5 Golden Rules for Sports Betting

Filed under: Betting School,Extra |

RedsBet is all about giving back to our Liverpool Fan Partners – we want you to enjoy being part of the RedsBet community and bet in a responsible way.

To help our players enjoy themselves, the Betting School section of RedsBet Blog is here to offer some friendly advice. Here’s some practical advice that we hope you find useful.

  1. Manage your Money

Firstly, never bet with money that you can’t afford to lose. Betting should be an enjoyable experience and never impact on your day-to-day living habits. Before you deposit into any sportsbook, think about how much you can afford to spend on betting versus how much you need to pay your bills, go out with friends etc. Having separate funds allows you to take a more business type approach to betting.

These funds are essentially your bankroll, so you should manage it to ensure it lasts you a long time. Never bet more than 5% of that bankroll on any one bet. If you over bet, then you are likely to lose your money more quickly.

Let’s take for example that you have a 200 Euro bankroll, you should only bet 10 Euro per event meaning you will have 5% to allocate per bet. Don’t bet 50 Euro per bet and risk going broke after 4 bets.

  1. Be Disciplined

While it would be great to get rich from betting, it’s simply not going to happen for 99% of people. Too many players think about short term results and don’t realise that betting is a long-term activity.

If you want to be successful and make money from betting, then having a strong discipline is a must. Manging your money is key to this. Players will often lose discipline and increase their bet size after a bad run.

  1. Do NOT chase losses

Do not increase you bet size to win back previous losses. Most players fall into this trap and is the start of them developing problem gambling. Everyone will have a losing bet, it’s the reality of betting. Do not let your emotions take over and chase losses. If you feel this is happening, then go to your account section of your sportsbook and take a time out for a few days.

  1. Keep Records

Keeping records of your betting is key to winning over the long haul. It identifies where you are strong and weak. Is it certain sports, is it certain bet types, is it following certain tipsters. Most players often have a perception that they’re successful in certain areas compared to others, keeping records will give you a true reflection. Also remember to only draw conclusions from when you have a decent sample size of bets, at least one full season of a sport.

  1. Get the Best Odds

At RedsBet, we always seek to offer the best odds on Liverpool compared to other sportsbooks. If you always try to get the best odds then it will make a big difference to your profits long term. The difference between odds of 2.25 and 2.10 might not seem like a lot but over time it can make a big difference to your profits.

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