• About
  • Mortgage Basics
  • $40K Challenge
  • Aunt Doris
  • Grandfather Says
  • Privacy
  • Archives

Len Penzo dot Com

The offbeat personal finance blog for responsible people.

How to Bet Responsibly for Your Favorite Team

By Tex Freitag

While fans may be stressed to back their team no matter what, this does not always translate as well when placing a wager for an upcoming sporting event featuring their dearly beloved club, with fans often placing bewildering stakes on their side which can lead to even greater regret in the inevitable post-game breakdown.

Sports betting has grown to become a major commodity throughout the US in recent years that has seen various betting markets skyrocket to monumental aspects of various sporting broadcasts and commercialism.

More active sportsbooks are now fully operational at various venues across the nation that enable more sporting fanatics than ever to get involved with a variety of bets from numerous sporting leagues and competitions.

With sports betting becoming such a major part of all active sporting events throughout America, it’s only natural that many fans often clamor to fully back their favorite teams. Unfortunately, for those who have limited incomes – or simply wish to maintain a strict household budget – that can produce mixed financial outcomes that result in money being wagered in favor of teams that have continuously underwhelmed and underachieved in recent years. So it’s important to note when the time is right to fully back your team before heading to a local sportsbook.

With that in mind, let’s look at some key tips every bettor should consider before placing any wagers on their favorite team:

Understand what the expectations are for your team

No matter how much history and accolades your team has accumulated since its establishment, it’s vitally important to focus on the present and even the future before looking back on the past. After all, just because your team was a major contender a few years back doesn’t always mean that will be competing at similar level years later – so it’s important to keep that in mind before overlooking a bet in your teams favor.

It is also important to recognize the direction that your team is going for the remainder of the season, as teams that are in the ‘rebuilding/tanking’ phase will likely play for higher draft positions than a playoff spot. A particularly good example being the NBA’s Orlando Magic, who have since traded a number of their top stars for draft picks with the proposal to build a younger team for the future.

Focus on the on-court product, not the size of the market

You could be a fan of a team that operates in a major US sports market like New York City or Los Angeles, or you could be a fan of a team that is known for being in a much smaller market than most other teams such as, say, Wisconsin or Utah. However, always remember that no matter which market you team operates out of, this does not always guarantee success which can leave even the country’s biggest market teams in a poorly run state of constant post season disappointment and underwhelming management from the front office.

A prime example includes the New York Knicks who may have one of the NBA’s biggest and most passionate fanbases, but have not won a world championship since 1973, with the organization being a constant disappointment throughout a large part of their recent history.

The Knicks maybe one of the countries most valuable teams and a major favorite amongst fans in some of the latest NBA betting, but that does not mean that they will become a major contender just for these facts alone, compared to a team such as the Milwaukee Bucks who play out of a much smaller sports market yet are now the reigning NBA Champions.

Consider the quality and depth of your team’s roster

Betting fans should also remain aware of the star names that each team has within the ranks of their active roster with most teams relying on key players and even superstar caliber names to be the figurehead of their franchise.

If you’re planning on placing a wager on your favorite team, then it may also be wise to signify which names can heavily dictate the overall flow of the game in your teams favor and if there are any significant absences due to injuries or suspensions that could prove to a major blow to the outcome of the game and your bet.

Most franchises often prioritize different commodities of their teams with some rosters often being frequently featured with a bulk of younger stars or determined veterans that have years of experience competing at the top level of the sport.

The Bottom Line

It is always a thrill to back your team with a responsible wager or two. However, you must always be sure that betting on your team is the correct option for the game itself, depending on the opponent and the expectations heading into the contest.

Photo Credit: John Martinez Pavliga

4 Comments February 14, 2022

Comments

  1. 1

    Big Winner says

    I won $1,000 on the Super Bowl last night. I want to thank the Rams holder for botching the extra point to make it all possible!

    Reply
    • 2

      Len Penzo says

      That missed point really screwed everything up since the Rams won by 3 and the spread was 3.5 points! I’m sure there are at least a million people out there who are either thankful or ticked off about it.

      Reply
  2. 3

    bill says

    I want my favorite team to be my pallbearers so that they can let me down one last time.

    Reply
    • 4

      Len Penzo says

      Dare I say … that pun was dead on arrival, Bill.

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

The Question of the Week:

Are you a better or worse financial manager than your parents?

View Results

Loading ... Loading ...

Recent Posts

  • Black Coffee: Out to Lunch
  • How to Set Up a Proper Gambling Budget
  • How to Guarantee a Social Security Disability Claim
  • Grandfather Says: Croc Hunting in Mindanao
  • How to Save Money on Dental Care So You Won’t Go Broke at the Dentist
  • 7 Big Reasons Why a Roth IRA Isn’t the Best Way to Save for Retirement
  • 3 Ways That Great Sleep Helps You Get Richer
  • Series I Savings Bonds Are Now Paying 9.62%; Here Are Their Pros and Cons
  • Black Coffee: Are You Not Entertained?
  • 100 Words On: What You Should Always Do Before Buying Stuff Online

Disclaimer

This site is for informational and entertainment purposes only, and the content herein should not be mistaken for professional financial advice. In fact, making investment decisions based on information published here, or any other website for that matter, is more than unwise; it is folly. This website accepts advertising in the form of monetary and other compensation; as such, topics of discussion are occasionally influenced by these advertisers. Sometimes, an article may also include affiliate links, meaning, at no additional cost to you, this blog earns a commission if you click through and make a purchase (for example, as an Amazon Associate I earn from qualifying purchases). Remember, you and you alone are responsible for the decisions you make in life, so please contact an independent financial professional for advice regarding your unique personal situation.

Sign up for the weekly Len Penzo dot Com newsletter
Len Penzo dot Com Delivered Weekly
Join more than 40,000 readers and fans who enjoy personal finance and macroeconomics with an offbeat twist!
Invalid email address
Thanks for subscribing!

Popular Now:

  1. 1. The Great Paper Towel Test: Which Brand Is Your Best Value?
  2. 2. How a Broken Washing Machine Fixed My Finances
  3. 3. Tip Inflation: We’ve Got Nobody to Blame But Ourselves
  4. 4. Lottery Fraud: Don’t Get Caught Paying “The Stupid Tax”
  5. 5. What’s the Fastest Way to Pay Down Your Mortgage Early?
  6. 6. The Marriage Conundrum: Joint or Separate Accounts?
  7. 7. Why Time Is More Valuable Than Money
  8. 8. 25 Examples of Shrinkflation That No Longer Fool Consumers
  9. 9. Historical Gold & Silver Benchmarks for Wages and Commodity Prices
  10. 10. 4 Good Reasons Why Some Quarters Are Painted Red

All-Time Most Popular:

  1. 1. 19 Things Your Suburban Millionaire Neighbor Won’t Tell You
  2. 2. Dear Friend: Here Are 41 Reasons Why I’m NOT Lending You the Money
  3. 3. Why Your Expensive Luxury Car Doesn’t Impress Smart People
  4. 4. If You Can’t Live on $40,000 Annually It’s Your Own Fault
  5. 5. 21 Reasons Why Corner Lots Are for Suckers
  6. 6. 4 Smart Reasons Why College Isn’t for Everyone
  7. 7. 18 Fast Facts About Social Security Numbers
  8. 8. My Ketchup Taste Test: Upset! Guess Which Brand Topped Heinz
  9. 9. Why I Prefer a Spreadsheet to Track Expenses and Manage My Finances
  10. 10. Here’s a Simple Trick for Getting Credit Card Interest Charges Waived

Copyright © 2022 Len Penzo dot Com · All Rights Reserved · Designed by Nuts and Bolts Media

© Len Penzo dot Com 2008–2022