The sports betting industry is valued at over $218.49 billion and has over 30.861 verified businesses. Billions of people wager on their favorite sports every year, but many don’t do it correctly. Understanding the mistakes to avoid when betting on sports is the first step to a successful betting career, and here are 18 mistakes sports bettors should know and avoid.
Not Managing Your Bankroll Accordingly
Many bettors lose money, placing bets to recover money lost on other bets. We advise bettors to have a plan and bet what they can afford to lose. Never at any day make the mistake of betting money you’re not ready to lose.
Placing Long-slip Multibets
Wagering on multiple teams in a single bet is risky. In fact, bettors rarely win on multi-bets. Instead of betting on multiple bets, add one or two games in your betslip and stake a higher amount.
Backing Your Team
Some people have a deep emotional connection to their teams such that they will always back it up. Backing your team is not a bad idea, but you should do so with a clear mind. Only back up your team when the odds favor it.
Not Choosing Licensed Sportsbook
One of the worst mistakes bettors make is to settle for sportsbooks that are not licensed. Betting on a sportsbook with no valid license risks your data and money being mishandled. Look for the best online sportsbooks with valid licensing and good ratings.
Failing to Consider Value
Value bets offer a higher winning probability and maximum return on investment. These bets do not always emphasize the odds shown by the sportsbook. To successfully place value bets, weigh the current form and performance of the teams you’re betting on.
Not Doing Thorough Research
Many punters lose because they never take the time to research and compare the strengths of different teams. Not checking the performance stats, current form, and previous outcomes is a mistake you should make. Check the H2H stats of every team, and don’t forget to compare multiple match predictions.
Betting Just for Sake
One mistake many punters make is to bet just for the sake. Placing bets just because you feel bored and want to spend your free time doing something is totally wrong. Only gamble when you’ve enough time to research the teams and have enough stake to wager.
Borrowing to Stake on Bets
The best time to bet is when you have enough money to do so. You should never get loans or borrow money from friends in order to stake. If you do not have the money to bet, keep off anything related to betting.
Not Having a Strategy
There are many strategies sports bettors can use to increase wins and reduce the chances of losing money. The strategies are created to make it easier and possible for bettors to win more. Know the best strategies that would work for you, depending on your unique needs.
Failing to Cash out
The cash-out feature in many sportsbooks presents an opportunity for bettors to maximize their winnings. Failing to use this feature when your preferred sportsbook has it on is a mistake many bettors make. Cashing out an amount higher than your stake amount ensures that you won’t lose if the last team in the bet fails.
Sticking to Specific Markets
Most matches offer multiple markets for bettors to make the most out of their bets. Sticking to the markets you are used to is a mistake and could cost you a lot over the long run. Explore the many markets offered by your chosen sports betting site and bet on markets that present higher winning odds.
Failing to Keep Records
Like running a business, a successful betting strategy involves keeping records and using data to predict wins. We strongly advise bettors to keep track of their bankroll, won and lost bets, and the type of sports and markets they bet on. Also, we recommend that bettors track their betting frequency and know when to bet and when not to.
Not Quitting When the Need Arises
One big mistake bettors make is to continue betting and losing hundreds of dollars when luck is not on their side. If you have placed bets for several days or weeks none of the bets won, it’s time you stopped betting for some time. We always advise punters to keep off betting for weeks or even months to recollect themselves and analyze their mistakes before they start wagering again.
Betting When under Influence
Another mistake many gamblers make is to bet when they are under drugs. Like every other activity, betting requires you to have a clear mind and be sober enough to analyze each match comprehensively. By betting when you are drunk, you double or even triple the chances of losing the bet.
Depending Solely on Expert Predictions
We understand that there are many talented betting experts who share winning sports betting tips. However, we never recommend relying on such tips and not doing your research. You should use the sports betting tips as a guide to making correct predictions with better winning odds.
Not Choosing Sportsbook based on Merit
Many gamblers settle for sportsbooks that have a bigger following. They never take their time to research the sportsbooks to know about payouts, payment systems, and the user-friendliness of the sites. Before you sign up for any sportsbook, analyze it and talk with people using the site to know what they say.
Ignoring Match Betting
Match betting is simply an approach used by sportsbooks to allow customers to reduce their risk when placing bets. These are often offered in free bets, bonuses, and promotions designed to help you make risk-free bets. Keep an eye on all promotions and free bets provided by your sportsbook and take advantage of them.
Betting on High-Risk Bets
High-risk bets are simply the worst mistake most gamblers make. Placing bets on teams with extremely high odds hoping to win is never a safe betting strategy. Unless the stats and H2H records favor a specific team, never settle for high-risk bets.