Let’s face it, you’re never really British unless you love to bet (or at least have done it once in your life). The country’s fascination – and even addiction – to it dates back to many decades ago. With the many options available including online betting, it’s never been this convenient.
But sports betting is also like treading on dangerous waters. Even a small wrong step can mean serious consequences. One of these is putting yourself in a financial ruin. While nothing stops you from engaging in such an activity, you have to learn how to be responsible.
Gleaning the various tips available online, it seems the consensus is you need to learn how to be mindful about money. Bet according to the risks you’re willing to take. Don’t bet when you’re angry so you don’t end up spending too much. Stop betting when you’ve already lost your investments.
These are all sensible tips, but they’re all easier said than done. For me, there’s only one strategy to learn how to bet responsibly: treat it as a business.
The link that ties a business and a bet
A lot of people think there’s no connection between a business and a bet. They fail to see one similarity: these are all investments, and as such, they carry both risks and rewards.
When you engage in a business, you put up a capital in the hopes you can realize a profit in the end. When you bet, you play a certain amount that will likely return to you as a much higher amount.
Both also require a certain skillset in order to succeed. To make your business grow, you have to be knowledgeable of your market, competitors, and products and services. You need to observe the trends, formulate strategies, and then adjust them accordingly depending on the results you’re getting.
Betting works almost the same way. Although a part of the odds of success depends on fate, a good portion of it relies on the tools available that can help you in the decision-making process. These include historical data, game analysis, and even recommendations from betting experts.
How can you treat it like a business?
The answer is simple: learn to compare your bets. The question is, compare to what? I have a few suggestions.
One, compare it with the majority. It’s usually called adhering to the wisdom of the crowd. They do not always get the results right, but they do most of the time. It’s because you can take advantage of the skill, the experience, and expertise of the veteran bettors within the group.
Granted, you don’t get to enjoy big returns on your winning since you need to share the pot with the other players. But the idea here is to reduce your losses, which is obviously more damaging than winning a small share.
The other is to compare your bet with the historical data. The tools for online sports betting have improved dramatically over the years. They are, therefore, more reliable in forecasting or predicting the results. Again, these programs do not guarantee a win, but they can assist you in making informed decisions.
Lastly, try to analyse your bet with that of the expert’s opinion. These people have spent hours learning the right skills and strategies to win. Some of them have made it their lifetime commitment.
Whether in life, business, or betting, risks are always around. What’s important is learning how to make calculated risks that decrease or avoid losses while earning some in the end. The only way to do this is if you turn on your entrepreneurial mindset and compare bets.