While it’s easier than ever to bet online in 2021, it has arguably never been more difficult to wager responsibly in the existing marketplace.
This is particularly true in nations such as India, which is home to an estimated 140 million punters daily and the number increases further to 370 million during major events. So, a huge number of internationally-renowned (and not to mention market-heavy) sports betting sites from across the globe have been operating in the country already.
With mobile penetration also on the rise in India, it’s becoming increasingly difficult to manage your hard-earned bankroll and bet in a responsible manner. However, here are a few steps to help you achieve this objective!
Responsible Betting Advice
1. Set a Weekly or Monthly Bankroll and Stick to it
The term ‘bankroll management’ is widely used in relation to responsible gambling, but this means little to people who are new to sports or cricket betting online. It’s an important consideration, however, and one that essentially refers to the establishment of betting limits that prevent you from spending more than you can realistically afford to lose within a set period of time.
Ideally, you should set weekly or monthly bankroll limits according to your unique income and outgoings, in order to ensure that you manage your activity over time and always spend within your means.
This also requires a sense of discipline, and we’d definitely recommend staggering your wagers to ensure that your bankroll can last for the required period of time.
2. Avoid Emotional Betting
The latter point is important, as the psychology and emotive nature of sports betting (especially when backing your favourite team) can dramatically undermine your decision making. For example, let’s say that you set a monthly bankroll limit but suffer a series of losses that eradicate your funds within two weeks.
In this instance, it may be tempting to chase your losses and exceed your carefully defined limits, but this clearly problematic and compulsive behaviour that can create debt and impact on your mental health.
At the same time, you may be encouraged to increase the size or frequency of your wagers following a winning streak. This is also to be avoided, however, due to the fundamentally opportunistic nature of sports betting and importance of remaining consistent when wagering online.
Also, don’t bet ridiculous amounts on your favourite team to win as an act of bravado or raw emotion, as there’s absolutely no guarantee that this will end well!
3. Bet According to Odds and Value
Ultimately, not all bets are created equal, either in terms of their odds or the value proposition that they offer to punters.
At the same time, you can leverage handicap betting in cricket and similar markets to improve the value proposition in some instances, and this should always inform your starting stake and approach to bankroll management.
More specifically, we’d recommend lowering your stake when backing outcomes with longer odds, as the chances of winning are slim but the price capable of delivering a relatively large return.
Conversely, try to increase your stake when backing shorter prices, as these are more likely to come in but will only trigger marginal payouts. When using handicap betting to make shorter odds more favourable, you should strive to treat each wager on its individual merits and tailor your stake accordingly!
4. Never take bet with money loaned from others
It seems like common sense but a lot of punters end up doing this. While it could be rewarding if it works out, it could turn out to be devastating if it doesn’t. Either way, it’s too risky to bet with money that doesn’t belong to you.
Always bet with your money and that too when losing that won’t leave you in a tricky situation. In other words, bet with money that you can afford. Not with money that takes away your comfort!
5. Bet on something you have expertise in
The idea of just betting on random sports and games, and getting high rewards might feel quite good but it doesn’t work like that in reality. Make sure that you bet on something you have thorough knowledge in.
Always make decisions based on data and past performances of players and events. It makes things much easier that way and increases your chances of winning by a good margin. Leaving things to chances isn’t always good. Making an informed decision is the best way to approach betting.
We try and offer responsible tips form time to time including IPL predictions and previews. If you’re not an expert use them to enhance your experience rather than blind copying. Tips can assist with responsible betting if the source of the information is trusted and respected.
How to bet responsibly – steps
- Set a budget: Before you start betting, decide how much money you can afford to lose. Having a betting budget is pretty key to knowing how much you’re spending and making.
- Stick to your budget: Once you’ve set a budget, stick to it. Don’t be tempted to bet more money. This is what we call chasing losses. If you’re bets have lost and you’re budget is gone, you have to stop.
- Chasing losses: If you lose money while gambling, don’t try to win it back by placing more bets. This can lead to a cycle of increasing bets and mounting losses and you’ll soon find you’re placing higher wagers than you budgeted for, because you think you can win back bigger, if you bet bigger.
- Take breaks: It’s important to take breaks if you’re a constant bettor. You avoid becoming too emotionally invested in the outcome of each bet if you’re less focussed on the next wager.
- Don’t gamble while under the influence: Alcohol and drugs even caffeine, can impair your judgment and lead to poor decision-making while gambling.
- Use reputable betting sites: Make sure to use trusted betting sites that are licensed and regulated by relevant authorities preferably through with respected regulated markets and legal bookies.
- Seek help if you need it: If you find yourself unable to control your gambling or experiencing negative consequences from your betting, seek help from a professional organization or support group.
Why is betting so exciting?
Gambling can be thrilling for a number of reasons, but its the risk mainly that creates the feeling of excitement for the more daring thrill seekers. That doesn’t necessarily make it a responsible endeavour.
Risk and uncertainty are the main factors. Gambling involves an element of risk and uncertainty, which can make the outcome of a bet exciting and unpredictable.
It satisfies the human need for rewards. When betting, there’s always that chance of winning a large sum of money, which can create a sense of anticipation and excitement.
Gambling can also be a social activity, with friends or fellow gamblers especially around sporting events, cheering each other on and sharing in the excitement in the event and the shared bets.
For some people, gambling can provide an escape from the stresses and pressures of everyday life, creating a temporary distraction and source of excitement. Its the thrill that provides the escape as the feelings of excitement can temporarily overwhelm other more negative feelings that you have at that time.
It’s worth noting that while gambling can be thrilling, it can also be addictive and lead to negative consequences. It’s important to gamble responsibly and seek help if gambling becomes a problem.
What makes betting addictive?
Reward pathways in the brain are activated when we engage in activities that we find exciting, we release chemicals like dopamine, which creates a pleasurable feeling. Betting can trigger the release of dopamine in the brain, which can lead to a sense of excitement and pleasure. Over time, the brain can become desensitised to those rewards. As the affects lessen, we crave the absence of the feeling and we increase the activity that we know offers the reward. This means we bet more often to make the dopamine hit harder.
We can develop false beliefs about our ability to win and place winning bets. This can lead to excessive betting as we build up a false confidence in our ability and we forget that betting is targeted towards the house winning more often than we do. We might believe that we have a special strategy or our luck is in or we just know how to read the markets. In essence we become wrapped up in our own ego, believing its a skill and not coincidence or luck.
Gambling can provide a temporary escape from negative emotions such as stress, anxiety, or depression. This creates a dependency, where we’re using gambling as a coping mechanism to evade negativity.
Peer pressure and social influence can also contribute to gambling addiction. People may feel pressure to gamble from friends or family members who are also betting in around them.
It’s important to recognise the signs of gambling addiction, such as preoccupation with gambling, chasing losses, and betting more than intended. If you or someone you know is struggling with gambling addiction, seek help from a professional organisation or support group.
What is thrill in gambling?
Gambling can be exciting for a number of reasons, but its the risk mainly that creates the feeling of excitement for the more daring thrill seekers in life. That doesn’t necessarily make it a responsible endeavour. The idea of winning large sums of money, whilst risking some of you’re own offers a temporary pathway to excitement, which can overwhelm and overshadow any feelings of negativity that you might experiencing at that time.
Why is betting addictive?
Betting can become addictive because we release of dopamine when we bet and win, we develop false beliefs about winning and our abilities, we use it as a coping mechanism to escape negativity, and peer pressure to bet often influences addictive betting.