This article will go over some of the risks that come with double betting on sports, and how you can wager without risking more than you would normally risk in a single sporting event. We’ll discuss the various forms of insurance that are available to protect you as a sports bettor, as well as how to make the most of your insurance coverage while minimizing your exposure to losing sports bets.
The Risks Of Double Betting
Double betting is when you wager on two or more outcomes of a single sporting event. The most obvious example of this is when you bet on the spread (the total number of points scored by both teams in a particular game) and the over/under (how many points each team is expected to score based on the point spread).
While this might seem like a great idea at first glance, the problem with double betting on sports is that there’s more than one way for your wager to lose. For example, if you bet on the spread and the over/under and your favorite team covers the spread but under-scores, you would lose your entire wager. It’s not unlikely that this could happen with some amount of frequency, especially if you wager on sporting events that are unpredictable in nature (such as football).
In some instances, you could end up losing more than you would have if you had simply bet on one outcome of the same event. For example, if you had bet on Peyton Manning’s record-breaking performance and the over/under had ended up being 10, you would have won your wager, as he did throw for 10 touchdowns that day. However, if he had thrown just one touchdown, you would have lost your entire wager, since that was the under-the-odds outcome you were playing against. Not all instances of double betting are created equal, and you need to be aware of the specific risks that come with this type of wagering strategy. Below we will discuss some of the risks that come with doubling down on sports.
Risks Related To The Sport
The first and most significant risk you face when double betting is related to the sport itself. The general sentiment here is that, while some sports are more favorable to bet on than others, they all have the potential to ruin your betting experience if you aren’t careful. For example, you might decide to bet on the Indianapolis Colts after they went 1-15 last season, only to see them turn in a superb performance this year and completely change the perception of your wager from losing to winning. In general, it’s best to choose sports that you know well and are confident will not disappoint you (or else, there’s the potential for you to become disappointed when your bet doesn’t pay off as you expected).
That being said, as a general rule you should never bet on a team you are rooting for, as this will most certainly impact the outcome. For example, if you are a San Francisco 49ers fan and the the 49ers cover the spread in their game this week, it’s most likely that you will be disappointed, as you had hoped they would cover the spread and enable you to win your wager (depending on the terms of your bet, this could either be a profit or loss situation).
Risk Of Getting Caught
This risk also comes with double betting and is most relevant when you decide to wager on sports you aren’t familiar with. If you are ever going to wager on a sport you aren’t familiar with, then you need to do your research online before committing, as this will minimize the risk of getting caught. For instance, you might decide to place a wager on the Indianapolis Colts after seeing their superb performance on television last year, but it wouldn’t be wise to place a wager on soccer without first learning a little bit about the game first-hand. This is something that will probably never leave you, as there will always be the possibility that you could get cheated by someone who knows more about the sport than you do (be that a bookie or a team member of the opposite team).
The Risks Of Getting Caught In Bad Habits
There are a number of bad habits that are associated with sports betting that you should avoid, as they will impact your betting experience and increase your chances of losing (a lot of) money. These include:
- Picking Against The Spread
- Using Bad Coaching Examples To Bet Against The Spread
- Rooting For The Underdog
- Never Betting When You’re Ahead
- Favoring Teams Based On Race
- Using Too Many Siblings To Bet On
These are all very significant risks that are associated with betting on sports, and it’s important that you are aware of them before you start laying down your wagers (especially since you don’t want to experience any of these issues in the first place). Fortunately, there are solutions to reduce the risk of getting caught in these bad habits, and that’s what we will discuss next.
How To Minimize Your Risk In Double Betting
Fortunately, there are ways for you to minimize your risk in double betting. To start with, you should only wager what you can afford to lose, as this is the best way to ensure you don’t go bankrupt due to betting (you could lose everything you’ve ever made if you aren’t careful). It is also advisable to consider the type of bets you are placing and how much you are wagering, since this will directly impact the amount of risk you are willing to take (the more you wager, the greater the risk). One of the safest and most effective ways of minimizing your risk is to use a reputable bookie that is familiar with the sports you are betting on and has a good reputation in the industry (make sure to read reviews before committing to using a particular bookie, as this will help you determine their true level of expertise and how likely it is that they are going to rip you off).
Using these few simple tips will help you minimize your risk in double betting, and in time you will learn how to effectively use this strategy to your advantage (once you’ve gotten the hang of it, of course!). For now, just be sure to keep in mind that while some sports are more favorable to bet on than others, they all have the potential to ruin your betting experience if you aren’t careful (and that’s something that won’t ever completely leave you).