Betting in Nigeria: 7 Things You Should do to Avoid Depression or Worse.
Betting is now prevalent in our society, with many people seeing it as an option out of their current financial difficulties. Human beings are naturally inclined to processes that bring in a lot of money with little or no effort.
A 2019 report shows that about 730 billion Naira (~ $2 billion) was spent on Sports Betting alone by Nigerians in 2019. A very sizeable market, indeed!. The clear winners in these ventures are the betting companies, make no mistakes about that. In the right market, betting is a license to print money for the firms.
Now what about you, the punter? What are the chances of you beating the odds enough to become a multi-millionaire? The truth is that this is not a likely scenario. The betting business model is designed to make you participate, not to make you rich.
It is essential to understand how the betting industry works before you even place your first bet. It will mean you are in the right frame of mind to plan and execute bets without losing your shirt, car, house, job, friends or family.
Take, for instance, Michael has 1 million Naira and staked the whole money on a bet he thought was a sure win. However, his hopes were dashed as the predicted bet outcome failed. This situation could lead to depression, or worse still, suicide. Therefore, this article details Seven things you need to know about Betting in Nigeria, so you avoid depression or suicide.
1. Do Not Borrow To Bet
A lot of people view betting as a get-rich-quick-scheme. Therefore, they do everything possible to partake of its proceeds. However, betting is not a get-rich-quick scheme. It is merely a game of odds where you’re required to bet on the odds of an event happening. The smaller the odds, the more money you’re liable to win when the odds work. So, it is a terrible decision to borrow money to fund a bet. Remember, it is because it’s a game of probability whose outcome is unsure. You ‘might’ lose the bet and still have to pay back the money owed.
2. Do Not Expect To Win
“I’m playing this game because I want to win some cash”, someone says. The high expectations that a bet can solve your immediate needs is another reason why depression sets in. It is easier to manage a loss when you expect it than when it comes as a shock. Understand that betting is a game of risks. So, it is better not to put all your hopes in a win. By all means, have a winning mentality but be very aware of the risk. Also remember, you will not be the only loser or winner on any given day.
3. Stake What You Can Afford To Lose
A lot of people spend more than necessary to stake bets which shouldn’t be so. Betting is a game of risks. So, you should only stake the money you can afford to lose. Do not use your school fees, rent money, church money, company cash or savings; the odds are against you coming out on top.
4. Choose a Betting Activity You’re Interested In
One of the biggest mistakes you can make betting is staking your bets in multiple activities. Not only does it increase risks, but it is capable of emptying your bank account. Staking bets in an activity, you’re interested in or have experience in helps you to manage your risks and increase winning odds.
5. Be Confident, not arrogant
Whether you’re a pro or a beginner in betting, self-confidence goes a long way in determining how you’ll manage bet outcomes. Therefore, building your confidence helps you to prevent depression regardless of the betting results.
This confidence does not come from expectation to win but from obeying the rules already set out above: do not borrow money, bet what you can afford, etc.
6. Compare The Odds
Most betting playbooks offer different events to bet. So, before you enter a bet, compare all the options.
7. Do your research
Lastly, before you place your bets, ensure to research possible outcomes based on past events and related activities. Do not place bets based on your feelings/sentiments/emotions. Instead, place bets on a factual basis to help you to take some qualified risk on the outcome.