The Lottery VS Sports Betting
Millions of people across the world play games of chance for a number of reasons. For many, it’s just another pastime, a quick thrill or hobby. For others, gambling on striking it rich is a way of life, or even, for pro bettors, a stable source of income.
Whatever your reasons, the chances are that if you do gamble, you either bet on sports, or you aim for the jackpot by playing the lottery. It might be your get-rich-quick scheme, or just a casual vice that you occasionally indulge.
But which one is better? Which is riskier? And what qualities do you need to have to improve your chances of winning in each?
In this post, we’ll explore the similarities and differences between these two popular forms of betting.
Betting Knowledge – What You Don’t Know Could Cost You
The most glaring difference between sports betting and the Lottery, is the specialist knowledge required for each.
As a Lottery player, you have as much chance to win as everyone else. You don’t need any special knowledge, other than the rules of the game. Your chances are small, but so are everyone else’s.
In sports betting, it is different. Some of the best sports bettors become obsessed with statistics. They need to understand the competition they are betting on, the histories of its participants and any relevant trends that might predict the outcomes of matches.
A sports bettor could take a more casual approach, but without the knowledge of the sport, his or her chances of winning big would not be much better than someone playing the lottery.
The Risks And The Reward – Your Potential Winnings
Lottery players often dream of what their lives might look like if they win the latest jackpot. And it’s certainly true that the Lottery offers life-changing amounts of money. There is also very little risk to you, the player. The cost of a ticket is pocket-change and while your chances might be small, you’re not losing enough to be worth worrying about.
In sports betting on the other hand, your chances of winning are higher (if you have knowledge of the sport) but your potential winnings are proportionate to the bet you place, and are dependent on the odds set by bookies.
You’re not likely to win millions betting on sports, and picking wrong could mean losing a significant amount of money.
Discipline And Money Management – Spending And Saving Your Winnings
Aside from those few who buy thousands of tickets in hopes of improving their winning chances, money management isn’t a big concern for Lottery players (until they win!). The cost of a single ticket is relatively low, and most people can afford it without putting too much thought into the purchase.
Sports bettors, however, should develop strategies to keep them from sinking too much cash into a bad losing streak. The golden rule is to never bet more than you can afford to lose.
One of the simplest ways to enforce this rule for yourself, is to ‘leave your winnings on the table’ as it were, and only use that pool of cash for future wagers, rather than always dipping into your own savings.
Probably the biggest difference in behaviour between sports bettors and lottery players, is the former’s temptation to chase their losses. It can be tough to simply write off the loss of a bad bet, but it’s a discipline that is important to cultivate, because becoming desperate to earn back your losses can lead to bad decisions and even more losses.
For Lottery players, discipline becomes that much more important after winning, not after losing.
We’ve all heard horror stories of jackpot winners who ended up more broke after winning than they were before. That much money can make a fool of anyone, and the best advice we can offer to Lottery winners is to seek financial advice or training.
That all said, whatever your preference of or reasons for playing games of chance, if you’re smart and cautious there is no reason not to indulge yourself and keep hoping for a big, life-changing win. So, get out there and play!