Risk Minimisation in Online Betting
Let’s go over various ways of minimising your risk when betting on the Internet, and cover aspects like limit setting, money management and website selection.
Selecting the right bookmaker
When shortlisting various bookmakers, it’s important to select the ones with good reputation. This can be achieved by going with only those websites that have been in the business for a good amount of time. A website with a bad reputation doesn’t normally last for very long in the highly competitive online sports betting world. Any long-standing operator would ideally provide you with ample security for your funds as well as good customer service. Hence, you’ll need not be worried (about getting paid) anytime you score a big win with your bets. In the event that you do come across an online bookmaker that you aren’t very sure about, you must check up about it at various message boards and forums, or perhaps through independent review websites. Doing all such due diligence will ensure that you don’t lose any of your hard earned money.
Choosing a website of a country where gambling activity is regulated is another good thing you must do. Any time you have doubts related to an online bookmaker/website, avoid using it and look for another one.
Better bankroll management
One of the most neglected aspects of sports betting industry, bankroll management is critical to both maximisation of your winnings as well as for keeping your bankroll healthy whenever things don’t go as expected.
The easiest way to go broke in the sports betting world is by not paying heed to bankroll management and betting large percentages of your bankroll from time to time. Many punters who indulge in this practice can be seen reloading their accounts over and over again.
A good number of successful gamblers employ well-thought-of bankroll management approaches, with many of them employing the unit method. This method involves assigning a specific number of units to every bet, ranging from 1 to 5. The number 5 may be allocated to your most confident bets and number 1 to the least confident ones. These units in turn are converted into percentages, with 1 unit corresponding to 1% normally. When you bet using such approach, it is guaranteed that you’ll rarely go bankrupt and will also be able to avoid major dents in your bankroll. It also ensures that winning punters make more money in the long term, rather than throwing away their accumulated winnings by placing oversized bets. You can expect your risk level to be minimum and you’ll never go broke when you stick rigorously to these bankroll management guidelines.
Many bookmaker websites impose limits on sports betting activity and the main idea behind such limits is to minimise your losses and to prevent you from betting more than what you may want to. You may actually not require any such limits if you bet based on the bankroll guidelines discussed above. However, we’re all humans and are prone to getting influenced by our emotions. This is where such limit setting can come to our rescue.
You can set these limits based on your deposit limits, setting an upper limit for deposits made to a website, over a day, week or month. You’ll no longer be able to deposit any more money once you hit that ceiling.
Limits can also be based on losses. You may have plenty of money in your sports betting account, and may not want to risk it all in one go. You can ensure this by setting a loss limit on your account, allowing you to lose no more than a certain amount of money in a specific time frame.
Being careful about passwords
It’s highly recommended that you change your passwords from time to time. This should be done not only with the sports betting website you place wagers on, but any website that has your financial and/or personal details. Furthermore, you should never have the same password and/or username for multiple gambling websites. In addition, never store your usernames and passwords together in some document which is easily accessible on your mobile phone or laptop.
Not mixing alcohol and gambling
Alcohol and gambling should never be mixed. Considering the way betting industry has grown over a period of time and can be accessed even on tablets and mobile phones, it has resulted in further worsening of this problem, especially in social environments where one could’ve never gambled before. The best thing is to never gamble when you’re drinking. However, as our judgement can often go outta window whenever we drink, it’s best to get rid of all gambling applications on our mobile phones.
Gambling on the Internet is a very straightforward activity. You can minimise your chances of losing money and stay safe by carefully following the steps detailed above.