Sports betting could be a very profitable venture, but it could also lose you a lot of money. Of course, no one has a success rate of 100 percent and there will always be losses. However, you should stay away from anything that would decrease the chances of your bet unnecessarily.
We’ve listed a few of the most common sports betting mistakes right below. You will find more success as a bettor if you can avoid them.
Lack of a Betting Strategy
One doesn’t simply start placing bets on various outcomes if they plan on making money. Punting does require a strategy as you need to know which markets you should bet on and the ones you should stay away from.
Timing is also a factor as there are times when you should be betting and times when you should simply leave it alone.
A good betting strategy could be the difference between big wins and heavy losses. Do the research and take the time to come up with a strategy of your own before even placing your first wager.
Not Managing Your Bankroll
If you forget everything else you read in this guide, do not forget this one. Bankroll management is probably the most important aspect of betting. You should never, ever (ever, ever) bet money that you cannot afford to lose. Do not take money out of your savings account, nor borrow money to bet on anything.
You could make an account just for betting and only use cash from that. If you end up losing all of it, you wouldn’t have damaged your finances.
Not Taking Time To Look For The Best Offers
Not all bookmakers are created equal. Some of them offer better odds than others and even the slightest difference could be huge.
A bookie offering 5/1 on a game is a much better option than one offering 4/1. While it’s only off by one, a bet of $100 would make you $500 with the first sportsbook as opposed to $400 with the first, whereas, if you lose, you lose the same amount either way.
Do take the time to shop around and see which oddsmakers have the best offerings going around. Also, there are sites that offer free bets and other perks to new signups. It’s worth checking on those too.
Always Betting On Your Own Team
Betting on the team one supports is generally considered to be poor form. This one is an easy mistake to make. No one wants to bet against their team but if you can avoid betting on games they’re involved in altogether, do so.
Of course, it would be hard to do so if you’re a bettor and your team is suddenly experiencing an upsurge.
Take the New York Knicks for example. It’s really a great time to be a basketball fan in New York. The Knicks are back to being great, while the Brooklyn Nets are outright favorites to win the NBA title this season. To be fair, this is a good period to bet on either team and Draftkings New York would have you covered. But, say they hit a losing streak, do not allow your optimism to cloud your judgment.
That’s the main problem with betting on one’s team, it’s easy for judgment to be clouded. It’s best avoided.
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Unrealistic Expectations
Sports betting is a game of chance, results could go either way. That’s what makes sports as attractive as they are. You could put in all the research, which is advised, but things could pan out any which way at the end of the day.
Unrealistic expectations could be pretty harmful. Don’t set yourself up too high on any bet in terms of thinking that it will be your lucky break and make you lots of money. While it may not be as harmful on one bet, it could cause you to increase wagers and bet more than you set out to in the long run, which could lead to financial disaster.
“The best sports bettors in the world don’t win anywhere near 70% or 80% of their bets. In fact, it’s a lot closer to just below 60%. And that is crushing it! This also means that you shouldn’t expect to come out of the gate crushing the world. These are the best in the world that we’re referring to,” Thesportsgeek advises.
“You see, you can certainly make a lot of money sports betting, but it’s going to be a slow grind. It will be up and down, but hopefully, in the long term, it turns into a nice, steady profit. This is what you need to prepare yourself for. Forget the mental image of doubling your money or going nuts on every single day that you bet. It’s a slow crawl (or at least it should be). Anything outside of this is not sustainable.”
