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Splitting your bets is also a way to reduce your risk. Instead of placing a large bet on a single event, you can split your money and bet on several different events. This not only helps you protect your capital but also creates more chances of winning. Spreading your bets wisely between events will help you limit your risk of loss and increase your ability to make a profit.

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Another strategy is the "Fibonacci" strategy — based on the Fibonacci sequence — where you increase your bet by the sequence when you lose and return to your original bet when you win. While this strategy doesn't guarantee a 100% win rate, it can help you minimize your losses and maximize your profits if used correctly.

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These strategies and tips will not only help you minimize your risk but also increase your chances of winning in betting. Always remember, betting is a long-term game, and success comes from patience, analysis and smart decision making.