Sports betting is a popular pastime enjoyed by millions of players across the globe. Being a game of chance, winning is not guaranteed regardless of how good you are. However, if you’re looking to drive the odds in your favor, here are some of the most common betting mistakes you should avoid. Let’s take a look!
1. Not cashing out soon enough
The best sports betting sites come with a Cashout feature. It’s an important feature that bettors should never ignore. As the name suggests, Cashout allows you to request a payout midway through a bet. Failing to use this feature can result in regular losses, which can affect your entire budget. So pay close attention to your wagers and know when to cash out. For example, if you bet on CF Montreal to beat Toronto FC, you can ask for a payout when CF Montreal gets their first goal. It doesn’t get any better!
2. Betting under stress or influence
People have their own unique ways of relieving stress, and one of them is betting. But if you bet under frustrations, you’ll likely not win anything due to poor decisions. The same applies when betting under the influence of drugs and alcohol. Always maintain a sober and straight personality to succeed in sports betting.
3. Choosing any odds
Beginners are often tempted to place the first bet they see. But the thing is that different bookies offer different odds. Even the slightest difference can negatively impact the bet slip if you’re a high roller. So, shop around for the best betting odds in the market. Note that you can sign up on as many sportsbooks as possible.
4. Choose a sport
Take it from here; you’ll never be a jack of all trades in sports betting. If you’re a hockey fan, stick to it and avoid betting on the NBA, which you know little about. Majoring in a particular sport is advisable because you can easily track important league or competition stats.
5. Chasing losses
Chasing losses is a common weakness among sports bettors. After losing a bet, you’ll place another one hoping to win and recover the lost amount. This cycle may continue until you exhaust your budget. So, to be safe, learn to walk away after a win. Being too greedy will only result in painful losses.
6. Not knowing what betting is
Most sports bettors join in after being influenced by a friend or family. But before placing your first wager, be sure to know what you’re getting yourself into. The world of sports betting can be ruthless, with more losses than wins. Also, some betting markets are simply better than others. So, know everything there is about sports betting.
7. Betting at the wrong place
Novice bettors would quickly open a betting account on any betting site. But what they don’t know is that top bookies are licensed by renowned gambling regulators and use SSL encryption for money and data protection. Also, they offer bigger odds, better bonuses, more markets, unique features, and more. So make sure to only gamble at leading online bookies.
8. Betting as a fan
Many bettors bet with emotions instead of looking at the actual match statistics. Like, betting on the Canadiens when the odds clearly favor the Oilers in an NHL match is a sure ticket to failure. So, don’t back a weak team just because you prefer it.
9. Betting without a bankroll
Practicing bankroll management is the only strategy that works in sports betting or any form of gambling. As said before, the losses will pile up more than wins. Therefore, budgeting your play is critical. In addition, divide your bankroll into smaller units and never bet more than 5% on a single bet. Remember that!
10. Placing lots of bets
Speed kills in sports betting and gambling in general. If you place a wager, you have a 50/50 chance of winning or losing. And as things stand, the bookie will win most of the time. So, choose one or two bets you’re almost sure to win. This will also help prolong your gambling bankroll.
11. Not reading the lines
Reading the betting lines is an art that the most successful sports bettors have mastered. Learn to track the line movements a few days before the match. Bookies will often change the odds depending on factors like injuries, fatigue, public opinion, etc. Something has changed if the lines start climbing or plummeting quickly before the match. Patience is key here.
12. Not claiming the bonuses
Some bettors are in so much of a hurry that they forget to claim their bonuses. While the bookie will give you the welcome package immediately after creating an account, you may need to dig further for the loyalty programs. Bonuses are an excellent opportunity to bet for free and test the odds.
13. Sticking to one market
How will you know that you’re good at prop betting when you’re always stuck on Moneyline and double chance? There are many sports betting markets that you should explore. Betting markets like spread betting give the advantage to the underdog. Always be open to new things.
14. Ignoring betting strategies
Most websites and blogs will tell you that betting strategies don’t guarantee results. While there is some truth in that, it’s always good to bet with a plan. For example, stick to the double chance bet of 1X, which often pays out. You can also use positive progression systems like Martingale and Paroli. In short, manage your play.
15. Betting without any records
Do you have a notebook where you keep your winning bets, losing bets, monthly spending, and so on? If you don’t, it’s time to keep track of your betting sessions. This will help you determine all your strengths and weaknesses. Interestingly, the best sports betting sites offer players this service.
It takes much more than having money to bet to be a successful sports bettor. You have to manage your finances, identify opportunities, and avoid common betting mistakes. Above all, seek help immediately if you notice signs of gambling addiction. Good luck!