Betting on sports can be an addictive business.
With sports being such an ingrained part of everyday life, it’s easy to lose track of your bet.
But how do you tell if you’re losing or winning?
Betting expert, Michael McNeill, has spent years studying how bettors react to winning and losing.
And if you’ve been wondering how to tell if your bet is a win or a loss, here’s a quick primer.
When you see a winning bet, you want to make sure you have the money to win, he said.
So you should make sure that your bet, whether it’s $100 or $10, is a good one.
“If you’re a sports bettor and you’re getting a good result, you’re likely getting a very good outcome,” he said, adding that you may be better off making your bet now.
“A lot of people have lost a lot of money betting on sports because they didn’t put enough money in.”
While it may sound obvious, this may not be obvious to most betterers.
For example, if you see an 8/2 on the line, you may think that the bet is good and you should win.
However, if your line is closer to 8/8 or less than that, you should be suspicious because you may have lost the bet.
“When you lose, you can lose faith in the outcome of the bet,” McNeill said.
“It could mean that your team has failed to win.
Or it could mean you have lost money betting and the result isn’t good enough.”
When betting on sport, a lot is at stake and betting on a sport is usually considered the “good” bet, he added.
So you should only make a bet if you think you can make it win or win the game.
The other option is to make a smaller bet.
The big bet, when you see one that’s close to 8.5 or less, is considered a “small bet”.
“If your bet has a value between $2 and $3, it might be better to make that bet now than wait and see if you can get a better result,” McNeil said.
If you lose a big bet that you thought you could make a big win, you might not want to keep it.
“You should wait and try to get a good outcome in the future,” he advised.
The same goes for smaller bets that are more likely to be close to 4.5, but it’s important to take into account how much you want your bet to make.
If it’s a big loss, you won’t be too worried because the chance of a better outcome is lower.
However, if it’s not a big result, then you may want to consider making another big bet.
For instance, if the team you’re betting on has a record of winning just twice in their last six games, that’s not good enough.
“There is some risk in making a big buy and then having a poor result, because that’s the opposite of what sports betting is about,” McNeilsaid.
“So, it could be that you can still win but not as big as you might hope.”
If you have a big money bet, like $50,000 or $100,000, you need to be prepared to lose a lot if you want a better chance at a better win.
The bigger the bet, the more you have to risk losing your money, he advised, so it’s wise to have a realistic target bet of just $100.
So what to do if you lose?
When betting is too risky, it can be tempting to make big bets to boost your odds.
However that’s a mistake because the bigger your bet goes, the higher the chance you’ll lose your money.
“I would rather lose my money than lose the bet and lose my bet, because the chances are much higher that you’ll still win,” Mcneilsaid said.
It’s also important to remember that a big gamble will increase your risk of losing.
“But, you do not have to make the big bet because the odds are still pretty good, but you need a higher bet to win,” he added.
“You could make another big, risky bet like $1 million or $5 million, but that will increase the chance that you will lose,” he recommended.
In some cases, a win could be good for your cause and could mean a bigger payoff.
However if you have an empty house, it may be worth it to take a chance on a small bet.
When it comes to sports betting, McNeill suggested it’s best to only bet if your team is in a position to win the big game.
“That means if your opponent is winning and they’re going to win big, they’re probably a good bet to go for, but I’d rather win than lose,” McNEILSaid.