You do need a free account at one of the popular online payment systems. Paypal doesn’t accept gambling transactions, but other services, like neteller (the service I use), firepay, moneybookers, surepay, click2pay, among others. These accounts can either be linked to your personal bank account or you can set up one time payments with them. Many sportsbooks do take checks, but it takes several weeks to post to your gambling account.

And of course, you’ll also need to open a sports betting account. If this is just recreational there is no need to research every facet of the sportsbook. Just use a trusted name. Check out the homepage for each sportsbook you are considering and check two things: The minimum bet, and the promos they offer. If you are only depositing $50, signup bonuses aren’t going to be worth a lot - you’d rather have promotions on bets. Most sites dont necessarily tell you the minimum, but all the sites I advertise have small minimums - usually as low as $1 or $2. If you want to be sure, email support.

Let’s take a look at on of my favorite sportsbooks, Betgameday… This was also my first sportsbook many years ago.

From the homepage, I click on “bonuses and promos” in the left navigation. They are usually offering extra 10% cash on redeposits which may come into play down the line. Then they offer close call parlays, and reduced juice multiple times throughout the week (midnight mayhem, happy hour, half point fridays) Other sportsbooks, like Nine.com offer 5% vig tuesdays, and 10% cash back on losses. Betgameday doesn’t list minimum bets, only maximums, but I know you can place small wagers.

So you have choosen a sportsbook and can fund an account. You deposit $50, claim a 20% bonus (fairly standard for new accounts) - $60 to gamble. Let’s say you place $3 wagers and dont take advantage of reduced juice promos (but you should!). You get to place 248 bets, winning just half your bets before the money runs out… Even placing 3 bets EVERY day, that money would last almost 3 months. Obviously, if you can win more than you lose, the money would last longer.

Top 10 Tips for Sports Betting on a Tight Budget
10. Set a limit to the number of bets you make. Or, limit the amount you will bet per day.
9. Only bet on games you feel very good about.
8. Take advantage of sportsbook promotions for reduced juice and free points.
7. Bet favorites early, bet dogs late in the week. Typically, spreads/lines move this way over a week.
6. Set a maximum amount you will bet. If you want to vary your bet amounts, add from some bets while taking from others. Say for example your range is 1 to 5 with most of your bets $3. For every $5 bet, take a 3 dollar bet and make it $1. This should be a game you are the least confident about.
5. Try fantasy betting too - some sportsbooks have free/cheap contests or perhaps you can find something on Yahoo for free.
4. Dont fall into the trap of betting all favorites or betting “over” in totals. Too many novices do this… and experienced handicapper finds value in lines for both sides.
3. Never expect a team to win, just weigh how likely it is. Dont get overly hung up on points - you have no way of knowing if a team will win by 7 or 8 points - just decide where your threshhold is and stick to it.
2. Stay the course… Dont make one bigger bet on a “sure thing”.
1. Have fun… dont get wrapped up in the betting. Just use it as a way to enjoy watching the game even more!

If you ever stop having fun and feel you have to gamble, seek help. If you find yourself starting to wager more than you can afford, you should also seek help immediately. Sports betting can be addictive - especially after a nice winning streak has gone sour!