Learn to make smart bets.

    There are a number of rules that apply to this, and while some are about the numbers, others are about which teams you should and shouldn’t bet on.

    For instance, while each bet should represent about one to two percent of your bankroll, you can reduce this to 0.5 percent if you aren't confident about a bet. Similarly, you can increase the bet if you're very confident, but never place a bet that exceeds four percent of your bankroll.

    There are also some experts who say never to place a bet if you aren't confident, because it’s better to walk away and find a better bet that you feel good about.

    Many experts recommend not betting on your home team in any sport, because your bias can cloud your judgement, and this can lead to great losses.