Don't get caught by the “casino traps”
Dear Trading Tips reader,
Casinos are entertainment centres unlike any other.
The cost of admission is not fixed and it looks to prey on the weak minded, taking them for everything they have.
Like you're lured into a trap, casinos employ simple tactics to keep you longer and spending more.
The thing is though, you could fall for these same traps when you're caught up in the excitement of sports betting.
Here are the casino traps you need to be aware of when placing your sports bets…
Trap #1 – The Illusion of time
Have you ever wondered why there are no windows or clocks in a casino?
Well they want you to forget about time and focus on the game you are playing, they prey on the absence of natural light and time to keep you there longer and playing more.
It’s the same when it comes to sports betting, the illusion that you have time to place bets through-out a game is just that, an illusion. You might find yourself sitting in front of your PC betting all hours of the night trying to find that one giant win. You’re fooling yourself and your wallet will take the brunt of the impact.
The solution to this is to keep an eye on your clock and take breaks from your computer as often as you can. This way you’ll keep a fresh mind and won’t waste time on silly bets that could lose you money.
Trap #2 – Money for “points”
When you play on any online casino, you have to exchange your money into chips to be able to play.
You exchange money you know has a monetary value for “chips” that can only be exchanged in the casino, it’s like going to the arcade and playing video games, you can only use the chips at that specific location.
You lose all sense that it is real money and this leads to over betting which results in bigger losses.
Online sports betting platforms spring the same trap by converting your money into “points”, which you look at with no intrinsic value.
Remember points are MONEY! And you should treat it as such to avoid making massive losses.
Trap #3 – The pace is fast
At any casino you travel to, the pace is fast and intense, the dealers all seem to deal at lightning speed. At a table my best tip is to steal with your eyes and see how others play the game, you can learn a lot from watching how others play.
The same applies to sports betting. The pace is fast and the games can end in an instance with you either winning or losing. Don’t pressure yourself into getting into a bet fast without taking the necessary precautions, rather don’t bet at all.
Trap #4 – The “FREE” drinks
One gambler I know calls FREE drinks “chip removers”, it’s a tactic the casinos use to play on your logical thinking and drive you to take more risks and abandon your money and time management rules.
Never place a bet while you’re intoxicated!
The best tip I can personally give you is to use moderation or better yet only consume alcohol after you have finished betting… You’ll find that you enjoy your celebratory drink more because you’ve improved your win rate.
Also, what most online bookies do is to give you a small coupon that you can only redeem with them on certain sporting events. It’s like a FREE drink, it toys with your logical thinking, in that you’re using their money, it’s yours so treat it like it is. So, enjoy the coupons but stick to your betting strategy at all costs.
Trap #5 – Don’t get greedy
The one thing that turns winners into losers is the simple notion that one big win will lead to another and are now playing with the casino or bookies money.
This is nonsense!
Once you win, it’s your money, why on earth would you want to give it back?
Over the weekend I managed a big win in the UFC and made a nice profit but greed got the better of me. I ended up taking two more risky bets that did not go all that well.
I went from making a profit to starting back from zero. I broke even because I let greed get the better of me.
The best tip I can give you is to split half of your winnings and put it in a different place. It’s easy to leave the betting platform and cash in your winnings.
Discipline and self-control is what separates the true winners from the losers.
To all Trading Tips readers out there, if you employ good money and time management skills you can go out to the casino’s , bet on your favourite sports and have an awesome time. Best of all, you can potentially come out making a nice profit for a night out on the town.
From the Trading Tips desk
“Enjoy yourself and bet safe”