Hello all, and welcome to the inaugural blog of Tough Money Sports! I appreciate anyone who stumbles across this post for reading.
Since this is a blog about sports and gambling, let’s start off by listing things you SHOULDN’T do while betting on sports (some fun tips and some important ones).
1. Gambling as a source of income.
As the oldest saying in the book goes: “The house always wins.”
As cliché as this quote is, it’s accurate. One thing I learned early in life is that nobody makes money gambling. It should be looked at as a game you play with money you expect to lose.
The odds are always slanted toward the bookie, with -110 odds for 50/50 bets and so on. It can be compared to roulette at a casino. Sure, you can stick with black and red bets and feel like you have a 50% chance on every spin, but the house always has the slight advantage with those two green spaces.
Betting outside of your means does not mean betting more than you have. Instead, it means betting more than you can comfortably lose. While it’s undoubtedly exhilarating, it’s also extremely irresponsible. You never want to be in a position where a loss seriously affects your life.
There are no guarantees in life and even the biggest locks are due to lose every now and again. The best way to gamble is to look at it as paying to have some fun while watching a game.
2. Betting on games you aren’t watching.
Everyone knows the guy who will bet 30 games on a college football Saturday, or who will throw a bet on Korean baseball before bed on a Tuesday night.
My thought process has always been that you shouldn’t bet on a game you aren’t watching, because of my previous point of gambling for fun.
Gambling on every game possible is playing a dangerous game. It’s a lot to keep up with and the increased stress you’ll feel definitely takes the fun out of it.
Betting on anything and everything increases the odds of the house, or in this case the bookie, winning. You can do all the research you want but eventually the hot and cold streaks even out, and as we went over in the previous point, the bookie always has the statistical advantage.
Let’s compare it to a blackjack table with a continuous shuffling machine. Casinos implement this tool to limit the breaks in play. As the players get their numbers up, that statistical advantage begins to take play.
Every hot streak will eventually regress to the mean. This is why you should limit your betting by only gambling on what you’re watching.
3. Parlays.
Everyone loves parlaying picks to maximize earning potential. You know who loves it the most? Bookmakers!
I’m NOT saying never make parlay bets. Some of my most fun gambling moments have come from parlays. For example, this most recent Thanksgiving I hit a 3-leg touchdown scorer parlay at around +1750 odds.
What I am saying is not to rely on parlays as your standard. There have been studies that show the big guns in sports gambling (DraftKings, FanDuel etc.) make most of their money from parlays.
Don’t have a day like I did week 2 of this NFL season: What could have been a 5-2 day turned into an 0-2 day because I parlayed.
Those great odds can be very tempting, but it’s always important to remember why those odds are so large to begin with.
4. Being afraid to buy the half point.
Have you ever had a football team -3.5 that wound up winning by a field goal? Of course you have!
That half point may not look like a lot, but it makes a huge difference when it comes to being on either end of a football number (3, 7, 10 etc.). It’s the difference between a team winning by a field goal/touchdown or winning by more than one. It’s why Vegas sets the lines like that in the first place.
Putting up the few extra bucks to ensure a push in that situation is definitely worth it.
On a similar note, if a team is favored by 1.5, just take the ML. A one-point finish when you have a team -1.5 is enough to bring even the strongest men to their knees.
5. Buying picks.
The absolute DUMBEST thing you can do in sports gambling is paying for someone else’s picks.
Not only does it take the fun out of betting, but it’s a complete waste of money.
Let me give an example:
You’re a casual bettor who usually plays units of $20. There’s a “shark” out there who claims to be on the hot streak of a lifetime. He charges $100 for his picks, and you decide to buy. Now, you bet at least $120 on this game as to not lose money on the deal. The pick loses, and you’re now down ELEVEN units on a single bet.
The people selling picks have no more inside information than you and me (nobody does), and anyone who’s actually on a big hot streak isn’t hiding that behind a paywall. Tail your buddies, tail a Twitter account you like, tail your wife making picks based on team colors, but DO NOT pay anyone for picks.
Lastly,
If you take away one thing from this post, it should be that gambling is supposed to be fun. It’s something to talk about with your friends. It’s not something that should involve life-changing money in either direction. Please, if you feel you or someone you care about has a problem, call your state’s hotline and get the help you need.
Tough Money Sports 