Sports betting is a fun and exciting way to turn your passion for sport into a way to make some money. Many people indulge in sports betting. Some people are more avid bettors than others. They partake in regular wagers across varying sports, whereas others may only place a select few wagers a year on significant events.
- Wagering mistakes intro
- Money management
- Supporting a team out of favouritism
- Choose the right events
- Final words
Introduction to Sports Betting Mistakes
Whether you’re a keen bettor or a hobbyist, one of the most common questions is: Why do I keep losing in sports betting? There are numerous reasons why one can fall short of a win more often than not.
Below we explore some of the most common mistakes that bettors make, which result in a loss. We won’t be dealing with tips on how to cheat the bookies here, but will only pinpoint any wrong turns punters usually take on their betting journey. Plus, we have detailed how you can rectify your approach to sports betting for a higher chance of a win next time you place a wager.
Poor Money Management
The size of the stake that you place will not directly impact whether or not you win or lose. However, if you want to become a long-term sports bettor, then taking control and understanding your bankroll is paramount.
Placing too many high stakes wagers may make your adrenaline pump and cause you to dream of the big wins. On the other hand, it could quickly result in your account’s finances becoming bankrupt and the end of your sports betting days.
Punting any more than 5% of your bankroll is considered to be reckless by professional bettors. True, there are many professional bookmakers that welcome high rollers, but try to choose wisely. By using this amount of your finances across different punts, your bankroll won’t be able to sustain an unlucky streak. According to research, sports bettors have an 80% chance of hitting six losses in a row. If you’re already experiencing enough bad luck to be asking the above question, then this is invaluable information to you.
Make a logbook of your deposits, withdrawals, and wagers so that you can track your money with ease. By doing this, you’ll be able to understand your financial investment in sports betting better. Plus you’ll gain a more profound respect for your bankroll.
Another big mistake that many rookie sports bettors make when it comes to nurturing their bankroll is chasing losses. To chase a loss is to double up on your next bet in the hopes of winning back what you lost previously.
It’s evident that this is a risky move, and as previously implied, the chances of a single loss are slim. To become a long term bettor, and one that makes a profit, you should avoid ‘reloading’ your account balance as much as possible.
When placing bets, keep placing small bets on varied markets. Sticking to this approach will give you a higher success rate with less risk.
Betting on Events Based on Favouritism
Ask any loyal fan which team will win during a matchup, and they will undoubtedly say their favourite team. Always choosing your favourite teams to win, however, is an illogical sport betting approach if you want to succeed. It’s statistically impossible that your favourite team will win all of the time.
Remember, placing a wager on your favourite team doesn’t prove your dedication to them because they will be none the wiser. Instead, the bookmaker relies on your bias to make a profit. The same goes for trends. On occasions, individual sports stars will hit the limelight, and every child will want to be them. Don’t let favouritism cloud your judgement.
Sports bettors come in all shapes and sizes, with different personality types. Emotions and impulse can be a significant factor that many bettors rely upon to make decisions. Yet, this is a risky move.
Impulsive bettors will not consider many crucial elements. These include the variables, statistics, and areas of edge before placing a wager. So it is probably best not to do most of your wagers on betting apps on the go as this might be an action you will regret later. Placing a wager for no particular reason will generally lead to you losing more than winning. Impulsive betting is more a gamble than it is betting, and there’s little skill in this approach.
On the other hand, emotive betting is just as dangerous. When placing a bet, emotions tend to run high. They can be particularly magnified during the game’s climax. In-play betting at this time can be extremely tempting. Although letting your emotions of ecstasy, sadness or even frustration lead your bet can heighten the chance of a loss.
Like impulsive betting, your judgment in this scenario is off, and reason goes out the window. You may also be reckless with your bankroll and are more inclined to chase losses.
Recency bias links with poor research before placing a wager. It’s a human nature habit and is the act of using your most recent memories to make a decision, rather than recalling further back in the past.
Being biased in this way can have a detrimental effect on your ability to weigh up a team’s success rate. Many instances can sway your recency bias, both positively and negatively.
Therefore, it’s best to not only focus on the previous game but to track and study the teams’ progress thoroughly. That may sound time-consuming; however, thanks to the wonders of the world wide web, you can find answers in a matter of seconds.
Lack of Knowledge
Studying is always the best practice if you’re looking to become a profitable sports bettor. Learning about the sport and its teams in detail will help you to make informed bets. Specialising in one or two sports will give you a much higher advantage. This is in comparison to spreading your wagers over many sports you lack full knowledge of.
Many of the rules of a sport, for example, go hand in hand with the available betting markets. Without a sound knowledge of what’s happening on your screen, placing successful in-play bets is virtually impossible. Furthermore, without the proper understanding of team statistics or past results, your betting will be based on impulsive and recency bias.
In addition to the above point, many beginners to sports betting will fall at the first hurdle. When opening up an online sportsbook, you must understand the types of betting markets on offer to you.
Before placing a bet on a whim, take some time to research what each market is. Ensure that you know what it means to place, for example, an Asian handicap bet or an over/under wager. By doing this, you aren’t just boosting your potential for success, but are also making the game more exciting. You’ll be able to understand when your punt is at stake or when the game is going in your favour.
Spending Money on the Wrong Events
Certain events, like the Grand National, World Cup or Super Bowl, will draw in thousands of new bettors. It’s fun for people to get involved and these significant sporting events make up a considerable part of a sportsbook’s revenue.
However, betting on these events isn’t always the best approach for long term sports betting success. The more people that place a punt, the more focused the bookmakers will be on balancing the juice. Therefore, point spreads will grow, but odds will stay low to entice more betting from a broader audience. In return, the value of your bet is lowered.
The same principle goes for only betting on popular sports throughout the year and placing wagers on the most common markets. Generally speaking, there are around five popular markets that punters stick to. And most choose soccer as it is easier to win money betting on football in general compared to other sports. Oddsmakers and sportsbooks are aware of this and will keep the odds restricted for these sports.
There are many niche sports with less of a following. The less that’s known about a sport, the better because oddsmakers will have less information to make tight odds. Plus, fewer punts equals better figures and a less saturated market.
Widen your knowledge about different betting markets to find the best possible odds. Proposition betting can be highly lucrative. Once you’re confident with alternative markets within your favourite sport, branch out and learn about more niche ones. These include volleyball, curling, speed skating and many more.
To conclude, the best way to improve your sports betting is through researching your chosen sport, the teams, and betting markets. As with anything in life, the more you learn, generally, the better you’ll be at something. The same is true for sports betting.
Top take away tips for having better success at sports betting include:
- Bet on niche sports
- Avoid large scale events
- Broaden your betting markets
- Keep control of your emotions and biases
- Manage your bankroll like its a business