5 Most Common Mistakes In Sports Betting

By  //  June 10, 2021

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Betting on sports isn’t straightforward. There are lots of pitfalls that could cost you a fortune. Everyone makes betting errors, but the earlier you avoid them, the better the chances of becoming a successful sports bettor.

Sports wagering requires patience, skills, strategy, and making the right betting decisions. Most rookies dash in with the thought of quick bucks, which is never the case. The key to being successful is avoiding the get-rich mentality. You have to remain focused, develop a betting strategy, and build your bankroll steadily.

Winning wagers is no mean feat. You have to optimize your chances and circumvent blunders. Mistakes lead to money loss, frustrations, and a never-ending cycle to recover losses. Below are the most prominent sports betting mistakes to avoid. 

Mismanaging Your Bankroll

Bankroll management is perhaps the most crucial aspect of gambling. The worst mistake you can make is poorly managing your betting bankroll. Regrettably, most bettors don’t know about effective money management.

The tragic stories of how gamblers lose it all are becoming too frequent. Some bettors spend their savings and end up in states of despair. Yet, setting up a bankroll management plan is elementary.

Sports gamblers are aware they should only wager what they can afford to lose. Yet, countless people sidestep this rule and risk it all. What’s insane is repeating the same grave error while chasing losses. You’ll be caught in a vicious cycle of losing money.

Good bankroll management involves setting a betting budget and sticking with it no matter the temptation. Once you have a budget in place, the next step is formulating your bankroll strategy. These rules outline the minimum and maximum amount to stake per event. You have to stick within these limits. Doing so requires self-control and determination.

Unrealistic Expectations

Everyone, including professional gamblers, experiences a losing streak. There is always a bad day that comes with bad luck. You might conduct thorough research, but you ultimately have no power over an event. 

The vast majority of novices begin their betting expeditions with irrational presuppositions. Such gamblers view wagering as the highway to riches. They think they will win all their predictions and more money. Such bettors experience a steep learning curve.

There are profits to be made in online sports betting, but it takes forbearance and realistic expectations. Winning depends on several things. The most obvious is that you should be well-versed in a particular sport. Know the ins and outs and how teams perform. You can conquer different betting markets if you have extensive information. 

With that said, extensive sports knowledge won’t translate to instant success. Professional sports bettors win approximately 53% of their bets. This percentage applies to professional bettors who use advanced strategies. The average bettor is likely to have a lesser winning percentage.

Punters wishing to join sports betting must have rational expectations. The logic of sports betting should be long-term profits based on slow grinding. Big bets might be enticing, but you will lose money if the event goes against your prediction. Learn to avoid risky bets altogether.

Placing Too Many Wagers

Reeling in money requires patience, a virtue that bettors lack. Many bettors have a placing too many wagers. Some create large parlays with the hope of a hefty payday. None of these strategies is ideal.

The answer to what you should not do in sports betting might lie in your betting slip. Avoid placing too many wagers. The more you bet, the lesser the chances of your wager winning. A better alternative is to focus on one sport.

Parlays are a great form of betting. Yet, so many gamblers misuse this feature. There’s no point in combining many bets, only for one event to hamper your winning bet. Embrace betting based on thorough research on an upcoming match. Ensure your multi-bet has a reasonable number of possibilities. Straight bets may also be a better option.

Ignoring Value

Sports betting losses occur when bettors misunderstand the value of bets. The best sports bettors don’t mistake value for odds. Novices often think a big bet offers good value. Although odds relate to probability, it isn’t advisable to mix the two concepts.

Value depicts the ability of a team to overcome its odds. It occurs when bookmakers underestimate the winning chances of a particular wager. A bet has a positive value if it’s more likely to succeed than what its odds predict. These sports wagers tend to be profitable in the long run.

You find value bets by comparing odds from more than one site. Take a college football game, for example. You’ll find some sites undervaluing a poor-performing team. Such a team offers value if you fancy its chances of winning. A big mistake when you bet on sports is picking your favorite team. You will wager with your heart. Betting choices require deep research and not emotions.

Opting for the Wrong Betting Platforms

One of the common sports betting mistakes is joining a bogus gambling site. Online betting sites are convenient, but with many bookmakers around, picking the right platform isn’t easy. Some rookie bettors rush to sign up with any sportsbook.

Not all platforms offer exemplary gambling services.  Some are unscrupulous bookies looking to swindle your deposits. Others are on the hunt for your data and payment details. More characteristics of bad sites include:    

■ Slow payments

■ Unfriendly interface

■ A limited number of markets   

■ Poor customer support

■ Poor odds

You’re likely to have a negative betting experience if you register with an unfamiliar gambling platform. Avoid this problem by going with well-reviewed sites.

Trusted Online Bookmakers with Bonuses

Finding trustworthy bookmakers is no easy task. You have to sift through different bookmakers to find some gems. The most trusted and reliable online sportsbooks are safe, licensed, provide bonus funds, and offer the best odds. However, new bettors fail to find reputable sites before they start betting.

Below are five different betting sites that are worth your time.

■ BetNow

■ Sportsbetting

■ BetUs

■ Bovada

■ MyBookie

The above sites accept wagers from US bettors. You don’t have to create multiple accounts. But, there may be value in doing so as you can have access to a more extensive selection of odds. 

Final Thoughts 

Betting online is a learning process. To become a better gambler, avoid making common betting mistakes. The list above details the pitfalls to avoid when starting your sports betting career. Remember to gamble responsibly via reputable sports betting sites.

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