Watching football is not necessarily a hobby for several sports fanatics but also a quick and easy way to make money. As the most-watched sport in the United States, football is lucrative for sports handicappers. Experienced bettors do not just limit themselves to handicapping the major league, the NFL, but also dabble into the NCAA league.
NFL playoff predictions offer some of the highest stakes and returns, with hundreds of thousands of people betting on them. Sports betting has been legalized in many states in the US.
And while betting on football seems easy and exciting, it comes with its own risks. Let’s look at what expert sports handicappers have to say about the risks of betting on football.
Risk #1: Getting Scammed
The COVID-19 pandemic led to the rise of online sportsbooks and casinos because of the absence of live audiences. 45% of all sports betting takes place online now. Many legal sports betting websites on the internet saw their businesses flourish during the pandemic as their consumers increased due to a preference for online sportsbooks over traditional bookmakers. By using online sportsbooks, they can bet and earn money from the comfort of their homes.
But it also meant a rise in potential betting scams. With online betting, especially ‘Instagram handicappers’, many scam betting accounts popped up, allowing bettors to place various bets for a certain price and disappeared without making the payouts. This is why it is necessary to bet only on reputable handicapping websites, or Instagram accounts that you are certain won’t scam you or phish for your information.
Another common scam online bettors face is phishing websites for personal information and bank accounts, leading to bigger scams. When betting on football, or any sport for the matter, never give out your personal information to anyone. Reputable handicapping websites usually have packages for picks that you can choose and pay for with the transaction being done legally; if your pick becomes successful, you will usually get the payout by Monday night.
Risk #2: Gambling Addiction
In the gambling industry, concerns of problem gambling and gambling disorders are widespread. Despite the lack of sporting events, many habitual traditional or online gamblers have shown interest in and gravitated towards sports betting instead of regular gambling. This increases the risk of addiction within the sports betting category too.
The National Council of Problem Gambling released a statement after reviewing more than 140 studies and reports. According to them, sports bettors have twice as high rates of gambling problems as other gamblers. With online gambling creating convenience for gamblers and being available 24/7, it has only worsened this addiction.
But many betting companies have already taken measures to deal with the problem effectively. Betting websites keep track of who visits their page and how often. To prevent habitual gamblers from forming addictions, they impose bans upon them for a certain period. This makes those gamblers unable to visit their website and gamble for a few days or weeks. When the ban is lifted, they can continue to bet again.
Risk #3: Changing Conditions
Football is a sport highly dependent on internal and external factors to generate a certain outcome. Internal factors like roster changes, player injuries, and external factors like weather conditions are all crucial in determining the outcome of a match. When betting on football, you need to keep all these conditions in mind and adapt to situations accordingly.
Unforeseen injuries to important players can change the trajectory of a team in the NFL. A serious injury can mean they might need to get operated on and sit out the entire season. This would mean major roster changes for the team and poor performance due to the changed synergy.
Baltimore Ravens’ running back J. K. Dobbins tore his left ACL in a pre-season game, resulting in him having to undergo surgery and sit out the entire season, affecting the Ravens’ chances in the NFL. So if you were planning on betting on the Baltimore Ravens, you need to reassess their chances this season and decide whether you should continue betting in favor of them or switch to a different team.
Risk #4: Not Knowing How to Manage Your Money
Your bankroll consists of the total amount of money that you are depositing for betting. For example, if you plan to bet $5,000 on NFL 2021-22, that is your total bankroll. It includes all the money you plan on investing over a range of different bets.
You should never bankroll more money on a bet than you can afford to lose. Learn how to manage your bankroll. This includes knowing your unit size. The unit size is the percentage of your bankroll you’re willing to bet on a particular event. For amateurs, this should be anywhere between 1% and 5%, with recommendations to stay on the lower end of the scale unless you’re certain about the outcome of an event. Experienced betters go up to 3%, and that too with caution.
A good way to managing your bankroll is by diversifying your bets. Instead of betting on a single outcome, divide your money across several different bets giving modest payouts instead of putting a large sum on a select few expecting a big payout. Do your research on the type of bets offered by the handicapper and which ones would be best for you.
Betting on Football
The sports betting industry is expanding rapidly and is being legalized in many countries, including the United States. Betting on football is highly entertaining and rewarding, but its risks are also worth considering the investment.
If you’re an amateur bettor wishing to bet on football, consult someone experienced like the experts at Charlie’s Sports
before investing your money. Expert sports handicappers there have years of experience in the industry and can give you useful advice about what to and what not do when it comes to betting on football
They offer free NFL picks, free NBA picks, free MLB picks, and free horseracing picks.
About the Author:
The author is a sports handicapper at Charlie’s Sports with decades of experience in sports betting. They have encompassed knowledge about various sports and know exactly what is worth betting on and what is not.