your buddies. Professional gamblers never risk more than 2-3% of their bankroll on any single bet. First, define your bankroll (e.g. money you can waste monthly betting sports). In our example, if you make $3,000 a month and you decide you can use $100 monthly to bet, then you start with a $2-$3 single bet. Next month, lets say you broke even for the month before, you add another $100, now you have $200 and you can bet $4-$6 one each bet.
2. Don't be a sucker:
1. Never bet the money you can't afford to lose! If you make $3,000 a month, don't make a $100 bet to impress your buddies. Professional gamblers never risk more than 2-3% of their bankroll on any single bet. First, define your bankroll (e.g. money you can waste monthly betting sports). In our example, if you make $3,000 a month and you decide you can use $100 monthly to bet, then you start with a $2-$3 single bet. Next month, lets say you broke even for the month before, you add another $100, now you have $200 and you can bet $4-$6 one each bet.
2. Don't be a sucker:
- Straight bets only - don't use gimmicks: parlays, teasers, if bets, etc. - your odds to win diminish astronomically.
- Don't bet on your homey teams even if you are a die hard fan - analyze each matchup and think realistically, can your team cover? Remember - you are into this to enjoy and hopefully make some money in the process.
- Don't make emotional bets or bets on tips from a friend (unless your friend is a gambling pro and makes a living at it).
3. Approach this as a business and you will see that small amount of money can go you a long way and you can add some extra excitement to watching your favorite sports teams or athletes.
4. Do your due dilligence and research every online sportsbook you plan to deposit your money in. There are a lot of online sportsbooks that look good on the surface with a pretty site but if you dig deeper (read: research online forums and review sites), you will find that it takes a month to get your money and they try to use every trick in the book to not pay you. Read the fine print!
To be continued...