While sports betting will always be perennially popular, the niche market of political wagers has been growing steadily for the past 5 years. Now you can bet on a range of outcomes, such as who will win an election or what will finally happen with Brexit. As with all wagers, you need to gain insight into what you’re betting on, and do as much research as possible. Before you put any money down, check out the helpful pointers below.
Don’t Let Your Own Preferences Get in the Way
You should never involve your emotions when you’re placing bets; no matter how much you love your hometown’s Football team, you need to resist backing them if they don’t actually play well. This rule is especially important when it comes to political betting, since emotions tend to run high in this arena.
Don’t bet on a candidate or a party winning just because you agree with their principles. Save that idealism for when you’re actually voting, and place your wagers with ruthless realism. You need to look at the situation like top political and economic analysts do – in fact, find out as much about what they have to say as possible.
Read opinion pieces, and check the manifestos and track records of all contenders rather than just the ones you like. Study older and more recent article and polls, to see how approval ratings have changed, and don’t forget to consider way the voting process works. Hilary Clinton famously won the popular vote in the 2016 United States presidential election, but lost in the Electoral College. Astute observers, who really had their finger on the pulse of what was happening in the States at the time, could have made a tidy windfall by predicting these conflicting results.
Look Beyond the Outright Winners
You can bet on a lot more than just which party or individual will win an election. Pay attention to the smaller contenders, and bet on how many seats they will get or whether they will be represented at all. Sometimes you can also make other predictions, such as what will happen to the value of the Pound if and when Britain leaves the United Kingdom. Elections are also not only for the ruling party; in the United States, for example, you can also bet on who will take office in the Senate. The more you know, the more you’ll be able to take advantage of different legal sports betting opportunities.
Only Bet on What You Know
No matter how great the odds seem, don’t put any money on individuals or parties that you don’t know about. This advice applies to all bets, but politics and politicians are especially fickle. If you don’t feel confident, do more research and consider waiting until the next elections to back a winner. As always, don’t bet any money that you can’t afford to lose and manage your bankroll carefully. May your path to winning be straighter than the average statesman’s moral compass!