You know the guy cheering every time he’s watching sports? It seems like the guy can’t lose, he’s always hitting his bets and making a ton of cash to go along with it. It’s time that you become that guy and it is easier than you think. You just need to avoid the 10 biggest mistakes when betting.
Betting is more than just picking a few games and throwing money down. It takes time, research and effort on the end of the bettor to consistently win and make a big time profit. If you’re picking a team because you like the way their uniform works, you’ll be broke quicker than Usain Bolt can run a mile. You have come to the right place to learn how to up your gambling game and avoid the biggest betting mistakes.
This is a massive no-no. Money management is the most important part of sports gambling, we’ll get into this even more later. When you decide what you are going to wager per bet, you have to stick with it. That means when you have a hot hand, you don’t increase your bets and when you’re in the hole, you don’t try to win everything back with one gamble. If you are betting $50 on every game you bet on, that’s what you should stick with throughout.
This piggy-backs off of our last point. The worst mistake you can make when betting is betting with money that you don’t have. This isn’t the movies and the last scene won’t be you hitting a million dollar bet to pay off debts. You’ve got to establish a number that you’re comfortable with and stick with it. The average is 1% to 5% of your bankroll and 3% is a popular figure. This means if your whole bankroll for the week is $500, you are only placing $15 per bet.
We all have a favorite sports team and favorite players, but that doesn’t mean you should be betting on them. When you bet with emotion and heart for a team you love, you can end up losing a lot of cash. Stay away from gambling on “your team” and instead do real research and make a fact-driven decision on the other games.
Value is a measure of how the odds relate to the estimated chances of a wager winning. The best bettors only place bets on wagers that give them great value. This means they aren’t chasing the favorite who has a value of -310 that night because it is not a good value. This doesn’t mean only bet an underdog with a positive value. This means understand where the value lies in a bet and make sure you are getting the most out of your cash.
Everyone is guilty of this mistake from time to time. On a college football Saturday when there are dozens of great games on, it is easy to get overzealous and bet on far too many games. When you bet on too many games in one day or night, you risk wiping out your profits with an even day or completely crushing your bankroll because you had one bad night.
Before you bet you should look at trends and do research, but there is also something known as being “to into trends.” Inexperienced bettors too often ride the hot hand and fade the cold one. When a team gets blown out, oddsmakers make their next game a number that will make bettors bet against them. For example, if the Lakers lose by 30, the next game they may be +11. In reality, that’s a good bet to take but many will bet against them because they are scared off by the numbers.
In today’s stats overload world, there is a statistic for just about anything. We now know what a team’s record is on the 5th day of July when there is a full moon. These stats mean absolutely nothing and you shouldn’t take them into account when you are placing a wager. Stick with the stats that actually affect the game.
Everyone should establish goals before they start betting and they should be rather realistic. If you think you are going to become a millionaire overnight, think again. The odds of you doubling your bankroll in a single week is slim to none. The best sports bettors only win roughly under 60% of their bets. So a novice bettor should not expect to be hitting 80% of every wager. Be patient, learn from mistakes and get better in the process.
When you are getting into betting, plenty of self-proclaimed “world famous handicappers” will have a great deal for you in return for their nightly paraly. Stay away from the bogus scamdicappers who are nothing more than a troll behind a screen. If you have an Instagram or Twitter account DM’ing you to pay $50 a month for picks every night, stay away!
Thankfully with our site, you can find the best sports gambling sites and compare odds. When you want to bet on the Red Sox against the Yankees, one site might have them at -105 and another might have them at -130. You should always do your homework and make sure you are getting the best odds on every bet you place!