18 Common Sports Betting Mistakes to Avoid
Sports betting can be an exciting hobby but it's easy for beginners to make costly mistakes. Avoid these 18 common pitfalls to become a more successful bettor. This article will help you bet smarter and maximize your chances of winning.
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Not having a betting budget or bankroll management strategy
One of the biggest mistakes sports bettors make is not setting a betting budget and sticking to it. Always determine how much you can afford to lose before starting to bet on sports. Then set a conservative budget and never bet more than 1-5% of that budget on a single wager. Proper bankroll management is essential for long-term success.
Betting on Your Favorite Teams Instead of Making Objective Decisions
It's tempting to bet on your favorite team out of fandom. But you should make bets objectively instead of emotionally. Analyze matchups, stats, odds, injuries - not loyalties. Letting bias impact your betting choices is a recipe for losing money.
Placing Overly Risky Parlays and Accumulators
While enticing, parlays and accumulators are very difficult to win. It's often smarter to place multiple smaller bets rather than trying to hit a big parlay for a huge payout. Don't get greedy chasing a massive score. Settle for smaller wins.
Having Unrealistic Expectations of Winning
Many new bettors don't realize how hard it is to consistently win betting on sports. Even professional gamblers aim to win just 55-60% of bets. Expect to lose on many wagers. Stay patient and use good bankroll management rather than chasing losses.
Betting More After a Losing Streak
It's tempting to bet bigger after losses to try winning money back quickly. But this reckless strategy rarely pays off and often just digs you deeper into a hole. Stay calm after losses - stick to your budget and system rather than changing approach.
Not Shopping Around to Find the Best Odds
The odds offered for a particular bet will vary between sportsbooks. So it pays to have accounts with multiple books and always compare the odds before placing your wager. A half point difference in a spread or total can be very significant.
Making Too Many Live Bets
Live betting is fun but also risky. The action moves fast and it's tough to handicap games thoroughly in real time. Avoid going overboard with in-game betting and rely more on bets placed before games start.
Betting on Sports You Don't Know Well
It's tough to win consistently betting on sports you aren't very knowledgeable about. Do your homework and focus your bankroll on leagues and matches you understand the best. Don't spread yourself too thin. Specialization pays off.
Trying to Always "Beat the Odds"
Point spreads and totals are set to attract equal betting action on both sides. Don't try forcing bets on underdogs and obscure markets. There's nothing wrong with betting on favorites if the price is right. Avoid trying to always bet against the odds.
Never Using the Betting Sites' Analytics
Legal sportsbooks provide tons of data and analytics to help inform your betting. Take advantage of matchup stats, trends, predictive models, expert picks, consensus data, etc. before placing bets. Don't make uneducated picks.
Summary
Stick to a conservative betting budget and bankroll management system
Bet objectively using stats and data, not emotions and bias
Avoid overly risky parlays and accumulator bets
Have realistic expectations - winning consistently is tough
Don't chase losses by betting bigger after losing
Always shop for the best odds at multiple sportsbooks
Be careful with live, in-game betting
Specialize in sports you know best
Don't force bets against favorites and odds
Use analytics tools provided by betting sites
FAQ's
What sports should I focus my betting on as a beginner?
As a beginner sports bettor, it's best to focus your betting on sports you have a interest in. Knowing the game, teams and players can put you ahead of the curve when starting out sports betting.
Should I always bet against the favorites?
It's not wise to always bet against the favorites or try to "beat the odds." While underdogs do win sometimes, favorites are made favorites for a reason. There's nothing wrong with betting on a favorite if you feel the odds are a good value. Don't force bets just to fade the public favorites.
What are the risks of live, in-game betting?
The risk of in-game betting is that you overreact to score or play and make un wise bet. The linemakers know how to entice to bet one side or another to trigger an emotional bet.
How important is it to compare odds between sites?
By compare odds across multiple sportsbooks and websites before placing your bets you give yourself the best chance to become a winning sports bettor. You can bet with confidence knowing you researched the odds and found the best odds for your wager.
What should my expectations be for sports betting success?
Have realistic expectations - successful sports betting requires patience and discipline. Even professionals aim to win just 55-60% of bets over time. You will lose many wagers. Maintain sound money management rather than chasing losses or trying to get rich quick.
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