Betting on sports has always been lucrative. It has become even more so with the introduction of online betting sites that not only offer competitive odds but also accept wagers as low as $5. Even better, the competition between these sites has resulted in an array of bonuses and rewards that are available on Bet365 and other reputable betting sites. However, even with all these perks, placing a bet can feel challenging. After all, how can you be sure you're making the right decision? We guide you on how you can remain mentally tough as you make these key decisions.
How to Prepare Mentally for Bets
Any good punter will tell you that there are no guarantees in betting. Even if a favorite seems to have the upper hand, things can always change at the last minute. A simple injury can cost a team a win. So, how can you place good bets with such uncertainty?
1. Accept Risk
Have you ever invested in stocks? People who do this often realize that analyses only give one side of the picture. As such, the results can favor them or set them back. For example, people who invested in Zoom before it gained a considerable market share had no idea that the COVID-19 pandemic would result in higher market sales!
The same principle applies to betting. You can't know whether your pick will win, even if the odds favor it. Approaching your bets with this mindset allows you to embrace different possibilities and keep going even if things don't work out in your favor.
2. Understand How Odds Work
Bookies represent chances using odds. For example, team A might have odds of 1.50, while team B might have odds of 2.80. To many people, this communicates that team A is the clear favorite. With this mentality, you'd bet on team A, confident in its win.
But odds do not measure only probability in bookie sites. Instead, they are figures derived from the factors below:
A. Probability: Bookies hire statisticians to consider the various possibilities and determine the teams likely to win. Based on this, they assign scores to teams.
B. Profit margin: Bookies are in business, so they must take a cut of every wager. This margin varies from one site to the other.
C. Public opinion: Statistics is just one part of the equation. Bookies must also pay attention to what people think. For example, if most experts think team A will win, the odds will change to reflect this.
Thanks to the influence of these factors, odds are not a great way to determine the best team to support. Pro punters ignore the odds and instead research teams based on their previous and current stats, changes in management, how well they play in different settings, and their motivations to win. Once you have considered these and chosen your pick, you can then look at the odds and determine if the payout is good enough.
Why is this important? Looking at odds as measures of probability can bar you from doing good research and can thus misinform your bets.
3. Manage Your Money
So, you've accepted the risk, calculated the odds of a team winning and are ready to start placing bets. What's next? You must consider the financial impact of this move.
Why? First, bets carry risk even if you have done your research. You must thus understand that not all wagers will have favorable outcomes. Second, it is easy to get carried away by the excitement of wagering and end up using more money than you should. Third, some punters fall into the trap of chasing losses. So, how can you keep your money in check?
- Be honest about your finances: Everyone has a cap on what they can afford to lose. Some might be okay with losing $500, while others can go as far as $50. Know what you can afford without affecting your basic needs, and stick to that.
- Do not chase losses: There are no guarantees in betting. So, if you have depleted what you can use on games, don't try to recoup it by placing more wagers. This approach can result in even more losses.
It's also a good idea to use bonuses to reduce your spending while minimizing your risk.
4. Manage Your Emotions
Anger, excitement, and sadness are some emotions you can expect as you go through the ups and downs of betting. It's advisable to find healthy ways to cope with these feelings so they do not affect your judgment when assessing possibilities.
Maintaining mental toughness is a journey- it takes time and patience.
