Have you ever wondered why your betting skill isn’t improving, or why you can’t seem to make any profit from it? Well, a part of it might be luck but most likely, you’re making some of these fundamental sports betting mistakes. Fixing them will undoubtedly make you a superior bettor!
Chasing Your Losses
Chasing losses is the one vice that haunts 99% of bettors and gamblers alike. After all, nobody wants to feel like a loser, so when people go on a losing streak, they tend to bet even more aggressively just to get even again. Eventually, they will just end up betting with money they can’t afford to lose, leading to the financial crisis, fractured relationships, and self-hatred.
Betting while tilted is no different than being drunk: it prevents you from making rational decisions. All the best punters will have to learn to let go of past losses and move on with a clear head.
Bad Bankroll Management
One of the most common sports betting mistakes happens to be a very important skill in life: money management. This doesn’t just mean being careful with your money, bankroll management means setting aside a specific sum used for sports betting. Set up a second bank account for betting deposits so even if you empty that account, you still have a healthy amount of money for yourself.
Most beginners fall into the trap of thinking betting on sports will make them rich overnight like in the movies. First of all, a very low number of bettors win consistently. Secondly, they can only do that by doing tons of research and carefully picking bets over a long period of time.
Unrealistic expectations lead to impatience: you may start off with a few lucky wins, but the money won’t be life-changing. Instead of dumping all your money on one match to get that jackpot, what you should be doing is focusing on winning consistency. Spreading your budget over a long period also helps you learn and test new strategies along the way.
Not Following A Betting Strategy
If you’re someone who bets casually for fun then more power to you, no need to follow anything. But if you want to bet on sports more seriously and make a profit, following a strategy is a must. Read the stats, research the teams, watch the footage, keep notice of line changes, devise the most optimal bet, and calculate your risk — these factors are all vital for sports betting.
Make no mistake, a strategy doesn’t mean placing the same bets every time. Strategies have to adapt to the context as well, like placing single bets for normal circumstances and accumulators when opportunities arrive, for example.
Blindly Betting On Your Favorite Team
It cannot be more natural for sports bettors to be sports lovers, but when it comes to betting, always trust your head over your heart. Good bettors can ignore their emotional association with the players and let the numbers speak, essentially only seeing team A and team B. It is entirely okay to bet against your favorite team and cheer for them at the same time. Sometimes, you have to separate the fan from the bettor.
Not Using Multiple Betting Sites
Not shopping around for the best odds is among the most crucial sports betting mistakes to avoid. Betting sites will claim they have the best odds, but none of them does every time. It’s not even hard to find the best line for any match nowadays since there are so many odds-comparison sites online.
Let’s say you want to bet on Italy as an underdog when they meet Brazil in a hypothetical World Cup. Sportsbooks with a large Brazillian demographic will have many people backing Brazil, their home team, thus making Italy even more of an underdog. If you put effort into finding these betting sites, the same bet can win you a significantly bigger sum of money.
Betting On Too Many Games
Nobody can blame you for your sports betting passion but unless you have a fortune at your disposal, you can’t afford to put too much on your plate. 20 games of different sports can happen in a single day, but spreading your bankroll out onto all of them is never a good idea. Instead, you should carefully pick matches in the sports you have the most knowledge about and you’re most confident with.
Not Having Your Own Opinion
The common sports betting mistakes you see might be those who bet impulsively in their own bubble without knowing what other bettors are doing, but the opposite of that is just as dangerous.
The world of sports betting is filled to the brim with tipsters and self-acclaimed experts who love to tell you where to place your bet. But many of these gurus are delusional losers who just perpetuate misinformation and myths, while others sway the public to go one way so they can make more money betting the opposite side.
Besides, even the professionals disagree all the time. So if you can’t make up your own mind, you are placing the fate of your money in the hands of strangers and will never get better as a punter.
Failing To Keep A Win/Loss Record
Speaking of getting better, nobody is immediately good at something when they first start it. So perhaps the priority of sports betting beginners should not be the momentary wins but their growth as a punter. And there are few things more effective for growth than keeping a record of your wins and losses.
Along your betting journey, you are bound to test out new strategies. A win/loss record will help you recognize which strategies are effective and which are not. It can also be encouraging to take a look at your career and see how many betting mistakes you make now compared to the start.