I find it funny, that this is the week I can finally brag about a winning parlay, but unfortunately that doesn’t match the tone of this week’s blog. This is a more serious view of sports betting, and after a semester of placing bets and blogging my journey I can say that I have learned a lot from doing so.

Sports betting is risky. I came in knowing the risks and I wanted to test the waters. I put $100 into my DraftKings account and set off to make some money. At first I was a little too ambitious, I placed bets on games I wasn’t watching, I made ridiculous parlays that had no real shot at winning, I wasn’t strategic with my bets, I kept the same size units on every bet, and I didn’t really treat it like real money. I had a couple bets that won and I had profits over 100% but I was greedy and captivated by the bliss of placing these bets.

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Betting is a serious problem. It is an addiction for many people, and if you or a loved one you know needs help, call 1-800-GAMBLER. 2% of the US, about 6.5 million people, has an addiction problem. This is just a cautionary piece, because although I didn’t make money, I had lots of fun on my betting journey. The thrill of a bet winning, the despair of a parlay losing on one leg, it all adds to my love for sports.

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Before I take this break from betting, I want to summarize the lessons I’ve learned, so you can start off right.

1. Have fun with it. Each time you place a bet, you should be placing units that you will okay with losing. Don’t bet more than you are willing to lose, and don’t stress over every win and every loss.
2. Make a strategy. Set a unit for each bet. Be real with yourself with your knowledge of sports. As much as betting is luck, sports betting can be made more predictable when you research each game. The games you are confident in place a unit, for the games more up to chance, don’t be afraid to lower the bet amount.
3. Don’t be afraid to fail. And on the other end of the spectrum, don’t get too cocky. Each event is independent of one another, so just because you have a winning streak or a losing streak doesn’t mean you have to let that impact your next bets.
4. Feel free to place multiple bets on some games, and skip some other bets.
5. If you have multiple parlays in the same day, try not to have them overlap, so that if one bet loses, your other bets still have a chance to win.
6. Take profits out while you are up. Don’t be greedy, take what you can get.

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I have a had a good time betting and this was a great learning experience. I highly encourage making smart choices, and being careful with your betting endeavors. Thanks to all that have followed along, and I hope you check back in the future.

Until next time,

-James Hanley