Picture this: you’re watching a sports event with your closest friends. One of your friends suddenly has the wonderful and genius idea of placing bets on which team is going to win. It’s a friendly wager between your group, but everyone is on the edge of their seat for the rest of the game. People are basically glued to the screen, eagerly awaiting the moment their team wins.

Lo-and-behold, you win the bet, and from then on, you start gaining an interest in sports betting. The next step is signing up with a sportsbook, finding which sports you’re genuinely interested in, learning all there is to know about the different kinds of bets, and placing the bets.

However, you eventually realize that sports betting is costing you money. While you may win a bet here or there, there is no guarantee that you are going to accurately predict every game, so you will inevitably have your own share of losses. 

This will ultimately lead to a decrease in your funds, so it’s important to bet on a budget. In today’s article, we’re going to have a look at some tips you can adopt to help with managing your funds!

Setting A Money Limit In Ontario

After Ontario legalized the sports betting sector, many of the biggest gaming organizations in the world have launched sports betting sites in Ontario (Source: https://bestsportsbettingcanada.ca/ontario/). While it is extremely tempting to sign up with different sportsbooks and start placing your wagers, setting a money limit is the most important thing.

The below advice will help you in setting a budget and sticking to it:

  1) Only Bet Money You Can Afford To Lose

Don’t start randomly placing bets and going large, have a look at your finances and how you spend monthly on necessities. If you’ve got money left, gamble with that money. You need to be confident that if you lose the betting money, you will still have enough money to go about your life normally.

  2) Set A Winning Limit

Yes, I know how this sounds. Why would you limit yourself to how much money you could win? Say that your goal was to win $100. After you’ve managed to win that $100, stop betting. If you bet again, you have no guarantee that you’re going to win again, and you will probably end up losing that $100 trying to win more. 

Learn when to stop and be happy with what you have won. 

  3) Set A Time Limit

If you see that you keep placing bet after bet after bet in hopes of winning, set a time limit. For example, you’re only going to place bets between one in the afternoon and four in the afternoon. After four have passed, you will walk away. No matter how close you think you are to eventually winning big, it’s important to have self-control and walk away after that set time is up.

This will ensure that you won’t go overboard with the money, nor will you be spending hours on end betting carelessly.

  4) Learn All There Is To Know

If you’ve been watching the Superbowl since the young age of 5 years old and have always supported the Bills, you might consider yourself a pro. However, since your money is going to be on the line here, it’s important to do additional research on the team, its star players, who the underdogs are, and what their common tactics are. 

This applies both to the team you’re supporting and the opposing team. Therefore, before wagering your life’s savings trusting Paul Posluszny’s statement in an interview that the Bills have a good chance to win the Superbowl, we suggest doing your own research anyway and bet carefully.

Knowing how the team works will give you a wider and clearer picture of how the game might play out, hence you could place more accurate bets.

Apart from learning the game, learn about the different bets you can place. Each sport has a different betting system. Make sure to spend some time researching the different bets and see which ones are most likely to make you the most money.

In A Nutshell

Wagering on a budget is something all gamblers should do. Regardless of how much or how little money you have, you need to bet it wisely and not randomly.

While sporting events do become more exciting when money is placed on them, there’s nothing wrong with simply sitting down on your couch with a nice beer or coffee and screaming at the television when your team didn’t manage to score that winning goal!

Besides, there’s more to the game than just the match. For example, take Alex Scott, a BBC presenter who still wore her “One Love” armband after FIFA didn’t allow players to wear it. While it’s not part of the actual match, it’s still an interesting story to follow.