Gone are the days when sports betting was illegal unless you were in a place like Las Vegas. In 2018, the Supreme Court decided a New Jersey ban on sports betting couldn’t stand.
That opened the door for New Jersey and other states to legalize betting on sports. Yet not every state is jumping on board.
One expert believes that 20 or 30 states will have legalized sports betting within the next five to 10 years.
It’s an exciting time to look up live sports betting, but you can’t go in unprepared. Read on for the basics of betting on sports.
Choose a Few Underdogs
Looking at past underdog stories can be helpful for the future. But know there are some upsets that are all but impossible to predict.
For instance, if a team is a 40-point underdog, that means that it would practically take an act of God for them to win.
Don’t go all-in on that team. Or at the least, don’t do it too often. Instead, go for a team that’s a moderate underdog.
Sure, everyone wants to discover a team or player that no one else noticed. But there are a lot of people betting. That means there’s going to be a lot of parallel thinking.
Pick a Sport You Know
Don’t overthink sport betting. If you don’t know anything about tennis, then don’t feel like you have to bet on it.
You can research a sport if it interests you, of course. But when you’re starting out, it’s good to stick with familiar things.
If you grew up in Louisville, that might mean finding a few Kentucky Derby betting sites and putting down some money. If you grew up in a football family in Texas, you’ll want to check out pro football gambling.
Talk to Experienced Gamblers
Not sure what sportsbook to pick? Find a friend or two who has been in the game longer than you have. They can tell you if a site you like is reputable or shady.
When you’re new, it’s easy to get lost in the glitz and glamour of live sports betting. An experienced gambler can warn you of any potential pitfalls.
For instance, maybe you’re thinking of betting on a team that always has a ton of potential but never quite delivers. You believe this is the year they’ll finally come through.
You might be right. But look carefully at their past record. After a certain point, a history of losing can start to feel like a curse.
Don’t Lose More Than You Can Afford
Gambling on sports can be a great diversion. But you shouldn’t get so caught up in the games that you forget some basic personal finance rules.
When you’re betting a sport, set a maximum bet and stick to it. Do not go over that.
Addiction can hit you faster than you realize. If you’re not careful, you’ll turn into one of those people who gambles away their retirement savings.
You may feel tempted to say, “I’ll spend more just this once.” Resist falling into that trap.
Sports Betting for Beginners
The sports betting industry could see significant growth over the next few years. Mobile betting in particular has a lot of potential.
Whatever you do, don’t make sport betting your sole source of happiness. That’s a dangerous game you can’t win.
Balance is important. One thing that can help you find balance is pet adoption. For more, check out our post on the benefits of pet ownership.