Sports Betting 101 – How to Manage Your Money

sports betting

Sports betting is here to stay. It’s safer for fans, better for leagues (it increases viewership and engagement) and generally better than unregulated gambling markets. It’s also much more profitable for states that regulate it. In fact, the NBA, NHL, and MLB have all struck deals with regulated operators and are looking to do even more in the future.

However, the path to legalization has been windy and peppered with controversy. A recent Washington Post investigation uncovered corruption within DC’s sports betting system, including the city council awarding the contract to Intralot without following a traditional Request for Proposal process that would have allowed other bids.

One of the biggest challenges to becoming a successful sports bettor is learning to manage your money well. Whether you’re using an online betting app or old-fashioned pen and paper, it’s important to have a separate bankroll for your wagers. Many beginner gamblers take their winnings straight out of their regular bank account and this is often a recipe for disaster.

It’s also important to avoid bets that are too large for your bankroll. If a number looks too good to be true, it probably is. Similarly, don’t be tempted to make your favored team the underdog against a weak opponent. Instead, shop around for better odds and look for a more competitive line. Also, set stop-win limits on your bets to help you avoid over betting and losing your money. This is an excellent way to develop discipline that will benefit you throughout your gambling career.

Posted in: Gembing