In 2007, the Gross Gambling Revenue in the United States was *$92.27 billion. (Source: Christiansen Capital Advisors).
Recently, University of Illinois professor John W. Kindt said Government-sponsored gambling is second only to Big Oil and oil dependence and accuses the industry of siphoning money from other economies which will eventually lead to a mother of a recession.
If true, with oil reserves diminishing it’s only a matter of time before betting, gaming, gambling or whatever you like to call it is going to be in terms of Government sponsored activities number one. As the first is a diminishing market and the second is expanding. Further, there are going to be some very wealthy sports books owners as approximately 98% of sports bettors lose long term.
Why is this so, why do most sports bettors lose? Read on to find out! (We will not be discussing Professor Kindt’s stance in this article, who by the way, also recently said,
“When the money is not spent on cars and refrigerators and is instead dropped into a slot machine, it leaves the economy”¨).
What we will discuss however, is some of the reasons people do lose long term. Moreover, winning gamblers will make the professor rather happier as winners will hopefully make more purchases.
Bad money management: This is the story of many people’s lives, but good money management is crucial in sports betting (just ask the sports book). Get yourself a dedicated bank roll and use no more than 3% of it per bet, ideally 1% or 2%.
It will take a while to bust your bank, and as an aside, if you keep busting bank after bank playing the aforementioned percentages perhaps you should consider whether gambling is for you or follow a proven system instead of making your own picks (I got something special for you later on that score).
Lack of discipline: Weak will leads to being unable to avoid temptation, and there are many temptations in sports betting (just visit Vegas to see them in all their glory). Lack of discipline in betting terms is a disaster. You will soon lose your bank at best and at worse you could get yourself into serious financial troubles and even become addicted.
Betting on a whim: Listen-up, whimsical endeavors have no place in sports betting, at least if you want to be a winner they haven’t.
Never place a bet unless you have reasonable confidence, have researched at least the prima facie issues surrounding the game or event. Ideally though, you would have looked at the stats, checked on the teams or players and verified local conditions suitably favor your selection. 사설토토
Not knowing enough about the sport: Specialization is the key to success at sports betting.
You must know your game and yet it’s surprising for example how many Brits bet on for instance, baseball without knowing much about the game or teams. And the other way too, Americans will bet on various European League soccer games not having much of a clue about the teams concerned.