Betting on sports is a common practice globally, but it’s very likely to catch yourself addicted to betting and gambling irrationally, which can result in Bet Regret.
Bet Regret is the crashing feeling that you get the moment you make an irrational bet, mostly when you’re drunk, frustrated, or chasing losses.
This article will include tips to help people play responsibly and keep people safe from gambling damage.
Table of content:
- Somebody’s Got an Advantage in Gambling
- Risk Management in Gambling
- Develop A System of Gambling
- Be Disciplined, Don’t Be Flat-Footed, And Avoid Burnout
- Stop Gambling!
Somebody’s Got an Advantage in Gambling
It’s either you or the guy on the other side of the line of betting. Typically, that’s the building, standing for bookmakers and casinos. This edge is either fixed (think roulette, where you are paying 35-to-1 on a 37-number wheel) or fluctuating (think of betting odds that move up or down).
The easiest way to understand the edge is a flipped coin.
Imagine that you bet money on a coin flip, less than odds. No matter your choice of heads or tails, you’re going to lose money in the long run. You’re betting on a 50-50 shot, but you’re only paying less than double your money on any flip coin! Depending on how much less you get paid, your bankroll would be able to withstand a certain amount of bets.
So, if I give you 1,90 (decimal odds) per coin flip, your money will wind up in my wallet after 200-300-coin flips. That’s how you fuel the gambling industry. And that’s what the edge of the building is all about.
But how do I tell how big your bankroll is?
Risk Management in Gambling
Before you can think about beating a casino or a bookie, you need to consider risk management. Often known as bankroll or cash management, risk management would be a key factor in your performance. No matter how much you earn from gambling firms, poor risk management would make your betting bankroll evaporate.
Set aside a certain sum of money for your gambling habit and break it into 100 pieces. No matter your gambling medium, you should not gamble more than one part of each bet you put.
That’s a lot of it!
That would also keep you at a safe distance from catastrophic plans, such as martingale systems. When the time comes, you’re going to move on to more advanced sketching techniques than flat betting, such as the Kelly sketching strategy. Until then, though, stick to risking 1% of your bankroll, and you’re going to be all right.
Note that this law applies to both small and large bankrolls! So, the size of your bankroll doesn’t matter when it comes to risk. Size only dictates how much money you gain or lose in terms of currency.
Develop A System of Gambling
Now comes the very tiring challenge of building a successful gambling plan. It’s not easy to find an upper hand in the market, I’ll tell you. If it were that convenient and given the basic rule of risk management that I outlined, everybody would be a winner. But you do know that only 5% or so of the players will make it pay.
Someone has to lose if you want to make money. It’s a zero-sum affair, where casino operators are also being slashed. We then need to manipulate the market, searching for leaks and biases, like the favorite long-shot bias. The typical gambler practices unique trends of betting. It would be best if you weren’t doing the same thing. Always do something new, always think differently.
Be the first or the strongest to manipulate a proven falsity.
Yeah, don’t let the world know unless you have fame and credibility, even if you do. Otherwise, the advantage will decline as more people emulate you, and the market will find a new equilibrium.
Don’t worry, eventually, if the first betting system fails!
Be Disciplined, Don’t Be Flat-Footed, And Avoid Burnout
So, by now, you’re expected to have a viable method and know how much to bet on the next game. You’re on the way to becoming an elite professional gambler. What might go wrong?
First, you may not be disciplined enough to obey your own rules! Wouldn’t it be a shame to lose money after all this testing and study? Yet even trustworthy and remarkable sharp bettors may lose their discipline after a long loss of streak.
Don’t be that person
Trust your proven approach, stick to your risk management plan, and always prepare for variation. Take advantage of the drawdown and never doubt yourself in difficult times, as long as you’re doing everything in the book.
When you experience a few months or years of good gambling, there’s a significant risk that you’re bored! Yeah, believe it or not, no matter how much money you make, doing the same boring thing every single day would make you bored. At first, making gambling money seems like a fantasy. But as in any other company, routine will take the joy away.
Find the fun you missed by taking advantage of emerging markets, trying something new, or enhancing your processes.
Finally, burnout is a significant threat to all forms of good gambling. Take a break, go on holiday, enjoy your profits and your hard work. Don’t let gambling overtake you, no matter how big you win.
Enjoy life, because at the end of the day, isn’t that the essence of living?
Let’s not hurry up, though. Most definitely, you’ve also had a rough time splitting. Winning, in the long term, appears to be too far away at the moment. Don’t despair about it. Stop gambling your money away, find an edge, go ahead and test your system on paper, and when you’re ready, don’t stake more than 1% of your bankroll.
Stop Gambling!
If you’ve been gambling, please stop. You don’t need to quit because you’re a winner. You’ve been losing money because you’re reading these lines. So, stop losing your money!
It’s so easy.
Now that your bankroll has stopped depleting, it’s time to learn the ins and outs of the gambling industry. This is known as the iGaming industry if you’re gambling online.
