Sports betting has exploded across the United States. Since the US Supreme Court overturned the Professional and Amateur Sports Protection Act of 1992 (PASPA) in May of 2018, there are now 38 states offering legal and regulated sports betting.
Of those 38 states, the vast majority also deliver online wagering via a laptop or desktop computer, or an app suited for your mobile device of choice. This makes it even easier to place a bet. You can do so from the comfort of your own home, or for that matter, via a mobile app, from wherever you are situated during the course of your day.
Opponents of the legalization of gambling insist that this is a recipe for disaster and in a few rare instances, they are in fact correct. Just as some who drink will become alcoholics, some who bet may become addicted to gambling.
There are web pages that will offer sportsbook reviews on top betting sites. And when you check out these sportsbooks, you’ll find that they all offer extensive educational tools and on-site options for setting up responsible gambling boundaries. But just like the safety card at every seat on a flight, it’s up to you to take the personal responsibility to learn all of the details.
The fact of the matter is that the vast majority of people who gamble do so responsibly. According to a study by Yale Medicine, only about one percent of people who bet become addicted to gambling.
Still, just to be sure and for peace of mind, if you do choose to bet on sports, follow these five steps and you’ll be gambling responsibly.
Table of Contents
Only Bet What You Can Afford To Lose
You would think this step would go without saying, but the fact that there is a small percentage of people who are willing to go beyond their means to gamble, it’s worth reminding everyone that you should never be betting over your head.
If you’re going to gamble, the best approach is to consider it as a form of recreation. It’s no different than if you were to sign up to play in a basketball league, or to join up with a club of some sort. You’re going to need to budget money to cover those expenses.
Professional bettors establish a bankroll. Those are the funds they set aside exclusively for gambling. Even though you might not be betting on their level, following this blueprint is a wise strategy.
Establish your bankroll. And as a rule of thumb, never wager more than five percent of your bankroll on any one bet. And absolutely don’t ever take money that’s earmarked to pay bills in order to bet. As well, don’t try to borrow money from friends or family to allow you to keep making wagers.
Wager On What You Know
Writers write what they know. Smart bettors bet what they know. If you don’t understand the rules of cricket, why would you risk money by wagering on the sport?
If tennis is your game, bet tennis. If it’s baseball, then bet baseball. It’s really that simple.
Don’t Get Emotional About Betting
Never bet with your heart. Always listen to your head. A solid rule of thumb is to set out your bets beforehand, place those bets and when they’re done, win or lose, you’re also done for the day. In fact, take the time to chart your bets on a spreadsheet – your wins, your losses and the amount won or lost. Treat it like a business and you’ll never get in so deep that it’ll get you in trouble.
Also, you might be a fan of the Pittsburgh Steelers, but that doesn’t mean you should be betting on every Steelers game. And don’t go chasing the big score by playing exotic bets like parlays. The reality is that for every big winner the sportsbooks are promoting, there are literally thousands taking a loss on the same day.
Accept That You’ll Lose
Suppose you bet the Kansas City Chiefs to cover the spread against the Las Vegas Raiders. Instead, the Raiders upset the Chiefs. Take your loss and move on.
Don’t go foolishly throwing good money after bad, trying to make up for the setback. Suck it up and take the L in stride.
The fact of the matter is that even the best sports bettors in the world will only succeed at the most about 53 percent of the time. That’s a lot of losses. And yet, if you do hit on a little bit more than half of your bets, in all likelihood, you’ll be turning a profit.
Be Aware Of Responsible Gambling Options
As mentioned earlier, all sports betting sites will provide you with access to responsible gaming literature and devices that can be put in place to assure that you won’t be betting beyond your limits. While 99 out of 100 people won’t require this type of governor on their gambling spending, it doesn’t hurt to take a look and perhaps to even implement some of the procedures.
You can set deposit and spending limits on your sportsbook account. This will prevent you from getting out of control with your betting. Session timers can also be established, limiting the amount out of a day you are able to spend on a betting site.
If you feel like the situation could potentially get out of control, it is possible to self-exclude from a betting site. This means you won’t be able to access your account and thus, won’t be able to place any bets.
If you do go overboard with your gambling, all betting sites also provide direct links to the National Council on Problem Gambling, through which you can instantly access the tools and programs that are available in your state to provide help.
The reality is that very few people will need to take this step. If you treat sports betting as a recreational activity, a fun way to pass the time, you’ll never have a worry about problem gambling.
