Sports betting is one of the fun ways you can enjoy football. You may go to a local casino, visit an online sportsbook, or watch a live game to place your bets on your chosen team and earn money when your bet wins.
However, sports betting can also make you lose a significant amount of money. This situation is likely to occur if you do not have a strategy to increase your winning chances.
Consider using some methods similar to those used when making stock investments. These methods may improve your chances of winning and increase your earnings.
This article discusses why some bettors lose money in football gambling and lists how to turn football betting into an investment.
Why Bettors Go Broke in Football Gambling
While gambling is meant to be a recreational activity, people often lose money when placing bets. This loss is usually because of quick decisions with little or no information about the factors influencing their stakes.
For beginners or casual bettors venturing into football betting, the first information they usually see is the teams’ odds.
For example, the moneyline odds of the Baltimore Ravens are at -265 while the Cincinnati Bengals are at +215.
From the numbers, you may think the Ravens are a safe bet because they are the favorites, while the Bengals may give a higher profit since they are the underdogs.
However, is the return worth your stake, especially if you lose the bet?
If you compare this situation to investing in the stock market, you may ask a similar question. Will buying slow-growing stocks from a large, stable company be preferable to purchasing fast-growing but volatile stocks from an upstart business?
A casual stock investor may likely only identify the stock name and price. If you ask them about the company’s performance, financial statements, and historical stock price movement, they may be unable to give you a clear answer.
These investors are likely to lose money if their decisions to buy or sell stocks are driven by emotion.
Similarly, recreational bettors may know the team names and their odds to win but not much else. Those bettors may be unable to answer if you ask them about their team’s historical performance or player and team stats.
Additionally, you may be unable to make an informed decision and create a betting strategy if you know little to nothing about the teams and what affects their odds.
In the end, this lack of information may decrease your chances to win and cause you to lose money in football betting.
Furthermore, you may even start betting more money, thinking you can recoup your losses. Without a change in mindset, you may lose more than you gain.
Ways to Turn Football Gambling Into an Investment
Despite many people losing money in football betting, some bettors still win and make a decent profit from this activity. Aside from luck, the following reasons may increase your chances to win.
Analyze the Detailed Information About Your Bet
Experienced stock investors consider various information like historical price movement, financial performance, and company news as factors that influence stock prices.
In the same manner, experienced bettors know that factors like historical performance, player changes, and series matchups may determine which team is likely to win the next match.
You may utilize this information to make a betting strategy to know which team to bet on, the amount to stake, and even the type of bet to make that will optimize your returns.
A well-crafted betting strategy may increase your winning chances and limit your losses even if you lose the bet.
Use Logical Reasoning Instead of Emotions
Making betting decisions based on emotion makes you a reactive bettor instead of being a proactive one.
If you bet on an underdog simply because they are from your state or one of their players is your friend, you are likely making emotional bets.
Logical reasoning means your bets are based on the team’s merits. You can then quantify those merits to make an informed prediction.
For example, one of the key players of the favorite team is injured and unable to play. You may utilize this information to consider betting on the underdog for a chance to win a higher profit.
Diversify Your Risks
Diversification is an investment strategy where you spread your investments to minimize loss if your selected stocks underperform.
Similarly, diversifying by making multiple bets allows you to hedge your football stakes to lessen your losses and keep those losses within manageable amounts.
Diversification creates an opportunity to maximize your bets and increase your potential wins. Even if not all bets win, you may avoid more significant losses using this strategy.
Be Flexible to Changing Situations
Anything can happen in a football match. A star player may get injured, the team’s lineup may change, and a longshot may score an overwhelming win over the crowd favorite.
Being flexible allows you to make adjustments to your bets while limiting potential losses.
The strategies mentioned in this article do not guarantee that you will start making money from football gambling.
However, these methods may improve your winning chances and increase your potential profits while limiting your losses.
Remember to bet responsibly. If you believe you have some gambling issues, talk to a gambling counselor or call 1-800-GAMBLER.