There are two kinds of gamblers… those who lie about their losses and those who don’t. Very few people who gamble come out ahead.

But, losing is not inevitable. A small bettor can make a little money wagering on basketball. In fact, while others continue to lose, a few people, albeit a small minority, do win fairly consistently.

These bettors have a few things in common. Most important are a set of rules and the determination and self-discipline to stick to them. The best basketball I know has made these rules for himself.

1. Decide on a budget at the beginning of the season. Determine how much you want to bet on individual games, and the maximum number of games on which you will wager. Your budget should be low…an amount of money you can afford to lose without hardship. If at any point you are tempted to increase the maximums you have set, stop gambling immediately.

2. Research, analyze, and review before placing a wager. Successful bettors rely on their intellects, not so-called gut feelings.

3. It is far easier to pick a few winners than a lot of winners. Do not bet on a game unless you have done a careful analysis of it, and bet only on contests about which you feel most confident about the result.

4. Be wary of attaching too much importance to trend data, especially if some of that data is historical, as opposed to current. How well a team has shot free throws during the last five years may not tell you much about what its percentage from the line will be this year, for instance. TV and radio analysts will sometimes give you a lot of “gee whiz” information or make statements they could not defend against the questions of a high school debater. You have to decide which information really means something in determining the outcome of each game on which you consider wagering.

5. Whether you win or you lose, continue to analyze the effectiveness of your selection process. Are you betting too much with your heart? Are your perceptions about the quality of play in a given league proving to be correct? Are you giving too much (or too little) weight to the quality of teams’ coaches? Refine your selection criteria if warranted.

6. If you do not understand how big an advantage the home court is in basketball, do some research. Playing at home offers a bigger advantage in college basketball than it does in any major sport.

If you follow the rules above without exception, the odds of your coming out on top against the pros…the online and the brick and mortar casinos…is still pretty low. But, you’ll have a good chance against your friends and in the office pools. And, the bragging rights are even more fun than the few dollars you can win.

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