Top Ten Ways to Lose Money

Credit for part of the top ten can be credited to JR Miller.

1. Always bet more than you can afford to lose. Gamble with the rent money, or the kid’s college fund, or the grocery money, or the car payment. Risk more than you can afford to lose. This certainly make things more exciting

2. Keep changing the sizes of your bets. Consider doubling up after a losing day in order to get even, or why not double up after a winning day to really have a big day.

3. Always bet according to your hunches. Betting according to your gut feelings is a real nifty short-cut to losing money. If you feel like you're 'due' a winning day, increase the size of your bets. Or if you get a hunch that a particular team is ready to get hot, load up on them and don't let anyone talk you out of it.

4. Anybody will win now and then if they bet propositions. Those stupid bets like betting on who will win the Super Bowl coin toss can be categorized as gambling and not sports investing.

5. Whenever you gamble, be tired, drink up, and flirt. Breaking this rule could be one of the reasons you've been winning in the first place

6. Pay for advice from touts who claim to win at least 70% of their picks. Truth is that winning 70% of your bets over time is impossible. Anyone can have a great week or a great month. But that type of winning percentage cannot be maintained.

7. Never read books or articles by experts, never do research. Always try new systems and ideas while you're playing with real money. Never practice or double-check a system at home before hand, and never read anything by acknowledged experts.

8. Always impress people with the size of your bets. It’s an ego thing like driving a muscle car. The good news is that if you drop $300 or $400 at the Las Vegas sportsbook, the casino will probably comp you the $10.95 buffet.

9. Consider winning or losing as a direct test of your self worth. Do not graciously accept that losing streaks are part of what happens to any successful sports bettor.

10. Bet just high profile games. Nothing wrong with betting a televised game because it is fun to watch, but they are the games that are most analyzed and scrutinized. A relatively obscure $100 bet on Montana vs Idaho State is worth the same payback as a high profile bet playing the Dallas Cowboys vs. the New England Patriots.