The Smart Play
So what is a smart play? A smart play starts by studying up on how betting works, learning the language of sports betting, and carefully planning how much to bet. Each type of bet carries its own level of risk or reward and understanding when to use each is essential to making a smart play.
Research the teams, players and stats involved, as well as any trends that could influence the outcome. A smart play isn't made with gut feelings - it should start with sound decisions.
A smart play also is knowing when to call it quits. You're not going to win every bet no matter how much you study. As Scott Van Pelt has taught us, Bad Beats happen (quite frequently!). Plan ahead and know how much you're willing to lose. And when that money is gone, take a break.
Ultimately, sports betting gives you even more of a personal stake in the games you love so much. Take the time to learn how it works and be a student of the game.
The Basics
First the 101. Getting to know the lingo and understanding what all those numbers mean will help you play smart. Check out ESPN's Smart Play Guide to Sports Betting.
And here's a handy Sports Betting Glossary that decodes the language around odds, lines, spreads, futures and more.
Real Talk with ESPN Betting Analysts
Smart betting is keeping yourself, and your family and friends, in check. Have you noticed that one of your friends seems to be getting a little too emotional when they bet? Are they chasing their losses in hopes of recovering their money? Did they win big and now they think they're a high roller? Then it's probably time to have "The Talk."
Don't know how to start the conversation? ESPN's Erin Dolan, Joe Fortenbaugh and Tyler Fulghum are here to help - share the videos below with someone you think could use a little extra help.
Managing Your Play
Tyler Fulghum explains why setting a bankroll and keeping your finances in check is important when wagering on sports.
Some may say "fun money." Others may call it a budget or a bankroll. The idea is that you're spending what you're comfortable losing. Because, yes, that is going to happen! There are tools that sportsbooks provide right in the app to make this easier, so you can spend within your means, including:
Spend Limits
Deposit Limits
Loss Limits
Time Limits
There are a number of widely accepted bankroll management theories, but many of them recommend that you should risk only 2-5% of your bankroll per wager. If your entire bankroll is $100 for a season, then your biggest bet shouldn't be more than $5. Your bet size decreases as your bankroll does, so you shouldn't go "all-in" until you're down to the minimum size of bet the sportsbook will take.
Check out the Rookie bettors camp: Ultimate bankroll survival guide.
Chasing Your Losses
Joe Fortenbaugh explains why following up a bad bet with another one is a losing strategy.
Chasing occurs when you lose your discipline and risk more than you should on a game, primarily because you're upset about losing your previous bet. Remember, your previous bet has no bearing on the odds of your next one.
Curb the Emotion
Erin Dolan explains why betting emotionally is not a smart strategy and waiting 24 hours is a good reset.
Remember, this is supposed to be fun. Of course, it can be maddening when we lose, or it can fill us with elation when we win. But betting when you're too emotional is never a good idea. Take a break until the rational you is back.
You've Won Big: Now What
Tyler Fulghum gives his advice on what to do after hitting a longshot bet.
So you hit that 6-leg parlay and won some cash. But now is not the time to go all-in on that 10-leg parlay because you think you're all-knowing. It's actually the time to cool it because chances are (statistically speaking) you're not going to be as lucky the next time around. Take a break, relish the win. Of course, it's okay to take some of your winnings and apply to the next bet but stick to the 2-5% principle and keep your bankroll in check.
Knowing the Warning Signs
People in danger of developing a gambling problem might obsessively relive their most recent bad bet or big win. They often lie or try to hide their gambling from others. They also may borrow money to gamble. Other warning signs include irritability, depression, anxiety, restlessness and expressing guilt after gambling.
Knowing some of these warning signs can help you, a family member or a friend. Fortunately, there is help available if gambling starts to get out of control. Visit the state-by-state resources that are available when you notice the warning signs. You can also call 1-800-GAMBLER.