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Can I bet without taking risk and lose money?

Can I bet without taking risk and lose money?

The answer to the question of whether it is possible to bet without losing money is a simple one. No, it isn’t. Even the best punters, those who would count themselves as professionals, will lose money at some time.

So to expect to bet on sport in any reasonable sense of the word, and never make a loss, is entirely unrealistic. However, it is entirely possible, with a little effort, to make better-judged bets—ones that are likely to win more often and reduce the number and value of any losses made. 

Furthermore, making strategic decisions about which markets to bet on is possible. This can also increase your chances of landing a win. 

However, it must be restated that betting without potentially losing money is unrealistic. That is part of the enjoyment and what makes winning so exciting. You are actually ‘beating the odds!”. After all, if we could bet and guarantee a win every time, wouldn’t everybody do that?

Why you will likely lose money betting with the bookmaker?

Why will you likely lose money, at least some of the time, when betting with a bookmaker? To understand this, you need to understand two things:

  • The unpredictable nature of top-level sports events.
  • How bookmakers set the odds for every market they offer. 

Unpredictability of Sporting Events

The first thing going against punters seeking wins is the fact that sports events, by their very nature, are unpredictable. Then factor in that at the levels that bookmakers tend to offer odds on, most competitors are at least of a similar ability, and it is easily apparent why picking winning bets is tricky.

So why not bet on more lop-sided matchups? First, just because one selection is a big favourite doesn’t mean they will win. There are plenty of examples of hot favourites not winning an event when they were massively odds-on to do so. 

For example, when Mike Tyson fought Buster Douglas in Japan at the peak of his Heavyweight boxing career, Tyson was 1/50 on to win the bout. Douglas was a 50/1 outsider. You do not usually see odds anywhere near as different in a boxing match. But despite being the huge odds on favourite, Tyson lost the bout. 

There are upsets in sports every week. At the time of writing, San Marino had beaten Liechtenstein in a UEFA Nations League game. That was their first win in 140 matches. Check out any horse racing meeting; often, the favourite in each race may only win once or twice. In some meets, the favourite may not win any race at all. 

This is the case in all sports. Even a sure thing in the world of sports is most definitely not. And even when the bookmakers suggest that one competitor is very likely to win, the odds are so short that you are not likely to recoup any losses you have made from that win alone. This brings us neatly to the second factor to consider. 

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How Bookmakers Set Up The Odds

The skill of bookmaking isn’t taking bets; it is setting up the odds for each market so that the bookmaker can cover all the outcomes in a race and make a profit. And if that is not possible, they will mitigate losses in one event by taking profits in others.

While a lot of the odds-making process is now automated, there is a great deal of information considered by algorithms when putting odds together. 

Bookmakers won’t offer lengthy odds on strong favourites. So, payouts on these selections tend to be small even if they win. And as we have already seen, favourites do not always win, far from it. When a favourite loses, that is always considered a very good result for a bookmaker!

However, bookmakers can be caught out. When Leicester City won the 2016/17 Premier League title, they started the season with some bookmakers, at odds of 5000/1. However, these examples are the exception rather than the rule. 

Bookmakers' skills when it comes to setting odds mean that whatever the outcome of a race or other sporting event, they usually profit from it. That makes things all the tougher for punters, as it means only some of them can win in any event. 

Simple ways to mitigate your losses

Fortunately, you can employ some simple strategies to help mitigate your losses when betting at a bookmaker. We have listed these below. Only bet on sports and markets that you understand and know very well. 

  • Always research your bets. 
  • Only stake money you can afford to lose. 
  • Take full advantage of any welcome offers and other promotions on the site. 
  • Focus your betting on markets with fewer outcomes. For example, betting on the Full-Time Score in a football match has just three possible outcomes: Home Win, Away Win, or Draw. Compare that with a Correct Score bet, which can have a far greater number of potential outcomes. 
  • Only bet when it is enjoyable and fun. Never bet when your mood is low, or you are unhappy. 
  • Have a budget for betting and stick to it. 
  • When you land a sizeable win, withdraw your funds and use them for something else other than betting. 
  • Check for betting trends to see what other markets other punters are backing. 
  • Use the responsible betting tools to help ensure you are wagering safely. 

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Developing a healthy attitude and safe approach to sports betting/wagering

While you can never guarantee a profit when betting, we have shown that by developing the right attitude and approach to sports betting, you can reduce your losses by making simple strategic decisions about the types of bets you make. 

Also, developing a responsible approach to betting will mean you further mitigate losses.

You can’t beat bookmakers all the time. However, by employing these strategies, you can reduce your losses and land a few more of those wins with some luck!

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