Many people would love to get into sports betting, but they’re afraid of potentially losing a lot of money. It is not an unreasonable concern, as even millionaires have managed to gamble their fortunes away, including Terrance Watanabe, who blew nearly $127 million at the Caesars Palace and Rio casinos in 2007.

On top of that, since they would be beginners making their first steps, these people have no reason to believe they could avoid making simple mistakes. After all, there is a learning curve to everything, placing bets included.

That said, following a few guidelines might go a long way toward making the life of a beginner bettor less stressful. While there is no way to eliminate the risk entirely, finding the right bookmaker, taking advantage of statistics, and learning more about odds can help you put more days in the win column and increase your chances of success.

Here’s what you can do to minimize your losses as a beginner bettor:

Find a Good Bookmaker

The most critical decision any bettor has to make is with whom they will place their bets. There are many bookmakers out there, and picking the wrong one can be very costly. The bookmaker should be your partner, not your enemy. Finding a good one will take time, but it’s worth the effort. The best way to find a good bookmaker is by checking out reviews and doing your own research.

For example, you can look at lists of the best online bookmakers on various sites and see what people think of them. You can check LOOB website to find out more about this matter. Some of the things you should look for are a good reputation, competitive odds, and a large variety of markets. The best bookmakers also offer the lowest fees and the most competitive bonuses. Once you find a few that fit the bill, you can start narrowing down your options by looking at things like customer service.

Use Statistics

In sports betting, statistics is a valuable tool. It is one of the reasons why betting on totals can be so successful.Frankly speaking, statistics are your best friend as a bettor. They can help you make more informed decisions and give you an edge over the bookmaker. For instance, taking advantage of streaks, past performances, and team records can offer insight into the likelihood of a specific outcome.

Of course, you don’t have to rely on statistics alone. You can use both your head and your gut feeling to come up with smart bets. Suppose you have watched a player in the past and think he’s due for a game with a high number of points or assists. In this case, you could use that as a basis for your bet. Many websites offer detailed statistics for all major sports. You can use these to your advantage by looking at things like past results, team records, player statistics, and more. The more information you have, the better your chances of making a winning bet.

Learn About the Odds

One of the most important things you can do as a beginner is to learn about the odds. Odds play a significant role in sports betting, and understanding how they work is crucial if you want to be successful. In short, odds represent the probability of an event happening, and bookmakers use them to set the stakes for each bet. Knowing how to read odds and calculate them can give you a big advantage when placing bets. It can also help you avoid making bad bets with little chance of winning.

Although many people immediately think of the spread (the difference between the point spreads) when they hear this word, there are other types of odds out there in the wild. For instance, there are money line and point spread odds, and those are only two of the numerous options you will have to choose from. That being said, you should always be aware of which type of odds you’re looking at.

Manage Your Bankroll

Every bettor must consider how much money they’re willing to risk. In many cases, it might make sense to try betting a few hundred dollars first and then increase your stakes if you win. Either way, you need to create something called a bankroll. Your bankroll is the amount of money you have set aside for betting. It is essential to manage it carefully so that you don’t run out of money and end up chasing your losses.

A good rule of thumb is to bet a small percentage of your bankroll on each bet. This way, you won’t deplete your bankroll too much — even if you lose a few wagers in a row. It is also a good idea to set aside money for taxes and other expenses so that you don’t end up in debt if you have a losing streak.

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To manage your bankroll, you have to track your wins and losses. The best way to do this is by using special software that can automatically calculate how much you have won or lost in a given period of time. The ability to keep track of your progress will help you avoid overstepping the boundaries of your initial bankroll, as well as “chasing” losses by risking more money than you should or ideally would.

Have Realistic Expectations

Many people get into sports betting with unrealistic expectations and end up disappointed when they don’t make a lot of money immediately. It’s normal to get excited, especially if you’re a fan of sports and think that you can win some serious cash right away. However, don’t get carried away. It is important to remember that sports betting is a long-term game and that it takes time to learn the ropes and become successful.

The truth is that it takes time and effort to build up a successful betting strategy. Those who think they can just pick winners without putting in any effort are in for a rude awakening when reality sets in. Don’t expect to get rich overnight from sports betting. Instead, focus on slowly building your bankroll over time and becoming a more intelligent bettor. If you can do this, you will eventually start seeing consistent profits.

The Bottom Line

Sports betting is a fun way to spice up your life, but it can also be expensive. It can be highly profitable, but it requires the right tools and a deep understanding of the odds. Otherwise, you may find yourself in a heap of trouble sooner than you think.

As a beginner, it would be best to stick to betting on simple events with higher chances of success. This way, you’ll have fewer things to worry about. Besides, working with the right bookmaker and using a good service can help you make informed decisions while minimizing losses.