In a perfect world, you would have an infinite source of income to bet with. However, this is not the case even for individuals that are doing extremely well financially.
Betting has an emotional influence on you that sometimes can seriously cloud your judgement. When you have one of those days where every bet you make wins, you feel invincible. When you are on a losing streak, you become angry and start chasing your losses.
In both cases you are prone to losing touch with reality. It’s tempting to get in the zone and continue placing bets as if tomorrow will never arrive.
Unfortunately, it always does. And if you are not careful, it’s not going to be a very pretty day.
Get your shit together first
You have to set aside a certain amount of money for the month which are for betting.
You should be shrewd. Such people are first and foremost responsible for their personal finances and families and are planning their budget according to priorities. When you prepare your monthly budget, you first keep money for food, rent, savings, paying your bills, covering any debts that you may have, and other really crucial budget headings. Only after you make sure those are covered you can allocate funds to other hobbies and entertainment activities, among which is betting.
This is because betting is not really vital for you. If you have no food to put on the table, or if you are on the brink of being evicted by your landlord – these are the serious problems for you.
Betting is among the additional activities that you only spend money on provided that you’ve taken care of the most important expenses first. If the money you have set aside for betting is gone for the month, stop betting temporarily until the next month kicks in. Otherwise you are jeopardizing your life and can enter a downward spiral from which it’s hard to get out.
We all want most of our bets to be winning, but losing is a part of the game, and you’d better be prepared when one of those unavoidable bad streaks hits you.
Be responsible towards yourself and your loved ones
Carefully determine exactly how much you can afford each month for sports betting and stick to it. It doesn’t matter whether you feel the bet you are making will 100% come off to justify going outside of your budget. Shocking surprises in sports happen all the time, often when you least expect them.
To give you an example, years ago I made that mistake and bet substantially more than my budget allowed, on Barcelona to beat Hercules at home on odds of 1.05. That was during one of their best eras in football when they were under Pep Guardiola. The game ended 0:2.
As a responsible person who tries not to repeat the same mistake twice, I learned my lesson from that bet. I bore the consequences, moved on and never made such a bet again. I assume you don’t want to fall in a similar situation and this type of conversation between you and your kid the next day:
“What are we having for dinner today?”
“This hasn’t happened before, daddy, why now?”
“Because Barcelona lost yesterday, sweetheart.”
The funds allocated to betting during the month should be such that even if you lose every single bet in that month, you have to proceed with your normal standard of living. In no way should you allow yourself or a family member to suffer because of this.
Everyone has a bad day, it’s a part of the business. If you are having a bad day with your sports bets and you make the mistake to chase your losses irrationally, there’s a high chance you will lose money you can’t afford to lose.
Be in full control of what depends entirely on you
When things aren’t going their way, the majority of people are used to blame something or someone else for their misfortunes. They refuse to accept that they themselves have much more power to influence the events in their lives. It’s just easier to find excuses in external factors.
By continuously not facing their problems in life because they are afraid, people are just practising escapism. They’re not solving their problems but just delaying them until these issues hit them harder in their faces at some point in the future.
Instead of drifting with the current, you should be the master of what happens to you. With regards to sports betting, this means setting the boundaries of your betting in line with your budget.
When you make a sports bet, undoubtedly there are external factors in play – the skills of the players or teams involved, their form, the weather conditions, the spectators, and sometimes pure luck. After you’ve made the bet, these are outside of your direct control. But what is absolutely dependent on you is what you do before placing the bet – the preparation and research you’ve put into it, and setting your stake.
The size of the bet must be consistent with what you’re prepared to lose. You either win the bet or lose it. If the latter happens, it must not hit your finances to the point where other personal problems arise from it.
Make sports bets with responsibility towards yourself and your family. Doing so will not only increase your chances to thrive in betting itself, but it guarantees you a good quality of life too.
Don’t gamble with your life
For many people all of the above is hard to achieve. Among other things, sports betting is deeply psychological, and not everyone can be in full control of their emotions all the time. However, in order to succeed, always betting in line with your budget is the most important rule.
Even the best bettors have bad streaks, sometimes of 15 consecutive losing bets. What distinguishes the responsible people in such situations regarding sports betting, and life in general, is that they are relentless – they are not willing to sacrifice their current standard of living and screw their finances because of a bad streak.
The world is full of stories about miserable people who have destroyed their whole life by not being able to control themselves adequately, losing money they could not afford to lose, getting in big debts, being left by their spouses, and so on, and so forth. Don’t become one of them.
To be a successful sports bettor you have to stand on a very strong foundation. The most crucial element of that foundation is to always bet within your means.