Getting your sportsbetting right the first time isn’t easy. There are so many mistakes we can make and it’s easy to get things wrong. You probably will in fact. As you can imagine, any mistake you make whilst placing your bets can be costly – so the fewer you make, the better. As long as you don’t keep making the same mistakes, then you know you are progressing. No matter how good you get, you’ll still make mistakes – but hopefully a lot less of them. Here are the most common mistakes made and how to avoid them…
Mismanaging Your Money
This is definitely the most common mistake to make. This, potentially, can also be the most damaging mistake as well. Fortunately, it’s one of the easiest mistakes to avoid. Money management is the most important thing for any bettor. If you want to make a profit from sportsbetting, you have to get it right or you will ultimately fail.
To avoid mismanaging your bankroll:
First, you need to set a budget. Separate this money from your day to day money and savings. Be sure to not use any money that hasn’t been set aside for the purpose of gambling.
Make rules for how much you’ll wager each time. This will be your stake plan. You must stick to this plan at all times. This is where self-discipline and control is your best friend.
Never chase a loss. If you stick to your bankroll management strategy this shouldn’t be a problem. Also, don’t go over your limit because you think you’re on a roll.
Not Having Realistic Expectations
If you think you’re going to keep betting and keep winning, think again. If you go in with unrealistic expectations of wins and big money straight away, you’ll be disappointed. Even if you know a little about your sport, it doesn’t guarantee you immediate success.
However, just because you start losing, don’t think it’s not possible to make a decent profit. It isn’t easy and you have to have extensive knowledge to be successful in the long-term. When you start out you need to set realistic expectations. If you don’t then disappointment could stop you from carrying on and fulfilling your sportsbetting potential.
Going too Hard too Fast
If you place too many bets too soon, it’s a very bad call. You need to have patience and wait for the right bets to start wagering your money. Unfortunately, too many newbie online sports bettors place too many bets straight away to. Don’t try lots of different sports – pick the one you like and stick to it for a while.
You need to be selective with your wagers. Focus on one sport – two max. Then don’t just place bets on every single game, but look for the best opportunities where you can make sound judgement calls.
Not Betting for the Right Reason
If you want to bet for profit, then you need to bet for the right reasons. You shouldn’t bet on a match just to make it more exciting. Neither should you bet on a team or player because it’s your favourite. It goes without saying that you shouldn’t bet on your country just because you feel patriotic (especially if you support England!). These reasons are fine if you’re betting for fun, but not if you’re betting for profit.
The only good reason to place a bet is because you have identified a good opportunity. By all means, if you’re betting for fun that’s fine, but if it’s serious, stop.
Not Betting for Value
Betting on a value bet is the only real way to make a profit. Ignore at your peril. Successful bettors only place wagers on a bet that they have identifies as having value. If you don’t understand value, then it’s best to read up on it.
Value isn’t complicated at all when you understand it, but it’s important not to misinterpret it. It doesn’t just mean odds – high odds are good value and low odds is bad value. It simply measures the odds against the chance of success. A bet is good value when the chance of success is better than the odds imply.
Not Learning Your Basic Betting Strategies
If you want to make a profit then you need to understand the importance of strategy. You need to take time to learn a few of the more basic strategies. However, if you want to take it to the next level, then you should start learning your more advanced strategies.
Employing a betting strategy really can help. There are many betting strategies that help get you on your winning path, so you can read about the best football strategies, tennis strategies and more here.
Not Comparing Odds
You might not know too much about working out value, but you can easily compare odds. Simply look at different odds offered at different online booking sites for the same outcome and get the best deal. This is the best way to get more for your money. Unfortunately, some can’t be bothered. They either just don’t really care or don’t really appreciate how much difference it can make. It takes hardly any time at all and is worth that little extra effort.
At first glance, the differences in odds may seem minimal. However, the more you bet, the bigger the difference is. If one site offers 10/1 and another offers 11/1 then if you bet £100, you could win £1,000 or £1,100. An extra £100 for nothing isn’t worth ignoring. Every small difference can have a big impact on your overall profit over a period of time. Here is our list of the best bookies for odds.
Picking the Wrong Online Bookies
Some are good and some are bad – so don’t pick the wrong one. Some have much higher standards than others; some should be avoided altogether. Having said that, the majority of online bookmakers are safe. However, you really should check the sites out first. There are great online bookie comparisons to use, so you don’t really have to do much research yourself as it’s been done for you.
Also, consider opening an account with more than one bookmaker is also a good idea – that way you can benefit from the best bonuses as well as the best odds around.
Other Common Mistakes:
- Always backing a favourite. There are false favourites around and sometimes a horse is favourite to fool the punter. Research.
- Chasing big odds: Don’t keep betting on underdogs. One every now and then may come in, but you’re likely to lose more than you win.
- Blame luck: Sometimes it’s bad luck, often it’s bad judgement.
- Sticking with a losing strategy: Don’t give up on it straight away, but don’t keep throwing your money away. Know when enough is enough.
- Not doing the work: It takes hard work to win at this game. If you don’t want to put in the work, don’t expect to reap rewards.
- Betting in the wrong frame of mind: Don’t bet when you’re not thinking straight – this also means when you’re drunk. This is a disaster waiting to happen.
- Not getting your money: Withdraw some and enjoy it. If you have a good win, make the most of it.