Betting On The Super Bowl: Manage Your Money Effectively & Responsibly

Last Updated February 10th 2023
4 Min Read

Super Bowl is right around the corner and millions of fans are waiting to tune in and bet on their favorites. According to the latest numbers, around 50 million American adults plan to bet on this year’s Super Bowl, wagering a total of $16 billion in both crypto and fiat currency.

However, whether you are betting with crypto due to its many benefits or you’re using fiat, you should always make sure that you are managing your money effectively and responsibly.

For that reason, we’ve prepared a brief guide to show you what are some of the steps you should follow to ensure you are not just throwing your money away.

Find a Reliable Sportsbook

It’s no big secret that online betting is extremely popular. The global online gambling market is valued at around $63.53 billion, and online sportsbooks are in every corner of the web. Unfortunately, not every online sportsbook is licensed and operates legally, and quite a few of them may even try to scam you out of your winnings.

The best way to protect your investment, or rather your money, is to only bet on the Super Bowl in reputable and licensed sportsbooks you can find on sites like Legal Bet Canada. But why is a gambling license so important, you wonder?

Well, it’s simple. A gambling license protects players by ensuring the sportsbook conforms to laws and regulations issued by the governing body. Licensed sportsbooks are compelled by law to protect your personal data, have security measures to protect transactions, and won’t try to abuse their authority to seize your winnings if the bet was made legally.

Because of that, you should always make sure that the sportsbook you trust with your money has a gambling license and a good reputation among the players.

Gamble Responsibly

There’s no denying that gambling is fun and exciting. In some cases, it can be extremely rewarding, too. However, at the same time, gambling is also risky and potentially addictive, which is why you should always make sure you are in control of your betting habits. The easiest way to achieve that is to simply set up a bankroll.

Bankroll is the amount of money you set aside for gambling. It has been used by poker players for ages, and it is often a crucial aspect of betting strategies like the Martingale betting strategy or the Fibonacci roulette strategy.

The way you can use bankroll to keep your betting habits in check is to simply set aside the amount of money you wish to spend every week or every month on betting. In fact, it can also be the amount of money you are willing to spend per bet if you are only interested in betting on the Super Bowl.

The amount of money you should dedicate to your bankroll depends on your income and financial situation. However, as long as you stick to your bankroll, you shouldn’t have any issues with spending more than you can afford.

Keep in mind that a bankroll is only useful if you are not a problem gambler. If you suspect you have trouble with gambling, you should seek professional help and exclude yourself from betting sites.

Make the Most of Every Bet

Now that you know how to gamble responsibly and protect your money, you should also learn how to make the most of your betting. Here’s what we suggest.

Shop for the Best Odds

We mentioned earlier that sportsbooks are everywhere, so why shouldn’t you use that to your advantage? Browse through licensed sportsbooks you can find on sites like Legal Bet Canada, find the one that offers the best odds, and place a bet with them.

It may not seem like a lot, but it can net you extra cash if you are betting big, so there is no reason you shouldn’t do it. Moreover, it makes a huge difference in the long run, especially if you bet frequently.

Research Before Betting

The more information you have about the event you are betting on, the easier it will be to place a good bet. Furthermore, doing research can help you get ahead of the bookies, and potentially place a bet on the team the bookies marked as the underdog.

When it comes to doing research, there are several things you should pay attention to. For starters, you should always keep an eye on the latest injury updates and check if a key player is skipping the game. Additionally, you should check out a team’s form and find out information that may affect either the team’s or a key player’s performance.

That way, you can make an educated bet rather than rely entirely on luck and potentially throw away your money.

Check Out Different Types of Bets

A lot of new bettors make the common mistake of simply betting on the winning team. However, did you know you can place a ton of other bets other than the moneyline bet, a lot of which can make it easier to land a winning bet and make a profit?

Here are some types of bets you might want to try out.

  • Point Spread – choose the side that has to cover the spread. For example, if Kansas City Chiefs are favored by 8 points over Philadelphia Eagles, it means they must win by 8 points or more for you to win the bet. If the Chiefs win by 7 points, you lose the bet, despite Kansas City winning the game.
  • Super Bowl Props – a collection of fun and creative bets you can place on a specific match. During the Super Bowl, you can bet on everything from the result of the coin toss to the first song played at halftime, or even the color of the Gatorade the winning team will use to douse their coach with. Moreover, you can also bet on who’s going to be the Super Bowl MVP, and the list of previous Super Bowl MVPs might come in handy.
  • Over/Under Bets – bet whether the teams will have a combined score that is more or less than the score proposed by the sportsbook. For example, if the total for the Super Bowl result is 49.5 and the Chiefs win 30-20, you would win your bet if you placed an over bet on the total result. Keep in mind that placing the over/under bet on the total result is just one example, and there are many other over/under bets you can place.

The Wrap Up

Betting is an excellent way to spice things up a little and make every football game more interesting, especially when the stakes are high during the Super Bowl. Of course, just because you are betting, it doesn’t mean you should recklessly throw your money away and bet for the sake of it.

Instead, you should do your research, find the type of bet that suits you the most, and bet at the sportsbook that offers the best odds. The most important part, however, is that you only bet at licensed sportsbooks and that you gamble responsibly—bet only the money you can afford to lose and make sure you’re always in control of your betting habits.

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