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Making Money by Gambling: How to Minimize the Risks

According to figures published by the National Gambling Board in 2019, over 30% of the Nigerian populace places bets on sports, with more than half (56%) of that figure doing so on a daily basis. Alongside other activities such as poker, slot machines and casinos, the overall value of the Nigerian gambling sector is estimated to exceed $2 billion.

With such vast amounts of money at stake, and such a youthful, tech-savvy population, it’s no surprise that more and more Nigerians are turning to gambling to earn a quick buck.

But while it’s impossible to guarantee that every wager placed will deliver a return, there are a few techniques and strategies you can employ to minimize the risks. Here are some of our favorites.

Pick your game wisely

Many people believe that all types of gambling are equally risky, but that couldn’t be farther from the truth. Slots, for example, generally rely on a heavy dose of luck, but other activities (such as poker, blackjack or sports betting) require critical thinking and composure under pressure from those who practice them. Even within those broad categories, games can differ significantly.

For example, every slot game has a specific return-to-player (RTP) percentage which delineates how much of a player’s investment they can expect to win back over time.

Studying RTPs and house edges will guide you towards the lower risk and higher paying games.

Bet on what you know

If you are going to venture into the world of sports betting, it’s sensible to only bet on markets with which you have a firm familiarity.

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For example, if you’re a dedicated disciple of the beautiful game, you can leverage that knowledge to place your bets on Nigerian football on the odds you think most likely to fall in your favor.

The availability or round-the-clock betting opportunities may tempt you into wagering on something you know nothing about, and while it’s possible you’ll enjoy beginner’s luck, it’s far more likely you’ll lose your money straight away.

Learn from the best

One of the most common mistakes in sports betting – and indeed in any walk of life – is thinking you know best and refusing all help in any form it may arise. In matters of money, that’s a serious error, since there are inevitably plenty of people who’ve been there and done it before you, regardless of the industry in which you operate or the games you prefer gambling on.

Follow tipsters, watch videos of professionals and read up on your activity of choice to make sure you stay abreast of the latest developments.

Know when to walk away

In the immortal words of the country singer Kenny Rogers, “You gotta know when to hold ‘em / Know when to fold ‘em / Know when to walk away / Know when to run”.

Truer words were never spoken about the pastime of gambling, since many people respond to a bad losing streak by doubling down and throwing good money after bad.

If your strategy isn’t bearing fruit and you find yourself falling on the wrong side of Lady Luck consistently, it might be time to take a breather and step away from the game for a spell.

You’ll never win every bet you place and every hand you play, but following these simple rules can minimize the risk that’s inherent every time you gamble.

Conclusion 

You should know what you are doing or what you be doing with the money you want to invest or gamble with I also have it at the back of your mind your age should be under 18+ before you can think of taking any risk. 

Disclaimer: Every single information you get on this post about gambling or betting related is generally for educational purposes for we are not in any way encouraging anyone for anything relating to this post, not financial advice take note. 

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