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Desperate Measures: Risky Money-Making Strategies to Avoid

Taking financial risks is can be a tempting approach for consumers under financial pressure. The allure of living financially worry-free always exists and many are willing to take risks.

Risky ventures do not have to wipe out a person’s bank account. In fact, a consumer can try some moderately risky money-making strategies with one $20 bill. The following are a few risky bets on making fast money with a small outlay of cash:

Scratch-Off Cards

Scratch-off cards are available at a multitude of convenience stores and shopping centers. The odds of winning on scratch-off cards vary with each company and card type. Card prices vary from $1 to $20 in price, and their payouts change according to their algorithms. By only spending $20 on the scratch-off cards, the consumer is cutting his or her potential losses. The best way to increase the odds of winning is by purchasing several cards. Buying 20 $1 cards has a higher success rate than buying one $20 card has.

Online Casinos

Online casinos are an increasingly accessible venue for trying to win big with a small amount of money. Many online casinos award new players by giving them free spins or free dollars. A new player could win money without spending any of his or her cash. The key to successful gambling is for the person to avoid going over the betting threshold. If the threshold is $20, and the person loses the $20, then playtime is over. However, winning requires a different strategy.

A winner could use the halfsies strategy. The halfsies strategy is a strategy that involves withdrawing the initial bet plus half the winnings from a winning wager immediately. The player should place the money in a savings account and forget about it. He or she can then use the rest of the money to bet as he or she sees fit. That way, the player is a winner no matter what happens with the other half of the money.

Sports Betting

Sports betting may be more comfortable for people who like higher odds. Boxing, football, basketball and baseball games can have 50/50 odds when a person bets on one team or the other. Sports betting sites, like other betting sites, offer sign up bonuses and incentives. New bettors can receive matches for up to 50 percent of their bets. For example, a new better who spends $20 may receive an extra $10 for betting. That $30 bet may earn the person $6,000 or more.

Small risks can often yield surprising returns, but do not amount to a sound cash flow strategy.

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