All or nothing: guess how much Americans lost in gambling in 2017.
Do you have an idea?
Well, they lost about $107 billion, which is 1.5 percent more than what they lost in 2016.
Shocking, right? But why are so many gamblers losing money? Are betting companies defrauding gamblers?
Well, no! It turns out that most bettors lose money because they keep making the same mistakes over and over again without knowing it.
Below are some of the most common mistakes that inexperienced gamblers make. We’ll also share some time-tested gambling tips that will help you win sports bets even with small stakes.
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Relying on Favorites
Most people bet strictly on favorites because they offer more excitement and certainty. This mistake makes gamblers underestimate the opponent and consequently end up with empty pockets or a lighter purse.
Look at the example of Leicester City; who would have predicted that the King Power-owned club would be crowned champions of the 2015-16 Premier League season?
Never underestimate the seemingly weak opponent because they always have a chance to win.
Even though most of the favorites win, make sure you take your time to analyze the opponent too. Explore their strengths and weaknesses, and make sure you know their home and away forms.
Placing Too Many Wagers
This is another common mistake that beginners and some experienced gamblers make. It’s an easy one to make too because there’s so much you can stake on.
Most bookmakers feature a wide range of sporting events with plenty of different betting options. Therefore, it’s easy for you to get carried away and place lots of wagers.
Avoid this trap! Betting too many games or too often for the sake of simply “getting action” is going to chip away at your bankroll and cut into bottom-line profits.
A much better approach is to be selective. Rather than betting too many games, try as much as possible to focus on just one or a few of them. This advice is more relevant for beginners and those who bet for fun.
If you enjoy placing many wagers or have a well-established betting strategy in place, then it might not necessarily turn out to be a disaster.
Not Keeping Track of Your Betting Activities
Almost every punter will claim that they’re successful and that they make huge profits from betting.
But don’t be deceived! You should always keep track of your betting activities.
Accounting for all the placed bets is the most effective way to find out if you make money on betting or not.
Unfortunately, many sports bettors don’t track their betting activities. They only assume they’re making profits.
Some bettors keep a record of their bets but “forget “to register lost bets. Doing so creates an illusion that they’re successful in betting.
To avoid falling into this trap, be true to yourself. Keep track of every sports bet and don’t be tempted to leave out lost bets.
This is probably the most common mistake made by gamblers. It also has the potential to cause more damage than all the other sports betting mistakes discussed in this piece.
If you don’t manage your money properly when betting, you’ll lose it. Before you place a bet, create a bankroll management strategy that shows how much you’re going to send on betting.
Remember that sports betting is a game of chances. Ensure you gamble with what you can afford to lose even when the chances of winning are high.
Once you know how much you’ll spend, set some rules that define how much you’ll stake on any given wager. Make sure you stick to those rules all the time.
The main advantage of coming up with a bankroll management strategy is that it will prevent you from losing a huge amount of money. It also prevents you from chasing losses, which is another big mistake that bettors make.
Having Unrealistic Expectations
Most betting guides advise gamblers to have realistic goals and expectations. A lot of people still enter the world of betting with unrealistic expectations and goals.
They think they can easily make a killing just because they know a few things about the teams or sports they’re betting on. This is wrong, and you should avoid it.
You can make huge amounts of money with betting, but don’t ever assume that winning will always be easy.
If you want a real chance of winning money, you have to be realistic and adjust your expectations.
Other Simple Betting Mistakes
Forgetting to Cash Out
Regardless of whether you bet for profit or fun, make sure you cash out after a good win.
Blaming Bad Luck
Sometimes you’ll lose because lady luck was not on your side. But, more often than not, you’ll lose because you made a bad decision.
Don’t confuse the two. Accept the outcome when you do things wrong, and look for ways to improve.
It takes hard work and strategy to be successful in betting.
If you don’t put in enough effort, you’re likely to lose your money. Don’t be lazy!
Betting When Drunk
Alcohol clouds your judgment. Poor judgment leads to bad decisions, which, in turn, lead to loss of money when betting.
Putting Too Much Trust into the Information Given by Fellow Bettors
Some great betting forums and communities out there have many experienced and knowledgeable bettors.
The information from these forums can help you make good betting decisions, but you have to be careful and take that information with a pinch of salt.
Other bettors can mislead you. In this industry, the only person you can trust fully is yourself.
Essential Tips to Win Sports Bet
Now that you know the most common mistakes that bettors make, here are five sports betting tips that will help double your winnings!
1. Understand Sports Betting
Before you start sports betting, make sure you understand everything about it and your chances of winning. This way, you’ll know what you’re getting into and also be able to develop an effective strategy.
Here are some questions and answers that will help you learn a few things about types of sports betting:
What’s a Moneyline Bet?
A moneyline is a number (plus or minus) associated with each team involved in a particular match. It refers to either how much you have to spend to win $100, or how much you’ll win if you bet $100.
What’s a Point Spread Bet?
In point spread betting, you don’t just bet whether a team will win, but also whether that team will win by a specific amount.
What’s Parlay Bet?
In parlay betting, you’ll be allowed to make multiple types of bets on the same game.
For example, if you combine a point spread bet and a moneyline bet on the same game, that’s a parlay bet.
2. Pick Familiar Games and Research Well
Bet on sports that you understand well. This will increase your chances of winning and also make it easy for you to identify the mistakes you made if you lose.
Also, make sure you do thorough research before you place a bet.
Researching is important because you’ll gather more information about the game and the teams, allowing you to make accurate predictions.
3. Work with Trusted Betting Companies
Since you’ll be wagering real money, you want to ensure you’re dealing with a betting company that is reliable and trustworthy. This will minimize the chances of being scammed and ensure you get your winnings on time.
You should also make sure the company you choose has an online betting site.
The website should be compatible with different devices and have a good user interface. Also, it should have good speed and sorting options.
The betting platform should allow you to use yours to preferred banking method.
4. Don’t Chase Loses
Chasing losses refers to the practice of trying to recover losses from a previous bet with more betting.
This is risky and it’s likely to lead to frustrations and more losses.
Similarly, you shouldn’t chase a good bet with more betting in an attempt to win more or double your winnings. Create a beating schedule.
On the same note, don’t be afraid to walk away from a bet if you’re no longer confident about it.
5. Bet with Your Head, Not Your Heart
If you want to make money in the betting, your predictions should be based on your thoughts, not your emotions.
Betting with your head is all about making smart betting decisions on an objective assessment of the likely outcome rather than emotions.
Forget about your favorite team. Avoid betting on games where you have an emotional investment already.
Sports betting can be quite profitable. To succeed, you have to be careful and avoid the common mistakes that inexperienced bettors make.
We hope you’ll take note of the mistakes highlighted above and create a strategy to avoid them. Most importantly, you should apply the time-tested betting tips we’ve shared; they’ll help you win sports bets and make the experience more fun.
Remember to check out our sports betting guides for more tips and helpful articles!