Responsible Gambling in Sports: How to Play it Safe

1. Don’t chase your losses

A major problem with sports betting is that people tend to get really excited while making bets and when they lose, they tend to go about winning that money back.  This happens all the time while the Indian Premier League is running and has caused a lot of sad and avoidable things to happen. A ₹10 lost bet may lead to a ₹20 bet next to recover that money back and so on. What this is is the start of a vicious cycle.

It’s been said of investments, stock markets, and even casino betting – we will say it here too – never chase your losses. Accept that you will have days where you may not win a lot and that is absolutely all right. You need to stick to your game plan and not deviate from the strategies you’ve prepared. It doesn’t matter how much you lost – tomorrow is a new day and things may be different.

That’s the beauty of sports betting – it’s reliant on teams and players. Like most things in life, they will have good days and bad days too. Just because India lost to Sri Lanka today doesn’t mean that it will be the case for the entire series. Forms turn around, players’ morale gets better. Keep a calm, composed mind throughout your journey and stick to your guns.

2. Bet on what you know

The second fundamental of sports betting is to bet on what you know. This includes the markets you’re confident with, the teams that you follow, and the sports that you love. Unlike casinos, the outcome of bets in sports depends on the team/player. And the more you know about the team and sport, the better position you will be in. In the same way, you should also understand how odds are set by the bookmakers and what they truly mean.

You should also make it a point to back your decision with some hard research and data – more on this later.

By doing so, you will be more confident about the bets you place and your chances of going wrong will be lower. The same holds good for different markets as well – from simple outright winner markets to complex events like Asian handicaps, both teams to score, the number of runs in cricket, the number of games in tennis, et cetera, you should stick to the ones that you’re aware of. Otherwise, you may lose your bet to a sheer technicality that you failed to understand previously.

3. Set a fixed budget – bankroll management

This should not only be a part of your responsible betting plan, but also of your bankroll management. It is imperative that you assign a fixed budget – it can be daily, weekly, or monthly. Once you cross this budget cap, do not try to exceed it by betting some more. It can be tempting, but it will be a deviation from your plan. Also, please ensure that this budget is disposable, that is, even if you were to lose all of it, it would not impact your financial commitments. After all, you have a budget for your house, rentals, and whatnot – why not have one for your bets as well?

If you are interested in betting on multiple sports and have a sound knowledge of the same, this becomes even more important. Cricket, tennis, football – make sure to split your funds to each of these and stick to that. If you are in sports betting for the long run and are looking to make some extra money on the side, you can never go wrong by assigning a fixed budget and then proceeding from there. As you get acquainted with your habits, results, and the type of bets you make, you can gradually increase your budget for greater returns.

This will take some planning, of course, but once you get it right, it is going to be a smooth ride going forward.

4. Make data-based decisions

In other words: Research! Research! Research! Let’s take the example of football betting on a match between Liverpool and Chelsea. You know the two teams are strong and it is going to be an action-packed affair, but what about the bets?

This is where research kicks in – you have your instincts that tell you that the match may end in a draw, or that both the teams are going to score. Whatever may be the case, checking out the statistics will not hurt your case. If anything, it will make your point better. Every move you make has to be driven by logic.

Look into the teams’ history, the players form, goal-scoring run, the head to head meetings in the past, their form in the tournament, and other similar factors to arrive at your decision. Similarly, in tennis betting, look at the past meetings of the two players and their recent form on the tour to wager a safe bet. Remember that statistics play an important role in picking the right bets in sports – it’s all about the numbers!

For instance, If the Royal Challengers Bangalore have an excellent track record at home against the other IPL teams (20 wins, 6 losses), it may be a safe bet to wager on them again in similar conditions!

You can further augment that knowledge by following pundits, previews, and betting tips like the ones found at Bet India. See the general consensus and build your bets on it. Of course, this won’t guarantee a 100% success rate but it will definitely up your chances significantly, rather than going by instinct or blind luck.

5. Track your bets

The importance of this cannot be emphasized enough, especially from the perspective of sports betting. Your success, in the long run, will be determined by the type of bets you place and the best way to make that happen is by identifying what works for you.

That’s why, you should get in the habit of tracking your bets, right from day one. Meticulously write down the matches you’re wagering on, the type of market, the amount, and the outcome of the bet. You can also make an excel sheet for the same! After a few weeks, you will have enough data to see what clicked and what didn’t and based on it, you can then formulate your betting strategies.

For example, if betting on tennis in a particular market is giving you good results – let’s say a win-rate of 70%, then you can safely assume it to be a good bet in the future too. However, for you to arrive at this conclusion, you need to have ample data – we are talking about 50-100 wagered matches at the very least. As we’ve said before, it’s all about the numbers.

6. Be patient and disciplined – keep emotions aside

It is often said that success in life comes with hard work, diligence, discipline and patience. The same holds good for sports betting too – to get success in the long run, you need to follow your strategies and stick to them, rather than winging it blindly. Winning ₹100 every day is certainly better than winning ₹1000 on a single day on a crazy lucky bet and losing money on the other days. It will be difficult at the start but once you build this habit, you will find yourself navigating through this exciting world like a boss!

And while you are at it, always make it a habit to keep your emotions away. If you find yourself having a bad day or in a bad mood, it may not be a good idea to bet that day. Your judgement may be clouded by your emotions and this will only make it harder for you to pick the right selections.

Deposit Limit

As the name suggests, this tool is particularly handy in setting up deposit limits on a daily, weekly, or monthly basis. Once you reach the deposit limit, you won’t be able to make any more deposits until the stated time period has passed. It should be used by everyone, especially those who are inclined to spend more money on betting than they originally intended. Depending on your preferences, you can set the deposit limit directly from your betting account.

Loss Limit

Loss limits are a bit similar to your deposit limits, except they are intended to control the losses you incur daily, weekly, or monthly. Once you have lost the set amount, you will not be able to bet anymore, hence limiting the amount you lose. This is particularly useful if you are prone to chasing your losses, or are simply losing a lot of money.

Wagering Limit

Last of the three limits, wagering limit allows you to put a cap on how much you can wager on daily, weekly, or monthly basis. Once you have reached the cap, you will not be able to bet anymore, hence allowing you to lock in your profits and giving you the time to withdraw your winnings successfully, rather than betting continuously.

Session Limit

Session Limit has got more to do with how much time you spend on the site. Once you log in and set up the session limit, you will be reminded, a few minutes before, that you’ve spent so much time on the betting site. Then, you will be logged out automatically from your account. It is a terrific way to get a reality check and realize that there is more to your day than just betting.

In the same way, Time Alert will allow you to track your time on the site and inform you about the duration of your gaming sessions.

Gamblers Anonymous

Gamblers Anonymous may seem like a very straight-forward website at first, but don’t be fooled by it. What they have is an extensive international database of meetings and support groups.

Gambling Therapy

Gambling Therapy is among the most popular portal when it comes to overcoming gambling addiction. This platform offers help in multiple languages, including Hindi, English, and Punjabi.

Seek Professional Help

While you do have the option of speaking to your friends and family about your problem, you can also approach a professional psychologist/counsellor to treat your problem.