Are you the type of gambler that spends way too much money on sports betting but never gets the desired results?
Then you should probably stop gambling on sports and find a better investment alternative.
This guide will offer you five reasons why betting on sports is not always a great idea.
So, if you want to discover if this type of gambling is for you or not, then you will love our new guide.
Let’s get started.
1. You don’t research and bet on random events
There’s a saying that goes well with sports betting: “The more you learn, the more you earn.”
The key to becoming a successful bettor is to analyze all the events in-depth and choose an area of focus that you’re familiar with. This way, you will have a real shot at becoming profitable in the long run.
While this may sound simple in theory, most casual bettors ignore the expert’s recommendation. Instead of sticking with a sport or competition they know well, they bet on all the random events that offer them good odds.
So, if you’re betting just for the adrenaline rush, you should avoid betting on sports altogether. That’s because you will end up making many unsuccessful bets, and you could also be tempted to make wagers without researching first.
Supposing that you’re not planning on being disciplined with your wagers, it’s better to stop gambling and find a cheaper alternative to get your adrenaline flowing (like extreme sports).
Your starting point are safe casinos
Listening to experts online is not enough.
Dozens of new online casinos open each month but not of all of them have safe odds or guarantee cash outs.
The secure route is to pick a site already tested and verified by experienced real-life bettors, like CasinoBonusCA, a gambling hub that only lists new betting operators if they prove high standards of safety after multiple, unbiased testing.
2. You hope that luck will always be by your side
It’s not a secret that most gambling activities are based on luck.
While sports betting also has an element of luck in it, relying on good fortune is a double-edged sword for any punter out there. If you ever hope that Lady Luck will be on your side when placing a wager, you’re doing it wrong.
Instead, you should invest more time researching the events you’re planning to bet on and decide based on statistics, not luck.
Deep down, every punter is hoping that they will get lucky with their next bet.
However, the best gamblers out there make their luck by developing advanced betting systems that will bring them positive returns in the long run.
Sports betting is difficult and requires a lot of effort to be successful. If you’re unwilling to put in the work and just want to make wagers and hope you win, it’s better to avoid this activity and invest your money elsewhere.
3. Sports betting can become addictive
The gambling industry is so profitable because it exploits your brain’s reward centre. This brain area is responsible for dopamine, a neurotransmitter that mediates pleasure and is released when you expect a positive outcome from a wager.
Whether you win or lose your bet, you will still get a small reward every time you gamble. However, the more you gamble, the harder it will be for the brain to release a similar amount of dopamine as when you just got started.
That, combined with the invariable rewards, is the perfect recipe for addiction. Sports betting essentially transforms you into a “dopamine slave” who is constantly looking to get more significant rewards. This way, you will start making irrationally large bets and hope that you will finally win.
So, if you feel like it’s hard for you to keep your compulsive gambling behaviour under control, it’s better to avoid betting on sports. Alternatively, you can read some gambling addiction studies and learn how to manage your bankroll.
4. You’re not using a bankroll management strategy
Ask any professional bettor how he manages to get a positive long-term return on investment, and he will probably tell you to use a separate bankroll for your gambling expenses.
So, if you don’t have a bankroll management strategy set in place, you should either create one or quit betting on sports right away.
Although this fact may sound a bit too extreme, it’s true. Having a betting bankroll is the critical difference between an amateur and a professional. If you want to keep your gambling expenses under control, it’s essential to set aside a percentage of your monthly income that will be exclusively used on sports wagers.
Having a fixed budget will allow you to keep track of your profit/loss ratio and identify the ideal bet value to bring you the desired results.
If you feel bankroll management is way too challenging to implement in your betting strategy, you should stop wagering on sports and find a more suitable alternative.
5. You don’t have enough sports knowledge
The more knowledge you have about the sport, the higher your chances to win your bets.
Still, many casual gamblers don’t understand this fact and go with the flow, hoping for a positive outcome. Experts recommend learning everything you can about a sport before you start making wagers to ensure that you minimize your risk and get the most out of your bets.
The logic is simple: if you don’t know anything about sports, it’s better to avoid betting since you won’t have any idea what you’re doing.
Additionally, if you know a lot about soccer, you shouldn’t bet on basketball. Instead, focus on your area of expertise, and you will maximize your odds by using your intuition to place wagers.
Before you embark on a sports gambling journey, evaluate your game knowledge and decide if you’re willing to invest extra time to learn more. Otherwise, it’s better to avoid this type of gambling activity since it’s unlikely that it will bring you any profits
Three sports betting alternatives
By now, you have a clear idea of whether gambling in sports is for you or not.
However, you may still want to invest money in some other activity that could bring you an extra income.
Here are three alternative investment opportunities that are similar to sports betting:
Play skill-based casino games
If you want to gamble but lack sports knowledge, we recommend playing poker.
Although the game is quite complex, and it will take a while until you get the hang of it, you can make a lot of money in the process.
The bottom line?
Poker strategies are easier to implement than sports betting systems, so you will have a chance of becoming a professional player if you invest enough time to hone your skills.
So, if you think that casino games are the way to make additional revenue, you should try poker or any other table game where skill can lower the house edge.
Invest in stocks or cryptocurrency
Trading stocks, commodities or cryptocurrency is another lucrative alternative to betting on sports.
The idea is simple: you buy an asset when its price is low and sell it when it reaches a higher value.
You can invest in virtually any large company out there and make some decent returns if you know what you’re doing. Alternatively, you can choose to invest in cryptocurrencies like Bitcoin or Ethereum, which have higher returns but are riskier due to market volatility.
Still, being a successful investor requires a lot of trial and error, considering that you’re essentially predicting the price value increase of a company or digital asset.
We recommend spending some time studying economics and how the markets work if you truly want to be successful.
But wait, isn’t trading just another form of gambling?
It depends. Investment opportunities like the infamous GameStop short squeeze or the Bitcoin bull run are short-term gambles with high risk and return potential. However, you can choose to develop a solid portfolio and get smaller returns which will pile up in the long run.
Either way, investing is an intelligent alternative to sports betting, considering that you get access to several tools and charts that allow you to analyze the asset you want to invest in. Also, you can cash out at any time without worrying about losing everything.
Start an online business
The most secure way to invest your money is in an online business. If you have a budget and a tech-oriented skillset, you can quickly start a website or social media channel and make some serious cash in the long run.
The best part about internet businesses is that they require a lower capital, and there are countless industries where you can start. From e-commerce websites to affiliate marketing and content creation, a niche will surely suit your style and expertise.
Although starting an online business is safer than gambling, it still involves risk, especially if you’re a complete beginner to the internet economy. Luckily there are several tutorials available online that should help you get started.
Final thoughts
We hope that our five reasons to stop gambling on sports will help you in your journey to financial independence.
Still, it’s up to you to decide if sports betting is for you or not. If you feel like this gambling activity brings you good returns and you’re responsible with your bankroll, you can continue wagering on sports.
However, if you’re not betting the right way, you will end up becoming a problem gambler, so it’s better to stop and try one of the alternative investments mentioned above.
Good luck, and remember to have fun instead of focusing on the results.