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Sports Gambling Losses Hurt - Know When not to Chase

Sports gambling is a hobby that we all love and even better, we all love to make money doing it. Most serious sports gamblers have several bookie services in which they are loyal to and for this reason the opportunity for making money is much great than ever before.

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Back in the "good old days" gambling on sports meant that you would call up the local guy that happened to take some action and that was that, you won or lost and you lived with the results. Now that sportsbetting is legal in the United States beyond the state of Nevada, everyone is signing up for an online account and most have between five and ten bookies in their back pocket. This is absolutely a great idea and it can help your bottom line; it can also hurt your bottom line. Here is how and here are some tricks of the trade for staying above water and making money at the end of the day.

Have a gambling budget:

If you are any kind of sports gambler then having a budget is an absolute must. Nobody can tell you how much to budge, that is a personal choice that only you should make. You know how much money you earn ever month and you know how much you feel comfortable spending each month on sports bets. Maybe it's $100 or maybe it's $3,000. Whatever the amount; the important thing here is the budget, set one and do not go over it. Disciplined gamblers and winners, undisciplined gamblers are in the poor house very quickly.

Break the budget down into sports:

If you are like most sports gamblers then you have a handful of favorite sports that you enjoy playing. You must budget every sport.

Example:

Monthly Gambling Budget- $600
Baseball- $200
Football- $300
Basketball $100

You know that you have $600 to spend every month and you know that you can't go over it. How you choose to spend this money is up to you and who you choose to play is up to you but the bottom line is the budget and you know there is no wiggle room. Can you borrow from one sports to play on another? For sure but remember, you must not borrow ahead of the month. You have $600 and that it that.

Chasing bad beats:

Just as in poker, there is such a thing as a bad beat. The Boston Red Sox may have their best pitcher going and they may have won four straight games and they are playing the Kansas City Royals. Does the bet look like a good one, of course it does. So you bet the game and the Marlins win. That's a bad beat, and it happens, especially in baseball. Let's reverse the example. You are a seasoned gambler so that means you understand the loss factor in baseball and you decide to bet on the Marlins against the Red Sox with the Marlins worst pitcher going and the Red sox best and it's in Fenway; the Marlins lose. That's not a bad beat, that's a risk that you took fully knowing that you would probably lose but just in case they did win, it was a great payout.

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What happens when you lose? Do you back off and wait another day or do you jump back in and seek revenge? Don't be a revenge gambler and never under any circumstance chase a bad bet or a bad beat. Chasing always leads to bad decisions and bad decisions break your bankroll very quickly.

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Call a bookie that cares about you. Find one that will work with you on a gambling budget! Believe it or not, bookies will set your gambling preference to that of your budget. Ask them to do this for you. If you don't want to spend more than $600, you can ask them to set your depending limit and this will keep you from chasing bad bets. Remember, you do this for fun, don't make it a drudgery.