There’s no question that sports betting can be exciting and profitable. However, if you’re not careful, you can easily make costly mistakes that can cost you dearly. It’s no secret that sports betting can be a lucrative endeavor. However, as with any other form of gambling, there is always the potential to lose money if you’re not careful. In this blog post, we’ll take a look at some of the most common sports betting mistakes to avoid. So, whether you’re a seasoned veteran or a newbie just getting started, make sure to keep these tips in mind!
The first mistake that you should avoid as a new sports bettor is a very common one, and that is chasing losses. If you are not sure what this term means, it means to begin making larger bets to make up for money that has been lost by previous unsuccessful bets.
Chasing losses doesn’t even necessarily mean making larger bets, it could also mean continuing to place bets with no research, or feeling the need to make another bet to make up for the money lost. All in all, it isn’t the best strategy and almost always leads to losing more money.
Using Unregulated Platforms
One challenge that many sports bettors face is choosing a sports betting platform to use, and what makes this even more difficult is the fact that there are many unregulated platforms on the internet. As a new sports bettor, you might not know what to look for when looking for a regulated platform.
A key characteristic of regulated platforms is the fact that they proudly display their license. If you can’t find a license anywhere on the site, it is best to avoid using that site. Unregulated sites might have incorrect statistics, incorrect betting prices, and most importantly, they might not pay up even if you win. Additionally, if you’re using a handicapping service, you should make sure that it is reputable and safe. At Kyle Covers, for example, you can find anything from hockey picks for today to NBA covers spreads, and the service they provide is known to be reliable.
Weather and Injuries
The next mistake that is common amongst new sports bettors is not taking into consideration everything that can affect the outcome of the bet. Whilst you might have researched how many games the team has won, or whether they have attended practice, you might forget a few things, such as the weather or injuries.
For example, perhaps the best player on the team recently suffered an injury; that will affect their performance and the result of the game. Forgetting to check this might lead to losing the bet.
Betting on Your Favorite Team
Another very common mistake is having biases, and this can lead to many bets being unsuccessful. One of the biggest biases that sports bettors have is betting on their favorite team, simply because that team is their favorite.
When you throw research out the window, you are betting on pure chance, and that isn’t a successful betting strategy. You should also avoid making bets based on gambler’s fallacy, or any other bias. Another popular bias is the idea that the home team will win. Even if statistics prove this, you should still research before making that bet.
Not Using the Same Betting Unit
Something that every sports bettor has to do if they want to make money whilst betting on sports is effectively manage their bankroll. This is easier said than done, especially if you are new to sports betting, but is necessary.
A great betting strategy would be using a specific percentage to make bets from. For example, you could make bets based on 1% to 5% of your total bankroll. This gives you some room to make larger bets but still allows you to bet throughout the season. The mistake would be to change these betting units randomly without considering your bankroll.
Unrealistic Expectations and Scams
Finally, you should understand your expectations when betting on sports, and make sure that these expectations are realistic. It’s important to understand that as a sports bettor, you won’t become rich overnight from one or two bets; unfortunately, it’s not like winning big at the casino.
In addition to this, you should also pay close attention to where you get your information from. There are many scammers in the world today, and many are preying on those new to sports betting. Avoid anyone saying that their lines will help you to get rich fast.