You like to play games. You’re pretty good at it, actually. Skills based betting seem the perfect opportunity to make some cash while playing games. However, you will quickly learn that playing for money is completely different than playing for fun or prestige. The higher the stake, the more shaky hands and sweaty palms will be symptoms that you will experience. You will need talent to be successful at skills based betting, but it won’t suffice. Here are some tips and some common mistakes to avoid if you want to excel at money earning games.
Betting too big, too fast
It is highly recommended to be very familiar with a game before committing big sums. Most of the skills based betting games allow you to play for fun before staking anything. It will be harder when you play for money because of the pressure that the financial stake involves, so you have to be very well prepared. Let’s say you have to score 20 points to earn 80% of your stake on a SkillGaming game, it’s not because you managed to reach this target three times in a row in training mode that you will automatically succeed once money is at stake.
Don’t bet more that you can afford to lose
Skills based betting provides an incredible dose of fun and adrenaline. In the same way some people play the lottery or bet on sport, one might bet on those video games just for the thrill. It’s fine, but define limits so that it does not have substantial financial consequences. It can be a weekly budget or a monthly budget, it is up to you. It does not make sense to provide any guidance about what that amount should be, as it would depend on your income, your purchasing power, your entertainment budget. For some people it might be $10, for others 100, 200 or much more. Simply don’t bet more than you can afford to lose.
Don’t rage bet
Money earning games can induce similar dynamics as trading. For example, someone who loses a trade might feel the urge to trade again immediately to compensate for the loss. It is, of course, a very bad idea, since the decision is driven by emotions rather than sense. If you lose a bet by a hair and it made you quite angry, don’t rage bet in a dangerous attempt to recover what you just lost. Given your mental state, the odds are pretty high that you are going to lose again, which will only make things worse.
Don’t chase your losses
In a similar way, chasing your losses won’t make you any good. You see, with games or anything in life, we all have good and bad days. Some days you will walk on water, you will be almost invincible and you will make quite some money. On other everything will seem to be against you. On such day just stop betting, do something else and try again another day. When you are on fire you will recover eventually those losses, not when you are agitated because you lost too many games.
Conclusion: be reasonable and cool
Skills based betting puts gaming under a completely different light, makes it a specific thing that every gamer will have to master. If you have some experience in trading, it will definitely help you as many pitfalls are similar to both disciplines. But while financial markets are in many instances unpredictable, with skills based betting you are completely in charge of your success. Stay cool, be reasonable and everything will be fine.