Sports betting is extremely popular. It is also an emotionally charged endeavor and can get the best of people and their pocketbooks.
Before you dive into the world of sports betting, there are some pitfalls that we would like to bring to your attention.
Here are some common sports betting mistakes.
Chasing a big win when you’re cold
Going into sports betting, you must know that you are going to have both hot and cold streaks. The hot streaks can be just as dangerous as the cold streaks. However, a cold streak usually produces both frustration and a feeling of desperation.
One of the easiest mistakes to make is to increase the amount of your bet radically on a cold streak in hopes that you will make up for all your losses at once.
This is where discipline comes in. If you are going to increase your bet during a cold streak, do so by only a small amount. So if you were betting $100, maybe only increase it to $120. This will keep you from going broke so you live to play another day.
Being unrealistic and greedy when you are betting
If you want to be involved with sports betting for the long haul, then you are going to need discipline plus the absence of greed as your driving motivation.
Have some limits on how many games you are going to bet on in a night and stick to them. Maybe once in a while you go over your limit, but these times should be few and far between.
It is a common fallacy to think that just because you had some great beginner’s luck that your next betting endeavor will be the same and that you won’t need to educate yourself further in the realm of sports betting.
Educate yourself, know the players and their numbers for whatever sport you are betting on, and gather as much information on the odds of what you are betting on as you can.
The absence of bankroll management
Before you get into a night of sports betting, make sure that you have been preparing your bankroll. Put aside a little “extra” cash that is specifically for sports betting and nothing else.
As a rule, you should rarely ever bet more than 5% of your bankroll on any one bet. You want to minimize your losses and be able to participate in betting for more than just a few minutes. Whatever your bet limits turn out to be, stick to them.
Have a limit on how much money you are willing to lose in a single night. If you lose that amount, even if it happens sooner than you wanted it to, you should stop betting for that particular session. Know when to walk away.
Don’t be a lazy bettor. You should be looking for the best sportsbook for the bet you intend on making. Shop around to see where the best odds are on the match, game or event you are betting on.
You can be lying down and do this research on your phone. It’s not rocket science. Besides, if you were about to drop some cold hard cash on a new car, you would probably want to know as much as you could about that car first, right?
Emotional betting and betting while you are intoxicated
I am sure this seems obvious to some of you, but it is important to point out.
So, you’ve had a long day at the office, your boss is getting a divorce and takes it out on you regularly, and you just found out your son has been skipping math class regularly. It sounds like the perfect recipe for blowing off some steam.
However, this steam does not need to be blown off through betting on sports when you get home from the job. Emotional betting leads to poor, hasty and uninformed decisions that can seriously affect your bank account.
It is essential that you take some time out for a few deep breaths and maybe a nice walk around the block. You want to come into your sports betting session cool, calm and collected so that you can bet using rational thinking rather than pure adrenaline.
Getting drunk and betting on sports is also a terrible idea. Sure this may sound fun, but you aren’t going to make your best decisions while drunk. Your sense of intuition will be off, and you will probably bet more lavishly than you would if you were sober.
Save the drinking for a celebration when you win the big bucks. There is a time and place for everything.
Getting carried away betting on favorites and overs
Time after time, overzealous novice sports bettors recklessly bet huge percentages of their bankroll on the favorite to win. This type of betting might get you something once in a while, just like shooting a gun randomly in the air might hit a bird.
Sports betting is an art to be studied. Many variables play into the outcome of any given event that is bet on. Know statistics, be familiar with the sport you are betting on, and learn from more experienced bettors as much as you can.
Betting on the over in the over/under bet is loads of fun. It means you are hoping for a high score and you can root for both of the teams.
Just because it is more fun, you still need to weigh the variables of the situation to make an informed bet on whether over or under has a better chance of winning.
Not being objective
If you go into a sports betting event and you bet on your hometown team because of your emotional attachment, this can lead to complete disaster. Do not let your loyalty to a specific team or city blind you to the reality of a situation.
If you can remain objective, then you will always rely on research and rational thinking. These two things along with discipline are what will take you far in the world of sports betting.