Sports betting has long been nestled in the shadows of polite company but with the advent of daily fantasy sports and the embrace of sports betting by a whole new generation, we see that making an online wager is as commonplace as making an online purchase. The only difference is that the former allows one the opportunity to get back more money than they invested.
But before you run headlong into the breach, let’s discuss some of the most important features of betting online so that it is an enjoyable experience rather than one wrought with angst and frustration. If you are new to betting online then we urge you to follow these guidelines, as you will undoubtedly be better prepared and properly educated to get the biggest bang from your betting buck.
Choose the Right Online Sportsbook
The most important criterion for an online sportsbook is that they pay in a timely manner when a payout is requested. It sounds simple enough but if you haven’t been around the betting block then you should know there are hundreds of blacklist sites out there that are nothing more than fronts posing as betting sites. They only exist to take your money with no intention of ever wiring it to any bank account other than theirs.
So how do you tell the good ones from the bad – the trustworthy from the nefarious? Well, there are independent industry watchdogs that assign letter grades, A+ through F, and thoroughly comb the universe of online sportsbooks for those with a long, proven track record of superior customer service, plentiful betting options, aesthetically pleasing dashboard, seamless mobile platform, and most importantly…. a lengthy history of paying their customers whenever a payout is requested and doing it in a punctual fashion.
Once you have narrowed your list down, you should consider funding accounts at more than one book. Professional sports bettors all have several online books at their disposal because the betting odds can be different depending on where you shop. Why bet the Bears -7 when you can get them -6 somewhere else? The only thing that matters is that the books you use will pay you when asked. It’s one thing to sweat the game but never the payout.
Establish a Reasonable Bankroll
Whether your sport of choice is soccer, baseball, football, ice hockey, basketball, or any other sports that tickles your fancy, you must come to terms with establishing a bankroll that will allow you to enjoy your new hobby but won’t have you tossing and turning at night if the worst was to happen and you lost it all. Think of this money the way you would on a golf club membership or any other recreational endeavor.
Your investment should be discretionary income that won’t prohibit you from paying the rent if you lose it. So how much is that you ask? It is different for everyone and it’s not totally dependent on one’s income either. There are millionaires whose pain threshold for gambling losses is extremely low while there are others who live paycheck to paycheck and can handle a financial setback with greater resolve.
But wherever you land on the spectrum, the golden rule is that if you do go on a cooler (losing streak) and happen to lose the entirety of your bankroll, just tuck in your horns and call it quits. There will always be another season to wager and the important point is that you learn from your mistakes so you will be better when you return the following season.
How Much to Bet
Once you have decided on the amount of your bankroll for the entire season, you can now determine how much each wager will be. How do you do that? Well, the smart bettors always wager an amount equal to one percent of their bankroll. If you have decided to put aside $1000 for the entire season then each wager will be worth $10. It doesn’t seem like much but if you are going to be smart about staying in the game, with the opportunity to have more money at the end than you had at the beginning, then this is the magic formula.
Also, make sure to limit the number of your wagers each day or evening. A good rule of thumb to use is zero to three wagers per betting occasion. Just because there is a slate of games on the schedule doesn’t mean you have to wager. Only bet when the spirit moves you but when you do, don’t ever chase your losses. If you have already lost the early games then close up shop for the day. There is no need to chase your losses by trying to get even with the late games. Be smart and bet with your head, not over it!