How to Stay Smart When Betting Online

It’s never been easier to bet online, but that doesn’t mean that all online betting is a good idea. While it’s completely possible to make a lot of money playing poker online, the online game also makes it easier to be swindled by less than reputable websites. So, how can you make sure that when you make a bet online, you bet smartly, safely, and tactically?

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1. Know Your Motivation

Are you making this bet because you’re sad? Are you making this bet because you’re angry? Are you putting all that money on red because you’re enjoying yourself or because you’ve hit rock bottom and have little left to lose?

It can be hard to figure out why you’re doing something in the heat of the moment, so take some time to consider why you’re doing what you’re doing and what you want from the game before you begin playing. If you’re not having fun, it’s time to cut your losses.

Set yourself a budget. Ask yourself how much you’d be willing to lose before you start playing. Or, put another way, ask yourself how much money you’re willing to spend playing this game tonight. If you lose, think of it as paying for the game you played. If you win, celebrate it like it deserves to be celebrated.

2. Use a Secure Website

Those with a basic grasp of website development will know that there is a difference between HTTP and HTTPS. In short, an HTTPS website is more secure. It’s not just about transaction details — an HTTPS domain also means more privacy and less chance of the website being hacked. It’s why websites like the Guardian, Facebook, and many other non-eCommerce websites have also made the switch from HTTP to HTTPS.

All of this is why you should be absolutely certain that the website you are betting on is HTTPS. It’s simply not worth the risk of using an HTTP website when there are so many alternatives out there.

A secure website for online betting also needs to be approved by the UK Gambling Commission. So, before you even think about making a bet, be sure to check this as well.

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3. Do Your Research

Beyond security and approval by the UK Gambling Commission, you want to make sure that the website or app you are using is a good one. Not every online betting opportunity is created equal, so it pays to do a lot of digging. The differences between online casinos can be minor, but anything you can do to put the odds in your favour is a good thing.

Live Casino Comparer does what the name suggests: it compares live casinos online. Independent reviews like this are a great way of figuring out the best places to put your money

4. Be Logical

If a coin is flipped 1,000 times and it lands on heads each time, what are the odds that it will land on heads the 1,001st time?

Nope, you’re wrong. The answer is that it’s still 50/50. It’s always 50/50. The coin doesn’t remember the previous coin flips — only you do. No matter what has happened before or since, there’s a 50/50 chance of heads or tails every time you flip that coin.

There’s a prevailing idea in betting that, if you’ve lost ten times in a row, you are due a win. This is called the Monte Carlo fallacy and it’s best summed up by the expression, “Dice have no memory”. There’s no such thing as a winning streak, and there’s no such thing as a losing streak. Each bet needs to be considered for its risk in isolation.

When considering odds that appear to be in your favour, think mathematically. Bayes’ Theorem is a mathematical principle that shows how odds can be deceiving. If you test positive for a disease which affects 0.1% of the population and the test itself is 99% accurate, you only have a 9% chance of having the disease. This might not sound correct at first. However, once you do the maths, you realise that it is correct.

It’s for reasons like this that it’s worth taking a long moment to consider the odds that you will win against how much you feel you should win. The appeal of betting online is the roller coaster of emotions you experience while playing. All the while, it’s important to remember that the hard science behind all of this excitement is probability.

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