The Reason Why People Most Often Lose Money Gambling

Posted: July 29, 2015

Updated: October 6, 2017

What can you do to keep from losing money gambling.

Many people wage money of sporting events. The most common and prevalent forms of gambling take place between friends or colleagues at work who just want to wager a straight bet for one team or the other. Once you start getting into point spreads and the line, sports betting can be more complex. Regardless, many people take the plunge, understand the system and end up able to make winning bets. But even if you make gambling news, eventually you will lose money gambling.

• Gambling can make more money for you than stocks or binary trading
• A person who gambles based on their knowledge of gambling is primed to win
• Professional handicappers would recommend waging more on smaller games

The largest reason why gamblers lose money is because of money management. You may hear of these tales of gamblers who won millions betting half or “the whole farm” on a pick. What you may also hear is that these gamblers also lose millions making similar bets. Unfortunately the “hard core” gambler mentality is rooted in an “all or nothing” dogma which results in people leading an unstable lifestyle that affects their relationships with themselves and others. Let’s look more at ways to prevent these losses.

Manage your money, choose your sport and learn how to gamble

Consistency is the key to money management. Betting USD 60 on one game and then USD 600 on another game is a pathway to the dark side. Remember that conducted properly, gambling can make more money for you than stocks or binary trading. If you double up after winning yes you will have more money, but if you lose you end up right back to nothing or worse. And double up after losing can only get you a little ahead or a lot more behind.

Often gamblers tend to make the wrong choice of which games to bet on. Football and basketball may be the most popular, but they are the hardest to win on in the long run. Remember to think of gambling like a bank manager and not like a fan. Baseball is a far safer sport to wage on possibly for the numerous factors that can be determined besides just the winner. Hockey, MMA and WNBA safer for long term gambling. Take note that baseball and hockey receive less punter money, which could benefit you more.

Winners and Losers

Making the right decision on which sports to bet on is vital to be on the winners’ side. 

It’s been said “a little knowledge is a dangerous thing.” Sports betting also works along this line of thought. People who know about sports can lose money gambling as quickly as anyone on the street. Sometimes you may hear people talking about sports teams, players, positions and they sound like they know all about sports. If those people gambled using that knowledge, they would be the first lose. A person who gambles based on their knowledge of the sport is only wagering on their knowledge.

A person who gambles based on their knowledge of gambling is primed to win. It is known in U.S. gambling news when a person gambles on a sport, handicapping, trends, injuries and weather are take precedence over knowing the names of everyone on a team. The best sources of inside information for sports are chat rooms and comments on the internet. People, tend to freely give out all sorts of info and you simply have to do is take notes. ESPN, SkySports, Fox Sports and Bleacher report are all good sources.

Watch out for televised games and casino gambling in online sportsbooks

Some gamblers have a need to bet on a game that is televised. It’s true that televised games tend to bring in the most money. The lines on televised games are a lot sharper which make people want to even wager more of their money. Try to avoid betting large on these games and also limit the amount of games you bet on that are televised. Not all televised games are good bets.

In fact, many professional gamblers and handicappers would recommend waging on small games that aren’t televised. These games may be less significant, but that is absolutely the point. The line will not move much in these games. In addition smaller games are easier to “cover the angles on.” The beauty of “small town” games is that you can go online and learn a lot more “personal” info about the players and venues and directly compare that with a team’s record.

football game

Televised games constitute a minority of the games that bookmakers can bet on. 

Whether it’s within or outside of U.S. gambling laws, take heed of casino betting. Remember that the function of casinos is to take your money. The more you keep gambling on casino games the greater the chances of you losing money gambling. At least with sports betting a sportsbook, handicapper or bookmaker will earn their money regardless if you win or lose. The only control they have is by controlling the line, which is still designed to make gamblers wage on either side.

More and more online sportsbooks are offering casino type gambling. This is particularly difficult to pass up after a gambler has won some money. Just as it was mentioned earlier, an ”all or nothing mentality” is dangerous to have and casino games are designed to take advantage of that. With sportsbooks there’s a bit more controlled and allow you to wager smaller amounts and grow your money as though it were an investment. But casinos offer you quick opportunities for big cash and sports books will end up keeping all you’ve made. Ask your sportsbook to block you from the casino for your own good.

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