How well do you really know sports betting?
If you’re like most sports bettors, you’re always looking for ways to improve your betting strategy and increase your chances of winning.
Unfortunately, making sports betting mistakes is all too easy to do and can often lead to costly losses. In this blog post, we’ll take a look at 18 common mistakes that sports bettors make and tips on how you can avoid them.
1. Placing Too Many Wagers
One of the biggest mistakes sports bettors make is placing too many wagers. It’s easy to get caught up in betting excitement and start making bets left and right, but this can often lead to disaster.
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When you’re placing multiple wagers, it becomes much harder to assess the risk/reward ratio for each bet accurately, and as a result, you’re more likely to make bad bets.
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Instead, try to limit yourself to no more than two or three wagers per day. This will help you stay focused on the games at hand and increase your chances of winning.
2. Bet Bias
We get it! You’re a diehard fan! But there’s no reason why you should bet on a team that’s doomed to fail because it’s your favorite.
It goes either way. If you don’t like a team, it doesn’t mean you should bet against them.
When betting on sports, it’s important to be objective and make decisions based on the evidence at hand, not your personal biases.
3. Betting with Your Emotions
This is another mistake that’s closely related to betting bias. When you let your emotions get the best of you, it becomes very difficult to make rational decisions about your wagers.
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For example, if your team loses their first game of the season, don’t take it out on the bookmakers by doubling down on subsequent games. This type of behavior will only lead to disaster.
4. Not Doing Your Homework
This is a big one! If you don’t do your homework, you’re setting yourself up for failure. Betting is not a quick way to make (easy) money.
There are a number of different factors to take into account when placing sports bets, and not all of them are immediately obvious. For example, many people tend to focus exclusively on the current standings or matchups when making their picks, which can lead to some costly mistakes.
To make the most informed decision possible, it’s important to look beyond just the surface-level information and analyze things like injuries, home-field advantage, and player morale.
5. Overestimating Your Skill Level
We’ve all been there! You cashed in on the last three games, and you think you’re a betting pro. But this time, you place your bets, and you end up losing money. What happened?
If this sounds like something that has ever happened to you, it’s because of the gambler’s fallacy. This is when people believe their success will continue indefinitely and make bad betting choices as a result.
Don’t let this happen! If you’re on a hot streak, keep doing what you’ve been doing! But don’t get too confident and mess things up for yourself by taking unnecessary risks or being careless with your finances.
6. Having Unrealistic Expectations
When you’re betting, it’s important to have realistic expectations. This means not expecting to win every bet or making rash decisions in the hopes of recouping your losses right away.
Remember: sports betting is a game of chance, and there will be ups and downs along the way. Don’t let one bad streak turn into a full-blown losing streak by chasing your losses or doubling down on bets you shouldn’t make.
7. Failure to Set Up a Bankroll
A bankroll is the amount of money you set aside for betting. Experts recommend that you set aside an amount you can afford to lose; after all, winning is not guaranteed.
If you don’t have enough money to cover your potential losses, you’re setting yourself up for disappointment – and possibly financial ruin.
Remember, you should only use 1% of your bankroll amount in each game.
8. Sticking to One Betting Site
It may seem like a good idea to stick to the same betting site, especially if you’re comfortable with them. But by doing this, you could be missing out on great bonuses and promotions at other sites.
Not only that, but your favorite bookmaker may not have the best odds available in the market, so it would be wise to shop around and compare different offers.
9. Not Having a Betting Strategy
Sports betting requires a strategic mindset to have any chance of coming out on top. You need to know what markets are good and which ones aren’t when it’s appropriate to place bets or avoid them altogether when you are going with single wagers or accumulators; pre-match versus in-play…
A great strategy can make all those hours spent researching worthwhile, so don’t rush into placing your first few wagers without developing some strategy.
10. Not Being Flexible With Your Bets
One of the biggest mistakes bettors make is being rigid with their bets. This means refusing to change their original picks even if new information becomes available.
For example, let’s say you’ve placed a bet on Team A to win, and now there’s news that an injury has struck the team. If you don’t adjust your bet accordingly, you could be in for a rude shock.
11. Betting Under Influence: Don’t Drink and Bet
Well, you’ve probably heard of: Don’t drink and drive. We say, don’t drink and bet!
Alcohol can make you do crazy things, and betting while drinking alcohol will not bring your desired outcome. If your judgment is impaired by any substance, then it’s best not to bet at all. The same goes for betting when you’re tired or otherwise distracted—the outcome could be disastrous!
12. Betting for the Wrong Reasons
People bet for all sorts of reasons. Some bets are placed to make money, while others are done out of boredom or because they think it will be fun. Whatever the reason, you need to ensure that this is not just an impulse decision made on a whim!
Don’t bet on a team simply because they’re playing at home. You need to think about how much money will be lost if your chosen side loses and figure out whether it is worth risking losing so much cash for just one game’s outcome!
To succeed in sports betting long-term, there needs to be some sort of strategy behind every single wager you place (even if only based on gut instinct).
13. Failure to Take Advantage of Free Betting Opportunities –
Many online sportsbooks offer new customers a sign-up bonus for opening an account, as well as other incentives like reload bonuses, free bets, and more. If you are not taking advantage of these offers, you’re leaving free money on the table.
14. Not Diversifying Your Bets
When you only bet on a single team or player in any given sporting event, you’re essentially putting all your eggs in one basket and increasing your chances of loss. Spread your bets out among several different outcomes to reduce your risk.
15. Chasing Your Losses
This is one of the biggest sports betting mistakes made by amateur gamblers in all forms of gambling. When you start losing money, don’t try to force your way back into the game by increasing your bets. Simply take a step back and reduce your risk until you figure out what’s going wrong.
16. Chasing Big Payouts/ Higher Odds
This mistake is closely related to the previous one, and it’s a common one among novice sports bettors. Believing that you can simply double your bets when you’re losing to quickly recover your losses is a surefire way to go broke. The same goes for chasing high odds – while it may be tempting to place a big wager on a long shot in the hopes of winning big, more often than not, this ends up resulting in a total loss.
17. Failing to Keep Records
Even though it may sound like a chore, keeping detailed records of all wagers placed over time is extremely important for anyone who wants to succeed in sports betting in the long term. It allows you to track how much money you’re winning or losing with each team, sport, season, and more so that you can adjust accordingly.
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This will also help determine which teams offer better bang for the buck when placing future wagers on them and which ones consistently fail miserably regardless of the hype surrounding them.
18. Failing to Bet on Underdogs
One of the biggest mistakes a novice sports bettor can make is only betting on favorites. Bookmakers set lines with the expectation that most people will bet on the favored team, so by taking advantage of this fact and betting on underdogs instead, you can often find yourself coming out ahead in the end. This doesn’t mean blindly picking an underdog team either – research is still crucial.
Bonus Tip: Stay disciplined – one of the biggest keys to success when betting on sports is staying disciplined and not letting your emotions get the best of you. When you’re feeling confident, don’t overspend; and when you’re down on a game, don’t stubbornly continue to bet against all odds just because you don’t want to lose money. Sticking to a losing strategy won’t help either.
So, there you have it. Our list of the ten most common sports betting mistakes and how to avoid them. By being mindful of these errors, you can put yourself in a much better position to make smart bets and come out ahead in the long run.
Is sports betting a bad idea?
Sports betting is not a bad idea as long as you exercise self control and it does not negatively effect your life. Sports betting can enhance a game for some or be a living for others. Just take it for what it is and do not gamble more than you can afford to lose.
Is it smart to bet on sports?
It can be smart to bet on sports if you have a long term history of making money betting on sports or follow someone who does.
Is sports betting skill or luck?
Sports betting is skill if the gambler is a long-term winner. Sports betting could be luck in the short term.