Here’s how online betting on a budget becomes possible
Betting may seem like a good way for rich folk to spend their time, with likes of Drake notoriously placing huge bets on the UFC (and losing) but this isn’t actually the case. Betting on a budget is definitely possible, but it requires some extra discipline as well as picking the right sports betting website to use. Below are some tips on how to make it work.
Set a maximum bet and daily budget
So, only you will know how much you can afford to deposit, say $/£ 50. This isn’t actually that useful though, because if we lose it all within one day, we cannot afford to make another deposit – and that’s a bit boring. So, we need to set a daily or weekly budget in which we will not bet more than this, even if we are winning.
Within this budget, set a maximum bet amount. Again, it’s no fun blowing your weekly budget on a single bet, so learn how to spread this out. Perhaps you decide that you will never bet more than $/£ 5 on a single bet, which is 10% of your bankroll. If your bankroll decreases, the maximum bet limit could also decrease accordingly.
Maximising odds
If you’re Drake and you bet $100,000 on a single bet, having low odds is fine as you’re still making a ton of money if it wins, even if the odds are say, 1/2. But, when you’re placing smaller bets, it may not feel thrilling to place a bet where the potential winnings are $/£ 2.
Learning about how to place higher odds bets is a useful skill. This usually involves becoming more specific with your bet without just blindly making bets you don’t even believe in yourself. In the example of a UFC fight, perhaps you believe that Colby Covington is going to win his next match and the odds are evens (1/1).
You realise that he rarely wins by knockout or submission, so you decide to bet on him winning via decision. This may make the odds now 3/1. Next, you decide that Rose Namajunas is also going to win. Instead of placing a separate bet, you add her outright win (evens) into a Double with Colby. Now, both must win for you to win the bet, but the 3/1 odds and evens odds multiply together, making 7/1. So, a $/£ 10 would return 80 (70 profit) on a Double that you haven’t compromised your own belief in the outcomes actually happening.
Promotions
Finally, the thing that is going to make the biggest difference when betting on a budget is making use of promotional offers. Many betting sites will offer a sign-up bonus, such as them matching your deposit in cash or free bets. This is great, but look beyond this at sites that offer ongoing loyalty promotions too. Some companies will offer free bets with no strings attached, so keep an eye on your email inbox. In some cases, these can (albeit slowly) bankroll all of your bets up to a point. It’s also worth using multiple sites at once to maximise the promotional opportunity.