Recent research reveals the British public is still splashing the cash, despite the looming cost-of-living crisis and global recession.
A study conducted by Online Betting Guide (OLBG) discovered Brits are spending 54% of their annual earnings (after tax) on discretionary costs, including streaming services and gambling.
The OLBG Discretionary Spend Index tracked the average spend of a UK adult per year, based on 12 popular consumer categories, and benchmarked these figures against previous years’ data from the Office of National Statistics.
OLBG found many of us are increasing our spend on luxury items such as eating out, holidays abroad and home improvements.
The Index reveals that in the past year, the average Brit has spent £267 on gambling, including sports betting and lottery tickets, which equates to 1.9% of their annual earnings.
With this in mind, we’ve created a guide so you can be safe and smart with your money, and bet on sports responsibly.
Read on to find out more.
- Choose the best online bookmaker
There are many bookmakers available online, and each will vary when it comes to odds, offers and promotions.
It’s worth shopping around to find the best one for you that has the sports you wish to bet on, not only for welcome bonuses, but for ongoing deals for loyal customers.
Once you have looked around for your chosen bookies, research the different betting markets and techniques themselves.
Familiarise yourself with terms such as:
- Arbitrage — in simple terms, placing bets on all outcomes for an event with the aim of making a profit, using different betting exchanges and online betting sites.
- In-play betting — this where you place a bet once the sports event, race or match has already begun. Prices are usually different from the starting price, and likely to change quickly.
- Spread betting — betting on several outcomes within the same event, aiming to improve your chances of a successful return.
- Hedge betting — making the most of variations in the market, this involves placing multiple bets on the same market. This technique aims to counterbalance the chances of losing, when successful.
You might not be able to understand them all — as there are many different types — but staying up to date with the latest trends and terminology will mean you are always fully informed and can make the most of your bets.
- Use bookies’ tools to gamble responsibly
Sports betting can be fun and entertaining, but in order to maintain control over the time and money you’re spending on betting sites, take advantage of the online tools available.
Some bookies offer a deposit limit, for example. This allows you to instruct the bookmaker to control the amount you deposit withing a specific period of time.
Deposit limits can be set daily, weekly or monthly, and can help you to set a maximum figure of how much you can comfortably afford to bet in this timeframe.
Once the set limit is reached, you won’t be able to deposit any further funds, and so can keep within your budget.
- Consider the risks of sports betting
It may seem obvious, but it’s worth remembering the main risk of betting on sports is the fact you could lose money, and a win is never guaranteed.
Even if you have a vast knowledge of the sport you’re betting on, an unpredictable outcome is always a possibility.
It’s always best, therefore, to set realistic expectations. Do not expect to constantly make money from sports betting, and only bet what you can afford.
