I am soccer fan since really old age (2-3 years old). I started betting around 6 or 7 year ago. It took me some time to learn how to do it properly. I was playing really dumb before, placing on 3-4 matches money that I can't afford to loose and the result was bad. But I've learned my mistake and found out how to do it actually profitable. In my opinion sport-betting is nothing different than trading on Forex etc. You have all the needed info provided for the game to make the best pick out of it. You know which teams are playing, when they are playing, at what weather, who is playing, who is injured, for what they are playing, how they were performing the last games, how they performed against that team. Everything of this matters when I try to make a pick.
About the question what will happen if you loose all your money? - I really don't know since I never experienced it since I started playing the way I do now. I will explain you why. For me to loose all my money I must place them on 1 bet and it has to loose. But that's not how I am working. I have 3 kind of bets I use
Bet 1. (Average Bet) -10% of my bankroll
Bet 2. (Solid bet)- That's a bet I have really good feeling it will win - 20% of bankroll
Bet 3. (Strong bet)- That's a bet that I really feel it must win and I feel pain if I don't put much money on it - I put 30% of my bankroll on that bet
Most of my bets are 10-20% tho. I skip putting the 30% bets often.
That's my formula to make the things work