There are several topics that make headlines every single day including those that relate to betting.
Placing a few bets on sports these days are proving to be popular, in fact, it is difficult to find an average person who says they have never heard of the term, regardless of where they live.
From the stories doing the rounds on betting, there are many inspiring ones in which people have won hundreds and thousands in cash.
Because of this, more people are attracted to place their first bets in an attempt to get their own share of the huge winnings.
It’s not just potential cash that attracts more people to betting, but also great promotional deals offered by bookies.
As it stands, there are several sites where you can capitalise on the latest UK deals that aid to increase the bankroll and also gives you more chances to scoring some extra loot.
For those looking forward to placing their first bets, we've compiled some useful tips before placing your very first bet.
1. Practice Money Management
The first rule when it comes to betting is to manage your bankroll. Betting may be addictive, paving the way to spend more than you can or should.
Failure to manage your bankroll can truly throw a spanner in your financial plans, hence practising self-discipline is of paramount importance.
Those who've been in the business for a long time often mention to bet no more than 5% of your bankroll per game or ticket if you are betting on accumulators.
Apart from this, it's also sensible to increase your bet amount only if you win, if you lose, look at decreasing your wager until your score a win.
2. Shop For The Best Odds
Whether you are looking to play at a land-based or online establishment, it's a wise move to shop for the best odds.
There are tons of odds options to choose from, each with its own set of values.
Some bookies offer great odds while others do not and opting for the first sportsbook may turn out to be a bad decision as the odds may not be as profitable in comparison to other sites.
The point here is to do a bit of research into what the best odds are and then to simply give it a go.
3. Consider The Underdogs
The temptation when placing your first bet is to choose safe and ‘sure’ bets.
However, this can be a costly decision if you do not pay particular attention to other parties such as the underdogs.
Choosing the favourite may seem to be a good idea, but in some instances, the "best" may well turn out to be the worst.
We often her about the term ‘bogey’ teams who even with an underdog tag always cause problems to a particular team.
The trick is to filter through who's who in the scene and base your decision on what you find.
4. Time Your Bets
A rule of thumb for starters -sportsbooks tend to generate their odds based on demand.
What this means is that you have to know how you want to play and choose the appropriate time for placing your bet.
If you prefer to bet on an underdog, it’s advisable to do so until the last day or few hours before the closing time so that you get increased odds.
However, if you choose to bet on a favourite, then you may want to look at placing your bet as early as you can before others jump in to do the same and thus lower the odds.
5. Don't Chase Your Losses
So you've finally placed your first bet and it turns out its no winner.
Often, the temptation among amateur punters is to place another bet trying to recover the money lost.
However, this will only lead to further disappointment based on irrational thinking.
Remember to think of what your wallet allows as mentioned in tip 1 above.
6. Avoid Extravagant Wagers
The reason why you bet is to win and win big, right? Going all out may prove to be a lucrative decision, but at the same time it may be costly to do so.
We reckon that until such a time when you are more adept at betting or have sufficient bankroll to play around with, can you look at playing at higher stakes.