Sports betting is fun and can be profitable, but it also makes a lot of people broke. The addictive nature of gambling, combined with peer pressure from your sports-loving friends group and the odds stacked against you by a professional bookie, is a recipe for disaster—or at least some green congealed salad.
The good news is that if you treat sports betting as a form of entertainment rather than a dedicated way to make money, you can avoid some of the big mistakes. For starters, set a budget and stick to it. You can even open a specific bank account that you use only for placing sports bets (multiply the amount of your base bet by at least 100 to determine the minimum size of this account).
If you’re considering placing a wager on a certain event, do some research first. Look at sports betting forums and read reviews from other bettors, as well as check for Better Business Bureau complaints. Also, beware of scamdicappers who promise guaranteed winning tips. Remember that no one can predict the future, and if you bet with your heart instead of your head, you’re likely to lose more than you win.
It’s worth mentioning that state governments are most interested in maximizing taxable revenue, which explains why they have been dragging their feet when it comes to legalizing and regulating sports betting. However, there are signs that things are starting to change as more and more states begin bringing their sports betting services online.