Whilst sports betting can be fun it can also be addictive if not kept in check. We at Worth A Bet encourage responsible betting and so we have outlined our recommendations below: Set Out A
Whilst sports betting can be fun it can also be addictive if not kept in check. We at Worth A Bet encourage responsible betting and so we have outlined our recommendations below:
Set Out A Budget And A Limit
Good risk management involves setting out budget. Decide how much you can afford to lose. For example, this could be £25 per week or £200 in total. Decide on a stop-loss – for example, you may decide to stop betting for a particular week or month if you have lost £100 as this is your stop-loss. Also, decide on a stop-win – for example, you may decide to stop betting for a particular week or month if you have won £100 as this is your stop-win. It is important to set these limits in order to prevent your bets from going out of control.
Do Not Chase Losses
Whenever you place a bet, always remember that you have the potential to lose it and once it’s gone, it’s gone! Let it go and don’t go chasing your losses because a mindset that chases losses will compound more losses!
Increase Bets Gradually
Start with small bets and increase your bet sizes gradually. Go from £5 to £10 to £15 to £20 to £25 and so on. By increasing your bets slowly and gradually, you become more comfortable with your bet sizes. Do not make big leaps in your bet sizes, such as £5 to £50, as this can fuel addiction and loss-chasing!
Know When To Stop
When you find yourself no longer enjoying betting – stop! Betting should only be done when in the right frame of mind and as an enjoyable activity.
Keep Track Of Your Bets
By keeping track of all of your bets, including your wins and losses, will allow you to see where all of your money went. You will know whether you have spent or lost too much or whether you can afford to sensibly put more money aside for bets, and adjust accordingly. I recommend using Excel spreadsheet as your bet tracker.