One of the biggest industries in the world right now is the sports betting industry, and is worth around $203 billion globally. Within the sports betting industry is the horse betting industry, which is by far one of the most popular, currently worth about $116 billion. If you are an avid horse bettor and you are trying to make some money while betting, as well as attempting to lose less, here are a few mistakes that you should avoid when horse betting online.
Betting without a budget
One of the biggest differences between betting at the tracks and betting online is the difference in time. This means that when you are betting at the tracks, you have to wait for a race to finish before betting on the next one, so time itself becomes a very good budget. The same cannot be said when betting online, as you have the ability to bet at multiple sites for many different races. Of course the choice of so many betting options brings its own issues like choosing who to bet with, we recommend you bet with a reputable horse racing betting provider like Betfred.
This means that not having a budget when betting online is a big mistake, and could mean that you inadvertently spend much more money than you initially planned to. A good way to create a budget for betting is setting aside an amount of money that you would spend when going out for the evening, and split that across the month, depending on how often you would go out.
Betting without information
A big mistake that many bettors make quite often, whether it be because they are new to betting, overcome with excitement, or have an unshakeable feeling that they will be winning, is betting without information. It is absolutely vital to make sure that you have all the information that you possibly can get, both on the horse you are betting on, the competitors, and the race itself.
There are many horse betting sites available that give you all the information that you will need, including the latest odds, which race tracks are the most promising, and general tips. Also make sure that you research the horse you plan on betting on; relevant information could be the horse’s health, previous experience, track record, and more.
Betting without keeping score
This tip is very similar to keeping a budget, and its something that you should do when creating a budget; keep score while you are betting. Betting without keeping score is a big mistake, and one of the fastest ways to burn through all of your money. When you go to the tracks, its easy to take actual cash with you that you can keep track of, and the feeling of parting with it has bigger psychological effects.
When betting online, its easy to lose track of how many bets you have made, and how much money you have spent, since you aren’t physically handing the cash over. To help you keep score, you can either use the notepad on a laptop or computer, or have a physical ledger to see how much you spend throughout the month.
Not using bonuses or free bets
Another mistake that bettors often make is ignoring the bonuses or free bets that sites provide to them, which at the end of the day, reduces the amount of your own money that you are spending. Some of these bonuses include sign in bonuses that give you a certain amount to spend on bets on the site, whereas other bonuses might require to bet on certain horses or tracks.
While these bonuses might be very helpful and while you could be making money, and not using any of your own, that doesn’t mean you should stray too far from your strategy just to get free money, as this is a quick way to lose a lot of it.
A final tip that could save you a lot of money, is to make sure that you are always paying attention when betting, especially online, when placing multiple bets at different sites. It can be very easy to slip into a comfortable state while at home and in a safe place, but it is still your money that you are spending, so actively being in the moment while betting can help you to avoid making terrible mistakes.
Hockey betting is not just about weighing the odds and analyzing different outcomes. It takes more than just sheer guts to know if a team is able to deliver promising results. Making predictions actually takes skill in terms of assessing potential outcomes.
When it comes right down to assessing a hockey team, it’s important that you focus more on key characteristics and aspects that should help you determine the team you should be rooting for:
Experience and past wins
A great indicator of a team’s potential to win is its past performance. Was it able to beat any top tier teams before? Has it won any championships before? Was it able to secure an extensive winning streak? You know a team is that good when it has a strong foundation for success.
Management and leadership
Coaches, managers, and team captains are valuable in that they lead the team towards winning. After all, leadership is an important factor, so it’s important that you also focus on the personalities who are at the helm of a hockey team.
When it comes right down to performance, you will need to look at how a hockey team trains and prepares itself for a match. Sure enough, the kind of sessions they undergo is an important factor in their performance on the ice. That being said, it’s important that you put more effort into researching the team’s practice sessions and know how they are able to test their strategies.
Age and personal factors
On the individual level, you will have to assess the traits, background, and characteristics of each member. For sure, their age as well as the diets that they lead all play a part in a team’s potential for success.
When it comes right down to hockey betting, it’s important that you focus more on creating opportunities rather than finding them. Many first-timers make the crucial mistake of trying to force themselves into the moment. In other words, they act before they think.
If you want to become a skilled bettor in the world of hockey, you need more than just having the right amount of resources in your pocket. Your aim, after all, is to grow your investment which isn’t entirely possible if you don’t know how to handle it.
On that note, here are a few things you should apply in order to be an effective hockey game bettor.
Do your research
Before the game even starts, you will need to assess both teams first. What are their key strengths and weaknesses? Who are their star players and what is their playing style? Lastly, what offensive strategy a team uses to score? We have barely scratched the surface as there are a lot more questions you should be asking before you make your bet.
With adequate research, you can get a clearer view of each option, hence, allowing you to choose whichever is the most effective for your finances. Indeed, knowing is half the battle and once you already have enough knowledge about the field, you can avoid making bad decisions as a result.
Ask for suggestions
When in doubt, ask about. There’s no shame in asking other bettors for any tips that should lead to larger winnings. Sure enough, you need to get suggestions from people who actually have experience in making hockey bets.
Still, this doesn’t mean you shouldn’t focus on assessing your decisions. Remember: It’s your judgment call to determine which team will emerge as the champion. May other people are right, maybe they are wrong, we don’t exactly know, but It’s clear that it still needs a certain level of analysis to make the right decision.
Look at the long-term
There are many different kinds of bettors as there are personalities. Each individual reacts the same way when they see that their finances are exhausted overnight. We all know such a familiar site where people are so attached towards the present moment, but this kind of mindset has no place in sports betting. Indeed, betting is not something you just use overnight and grow tired of it the morning.
Instead, you will have to look at the long-term benefits of having this healthy relationship with sports betting. For this, you should be able to set long-term goals for yourself. In this sense, it helps to chart the direction you’re going since it makes it easier for you to have a clear picture of what you desire the most. That way you become more motivated to do your best.
Focus on the results
It’s important to remember that you spent money for making a hockey bet. You already know that there’s a risk of you losing a large portion of your cash, so any loss would be disastrous.
When it comes to winning big in hockey betting, you probably want to know how you will be spending the money you have earned. In this sense, it helps if you already have an idea on how you’ll be enjoying your winnings.
Here are a few ideas you may want to consider.
Who doesn’t like to go out of town? After all, going on an excursion is a great way to de-stress, so you might as well book a flight to your dream destination. You can bring along the whole family or a few friends over. Whether you’re planning to visit Florida or fly to the Bahamas, your hockey winnings will definitely cover a larger portion of the expenses you incur during your trip.
Good food and good conversations are always great. With your hockey winnings, you definitely have enough money to spend at the most expensive restaurants in your city. That said, you might as well drop by famous buffet places where you can savor expensive seafood dishes and gulp down the finest wine. Sure enough, you’ll find plenty of these luxury dining establishments everywhere. You might as well spend ample time looking for these places.
Invest in real estate
If you’re not planning on spending all your money on food and leisure, you can at least use it for long-term investments that can generate ample returns. For one, investing in real estate is something you might want to try, considering the fact that home buying across Canada and the United States is slowly picking up from its losses more than a decade ago. To be sure, you might want to ask people you know who are already into real estate investing.
Open up a new business
Aside from real estate, you might also try setting up a business that can provide you with a steady income stream. However, like any other decision that involves large amounts of money, you might as well explore the idea more thoroughly before you start setting everything up.
Invest in stocks
If you’re not yet sure where to spend your money, you may want to go the easier route by investing in the stocks of top performing companies. That being said, you will need to know where best to grow your money.