While it’s important to learn from your mistakes in life, in online sports betting, failures are expensive, so we’d prefer you avoid them altogether. Of course, no one is perfect, and achieving 100% success is unlikely. However, there are some things you can do or avoid to improve your betting experience.
If you’re new to the betting scene and want to get off to a good start, or if you’re a seasoned bettor who needs help figuring out where you’re going wrong, keeps reading.
Here, we outline 7 of the most common betting mistakes
1. Emotional betting.
Many bettors fall into the trap of betting with their hearts. There is a strong tendency to bet on a favorite team without considering the odds or analyzing match statistics. This type of blind betting may work once or twice, but it will lead to heartbreak in the long run.
You must remain objective no matter how great you think your favorite team or player is. Betting is all about cold, hard facts, statistics, probability, and a lot of luck. Sentimentality has no place in betting decisions.
That’s not to say you can’t ever place a wager on your favorite team! Just consider all the information and place your bets with your head rather than your heart.
2. There needs to be more money management.
A successful bettor bets responsibly, which requires discipline and active management of your bankroll. Spend some time accumulating your bankroll before you begin betting on online sports. A bankroll is a money set aside specifically for betting.
Please remember that this is ‘extra’ cash, not money for rent or bills. Using a separate account keeps you safe and prevents you from dipping into your savings or the money you need to live on.
Never ‘all in’. Only wager up to 5% of your total bankroll. Set a limit for yourself and stick to it. This ensures you have enough money to bet again, minimizes losses, and allows you to recover them gradually.
3. Chasing after losses.
In sports betting, this is a big no-no. After all, betting is essentially a game of wins and losses—why that’s it called “gambling”? Losses are unavoidable and cannot be completely avoided. The sooner you realise this, the better.
Trying to recoup your losses by betting larger or more frequently on other games is a slow decline. Desperate bets are unreliable because they need to be better thought out and planned. Instead, be cautious and consistent with your stakes, and your losses will eventually even. Many sportsbooks allow you to set betting and deposit limits when you sign up, which can help you avoid this trap.
4. ‘Just for fun’ betting (or for the hell of it).
Betting on sports shouldn’t be about making a sport ‘more interesting’. If you have to bet to have fun or get a thrill, you may not make the best betting decisions. These ‘on a whim’ bets are generally not based on value, are made on the spur of the moment with no analysis, and will cost you money.
Have a reason to bet rather than ‘just because’. The best reason to gamble is to profit in the long run. That doesn’t mean you can’t have fun betting, but it’s much more fun when you win!
5. Gambling while drunk.
Isn’t it self-evident? Nonetheless, you’d be surprised how many bettors log into their sportsbook accounts while under the influence. Alcohol impairs judgement and makes you less inhibited, a disaster waiting to happen.
Drunk decisions are rarely correct, and you are more likely to overbet. Bettors have been known to lose their entire bankroll in one evening due to gambling while drunk. Save the booze for the celebrations when your smart bet pays off!
6. Betting on sports that you are unfamiliar with.
This may seem like an obvious point to make, but it happens far too frequently, especially during high-profile tournaments or matches.
For example, media coverage leading up to a major boxing match frequently attracts casual and inexperienced bettors. They know nothing about the sport, the athletes, the tournament, the rules, the history, or anything else! They become engrossed in the hype and lose the bet more often than not. It’s a fantastic way for sportsbooks to profit!
A wise bettor understands what they are betting on. You don’t have to be an expert, but it’s a good idea to understand the sport and how it works if you want to beat the bookies.
7. Failing to shop around for the best odds.
While each online sportsbook is unique, they all want to make a profit. So sticking to one sportsbook makes little sense. Line shopping lets you find the best bookmakers for your bet before putting down any money.
There is simply no excuse for being a sluggish bettor. You don’t have to get out of your comfortable armchair to conduct the research. You can easily find which bookmakers offer the best odds for your chosen match, game, or tournament by conducting a quick internet search.