The legalization of sports betting across many areas of the U.S. has led to a new wave of bettors. Full disclosure, I’m NOT a professional bettor. However, I have learned many lessons. Some of them have been the hard way, while others have been from listening to advice from professional bettors. Here are some of the things that I’ve learned, well, besides betting against Bubba Beauregard to score with total fox, Jordan Leigh-Jensen, haha!

1. First, assume that you’re going to lose your bet. Then ask yourself. If I lose, will it really hurt me financially or is it no big deal? If it will really sting, then don’t make the bet or bet less. You should bet so small that you could literally care less if you win or not. Never bet your house or kid’s college fund, no matter how much of a sure thing it may seem. There is no such thing as a “sure thing”. Anytime you risk your money, you have to be prepared that you could lose it. All it takes is one crazy play, one injury, or one bad call to take you down. If you’re just starting out, you can do a trial run by just picking the games and not betting any money on them. BettingPros has a good app for tracking your bets or you could use a pen and paper and track them manually in a notebook. Once you are comfortable, then start out with something small, like betting pizza money.

2. PARLAYS ARE BAD BETS. Yes, you could get lucky. Heck, you might even go on a hot streak. However, in the long run, parlays are terrible bets and you will most likely lose. It really ticks me off when I see anyone promoting them. Some of them are well-known pundits in the fantasy industry. They’re doing their followers and listeners a disservice by touting these horrible wagers. So, either they don’t know what they’re talking about. Or two, they’re getting paid off by the sportsbook to be a shill to promote these terrible wagers. Both of those are terrible reasons. That’s why I wouldn’t trust anyone promoting this garbage. I don’t care if they wear a suit and a tie and are on television or are an attractive woman with a great smile. People work hard for their money. I can’t suggest to folks that they should make a wager if I know it’s a bad one. Fortunately, I’m not the only one. Adam Levitan from Establish The Run also agrees with me that parlays are a bad wager. Parlays are a well-known losing strategy. Just google it. You’ll see sportsbooks who admit to promoting these lousy wagers because it’s their biggest money maker. Remember, if the shills who promote these horrible parlays were good at winning their bets, they wouldn’t need to promote them. Professional bettors like Billy Walters don’t shout their picks from their Twitter rooftops. They just bet them quietly and go about their business. They’re professionals for a reason. They win, consistently! Hey, don’t just take my word for it. See the videos below. The first one is with host Gil Alexander and professional bettor Bill Krackomberger and what they think about parlays. Krack is not only a successful bettor, but also a really good guy. You can follow them on Twitter at @beatingthebook and @BillKrackman The second and third videos are about arguably the greatest sports bettor of all-time, Billy Walters. And while I’ve never met or talked to Billy, anyone willing to help out bettors, like he and Krack, is aces in my book, unlike many others on social media.

3. Stick to the games/picks that you’re most confident in and stick to your budget. You don’t have to bet every game. Just because it’s on tv doesn’t mean you have to have money on it. Don’t get loosey, goosey with your bets. Having self-control and discipline might be the most important lesson in gambling. Many professional gamblers, some very successful professional poker players, who have won millions, have gone broke (some have gone millions in debt) because they can’t say no or manage their bankroll effectively. They have to have action on everything- for ex sports bets, golfing, blackjack, craps, etc. And not just a little action, but a lot of money. It’s an addiction, like smoking or drugs. Remember, the only thing worse than not having money is having a lot of it and going broke. Don’t make the same mistakes that many others have.

4. Consider focusing on one sport. The season and offseason and has so many changes with trades, injuries, free agency, the draft, recruiting, coaching changes, transfers, etc. that it’s hard to keep up with all of it. And if you’re betting your hard earned money, you need to stay on top of things. You need to know if players are healthy or are playing hurt. I’ve seen people from websites dedicated solely to NFL prop bets/fantasy football not know that Breece Hall was playing with an injured knee and was nowhere close to being 100%. That’s even more important if you’re making prop bets or daily fantasy picks. Also ask yourself, as the season winds down, has the team packed it in or are they still giving 100% effort? Another thing is that it might be good to specialize in one region of the country. For ex. if you bet college football, sticking to one conference that you know well, might be the best strategy. Remember the goal is to win, period. Whatever you’re strongest at is where you need to concentrate on.

5. Don’t chase. If you go on a losing streak, don’t try to make it up with one big bet just because you’re behind. That usually doesn’t end well. It might be better just to take some time off. Life is more than just gambling. Go for a walk in the park. Watch the squirrels and birds scurrying around. Go out and have a nice dinner with your family or friends. Don’t talk or even think about sports or betting. Take your mind completely off of it. After some time passes, whether it’s days, weeks, months, or years, try to assess how your analysis was wrong and learn from it. Finally, don’t make an emotional decision when it comes to betting. Stay calm, disciplined, and focused. Try to see the big picture, both with your betting analysis, and in life.