Expert Advice: Avoid these 8 Sports Betting Mistakes
Expert Advice: Avoid these 8 Sports Betting Mistakes
- Poor Bankroll Management
- Not Having Realistic Expectations
- Placing Too Many Unnecessary Bets
- Not Understanding or Outright Ignoring the Value of the Bets You Make
- Going to Your Online Sportsbook and Betting For All the Wrong Reasons
- Not Comparing Odds and Lines
- Not Taking the Time to Learn Basic Online Betting Strategies
- Not Using the Correct Online Betting Sites
Sports betting is a game of chance where anything can happen, and we try our best to make the perfect bet, but we tend to pick up some bad habits which cause us to make common mistakes along the way, which we have outlined in this article.
So if you want to avoid these common betting mistakes before you start betting, then our expert advice should come in handy!
This common mistake plagues many sports bettors and has the potential to cause serious harm. On the flip side, it is also one of the easiest mistakes to avoid.
In short, bankroll management is the practice of allocating your funds to spare on your betting. You could set aside a certain amount of money solely to place bets and operate this from the funds in your bank account.
The main reason for this is that it allows you to gamble responsibly and ensures that you do not risk any money you cannot afford to lose.
Bankroll management brings four major benefits:
It prevents you from chasing losses when on a losing streak during your sports betting session.
It stops you from getting carried away and staking too much when on a winning streak during your online betting session.
It allows us to absorb multiple losses without running out of money.
It enables us to be mindful, more aware, and make better and more rational online betting decisions.
Bankroll Management and Losing Streaks
Every player will encounter losing streaks, and it happens to even the most experienced sports betting players. There will be moments where after placing wager after wager on your online betting site, nothing seems to be going in your favour, and your entire wagers end in a loss.
This is where players will try to increase their stakes to try and win everything back—and it usually ends in disaster. That is why bankroll management is extremely important, and by following the fixed rules on how much to wager, you will be more likely to resist the temptation to chase losses when you are on a losing streak. Having the discipline to abide by these rules will make things a lot easier.
Bankroll Management and Winning Streaks
Similarly, this concept also applies when you are on a winning streak. There will be moments where everything seems to go right, and they win everything on their bet slip, but even these moments have some downsides that we may be less aware of.
While it is normal for players to increase their wagers significantly when on a winning streak—either from confidence or greed—it is in a way similar to making the mistake of chasing losses which might result in you giving all your winnings away to your online sportsbook. This is why for an optimal online betting experience; proper bankroll management can prevent this from happening.
Note that there is nothing wrong with increasing your wager as your bankroll grows. But having a proper bankroll management strategy when you bet online will ensure that you do not decimate your bankroll and leave yourself with nothing but a disappointing betting experience.
Bankroll Management and Withstanding Losses
Regardless of what online sports betting site you choose, a proper bankroll management plan will ensure that the amount you wager is directly proportional to the amount you lose, stopping you from losing too much money.
If you are visiting an online sports betting site to earn a profit, then you should stake only a small percentage of your bankroll to prevent yourself from going bust. And if you visit an online betting site for the sake of entertainment, then proper bankroll management will significantly slow down the rate at which you lose money.
Bankroll Management and Rational Decisions
By practising proper bankroll management, you can also begin to practice rational decision making whenever you visit your favourite online betting site, as the focus is now on making good betting decisions rather than worrying about the money involved.
Players shouldn’t be too focused on making “safe” bets or too focused on taking “longshots” and trying to win big amounts. But practising rational thinking whenever you are visiting your favourite online betting site can be a good thing regardless of the reason you are betting.
Many people who place bets on different sports tend to lose, and it appears to be part of common knowledge. However, there will always be individuals who will make their way to their online betting site and begin to place wagers on various sports with unrealistic expectations. Soon they believe that they can easily begin making money on a sport that they know little about.
While players can make long term profits by betting on various online betting sites, there will be winners despite the overwhelmingly large number of losers. It is not easy and certainly requires a set amount of knowledge about the nature of the popular sport, which itself still does not guarantee surefire results.
The premise of this point is to allow you to keep your expectations realistic and realise that winning all the time on your online betting site will not happen. In other words, if you want a real chance of winning money, be prepared to put in the hard work.
A significant but often overlooked aspect of online sports betting is that of having the patience to wait for the right opportunities to place their bets. Sadly, most players are more known for their impatience, causing them to place far too many bets across different sports, or they focus on one sport and place a bet on every single event related to that sport. None of these methods is ideal.
Instead, a better approach is to be selective on what you want to bet on. Rather than betting on every known sporting event, it is better to just focus on one or two. Focus on placing wagers where there are opportunities for you to make good judgment calls about what will happen and whether that opportunity will more likely be able to net you a good return on investment.
Always keep in mind that the aim of this practice is not to place as many wagers as you possibly can, but to place the best wagers you possibly can.
This applies more to those who mainly bet for fun rather than those who are actively seeking out online betting to make a profit. If online betting is something you really enjoy and are enjoying responsibly, then it may not always turn out to be a disaster. Ideally, however, it is best practice that you limit the quantity of the bets placed and focus on the quality of the bets instead.
Before you begin betting, you must avoid this mistake whenever you are placing bets to make a profit. This is also a mistake that you should avoid even if you are betting for fun. It is always ideal that players should have at least a basic understanding of the value of the bets placed.
Successful players are only successful because they have successfully identified areas of value within the betting market. This is the general rule of thumb that all players should stick to, but very few do in reality. Most people completely ignore the aspect of value when placing their bets and worse still; even more players do not even fully understand the concept of value as it applies greatly in the context of sports betting. It is impossible to earn a profit in the long run without a solid understanding of the value and how it relates to sports betting.
It is a straightforward concept to understand, yet it is misinterpreted by many people in terms of what it is all about and gets used a lot in the completely wrong context.
An example is when people simply use the term as a means of describing odds. Oftentimes you will hear players say high odds offer good value, and low odds offer bad value. This can be greatly misleading as value is a measure of how odds relate to the estimated chances of your bets is likely to win. In very simple terms, you hold the long end of the stick when the estimated chances of winning are greater than the odds suggest. The concept goes deeper than that, but this is the gist of it.
If you have ever thought of making the match you are watching—whether it is a football game or a tennis tournament—more exciting by placing a bet because you think that it is the favourite to win the tournament, or similarly backing your country’s national football team to win an international tournament because you are feeling patriotic, then you are more than likely guilty of making one of the most common mistakes in online betting and sports betting.
The most logical reason to place a wager is when you are aiming to make a profit or know that there is a high chance you will earn a profit by going on your online sportsbook and placing a bet when you have surely identified a genuinely good opportunity to place your bets.
But placing your bets without a sound or valid reason is the kind of behaviour that will more than likely cause you to lose your bets in the long run. Bear in mind that it is fine to make this mistake if you are placing your bets purely for recreational purposes, and as long as you are betting within the budget you have set, then feel free to bet in whatever way that brings you the most enjoyment.
Trying to identify value in the bets we choose to place may not be easy, but it is easy to get the best possible value for any of our online bets by comparing the available odds and lines provided by different online sportsbooks; ensuring that the best players put down are at places where they will always receive the best deals.
All things considered, this is one of the easy ways to get the maximum value from your bets. Unfortunately, this is something that many players fail to do—either they just cannot be bothered, or they do not realise how much of a difference it can make. Comparing odds and lines is something that can be done in the blink of an eye, which means that there is not a valid excuse for not doing it in the first place.
Take the table below for example; these are real odds available for a tennis player to win his upcoming match, taken from various online betting sites.
At a glance, the differences might not seem so significant. But consider this; an MYR100 bet at the best odds offers a potential payout of MYR83. And the same bet at the worst odds offers a potential payout of MYR70—which is a substantial 20 per cent difference between these two figures. Although these differences are not always that reliable and great for all sports betting markets, remember that the smaller differences can still have a noticeable influence on the size of your potential payout. In the long run, these little differences will add up to a substantial amount, making it a really big mistake not to spend some time comparing odds before placing your bets.
Many players who are interested in online betting and sports betting have a foundational understanding of the importance of learning some basic strategies. This means they will typically dedicate some of their spare time to learning at least a few basic strategies to improve their online betting and online sports betting decisions. And those who take things even more seriously are also willing to take the time to understand the more sophisticated strategies available out there.
Unfortunately, it is still apparent that the majority of those who put down bets for fun are guilty of the mistake of completely overlooking the aspect of strategy. Although it is understandable as to why it happens, it is something that should not happen. And even if they are not stressed out over the money that they lose, it is safe to say that they prefer to win if given a choice.
Simply put, to greatly improve your chances of winning, all you have to do is learn some basic sports betting strategies. As obvious as it sounds, many players who bet for fun do not seem to grasp how much this strategy can help, or maybe they just do not know how straightforward most of the basics are.
Either way, it goes without saying that no matter what kind of player you are, it is surely a mistake not to learn some basic strategies. If you are a recreational sports betting player, then it is safe to assume that to some extent, you give some thought about your overall betting results. And if you have not picked up the habit of learning some basic online betting strategies, then the time to do so is now. Remember, it is never too late to start.
To begin with, here are some simple online betting strategies that you can use to improve your chances of winning:
Focus on One Team
On any given day, you’ll find hundreds and hundreds of betting lines across multiple sporting events. Given the amount of variety, it is very easy to make the mistake of making multiple bets on different teams.
This would be fine if you are a casual player who has a huge bankroll, but it does not give you a real chance to learn everything that you need to know to make an informed wager.
If you are a new or intermediate sports player, then you should focus on one team and one sport only, as this will allow you to gain some deep knowledge on the teams you are dealing with while reducing the time you need to spend researching each matchup.
Some solid ways to implement this strategy include recording some matches of your favourite team or player, then keeping a close eye and watching them for player and coaching tendencies. You only have to pick up on a few subtle tendencies to gain a competitive edge over the average sports betting player. If sports betting is your favourite hobby, then pick up a new team in a new sport when the season is over with. But once you choose a team and a sport, watch the space closely and stick with them throughout the rest of the season.
The pros of this strategy are that if you already have a lot of in-depth knowledge about one team, you can then spend more time researching the other half of the matchup. One other benefit you will gain is the insight that most sports betting players will not have to go into the start of the match. Although this insight will not always result in a win, it will, however, give you a long term advantage over a significant number of sports betting players.
Betting Only 1-2 Per Cent of Your Bankroll
Many low stakes sports betting players put a large portion of their bankroll into each bet. And why they do so is because they do not make very large wagers, thus they are not worried about losing the money they put down on their bets. Assume you have an MYR100 bankroll and bet MYR25 on a single game. But to progress, you will have to limit the amount you spend on each match. The reason is that because sports betting is an activity that involves streaks, sometimes even the best go through lengthy losing streaks, which is why all professional sports betting players put only 1 to 2 per cent of their bankroll into each match; dramatically lowering their risk of ruin.
But what if you only have an MYR200 bankroll? In this situation, you may need to bet MYR5 to MYR10 per match—as an example— to meet the minimum bet. But even in this situation, you are only really risking 2.5 to 5 per cent of your bankroll, which will still inevitably lower your risk of ruin.
The pros of this strategy are that if you have at least an MYR1,000 bankroll, then you will surely experience immense benefits by only betting 1 to 2 per cent per match. Unless you have really good betting skills and do your due diligence before the start of the game, then you are likely to earn huge profits with this conservative strategy. One other benefit this strategy gives you is that you will not have to always be stressed out as much when you bet on games with 2 per cent or less of your bankroll. On the flip side, using more of your bankroll will cause you far more anxiety during the match especially when the match is not playing out the way you want it to.
There is no doubt that the easiest way to put down bets these days is over the internet. It is incredibly convenient and straightforward, bringing along several other benefits too. However, be aware that not all online betting sites are safe or legitimate, making it essential to choose the right online betting sites from the get-go—some are not all of the same standards, and some should be avoided at all costs. But as the story goes, many players are still guilty of making the novice mistake of signing up at the first online betting site that they come across.
It is safe to say that most online betting sites these days are reasonably decent, with the vast majority being safe to use and place bets on. Therefore if players sign up at any random online betting site they will likely be fine. But unbeknownst to your eyes, there are a few genuinely bad or unsafe online betting sites that you should never trust your funds with, which makes it highly risky to sign up on an unfamiliar online betting site when you have no idea if they are trustworthy or reputable.
This is the bare minimum when it comes to choosing an appropriate online betting site. Ideally, it is always best practice to get online and read up reviews or visit online forums that talk about who they are, what are their credentials—are they certified by the UK Gambling Commission, etc— and what are the current best online betting sites that are available for you to sign up immediately.
Apart from those common mistakes listed above, here are some additional mistakes that players make when they put down bets on their go-to online betting site. While these mistakes are not as bad as the ones mentioned above, it is ideal that you avoid them at any given time.
• Forgetting to Cash Out
Whether you bet for fun or bet for profit, it is always important that you cash out after enjoying an especially good run of wins. Although you can use the proceeds to build up your bankroll or put the funds into other game rooms, sometimes it is especially satisfying to cash out on your winnings and enjoy the fruits of your labour.
• Backing the Favourite All the Time
This is a commonly known mistake that beginners are often guilty of. Although this mistake will not cause that much damage, it is a mistake that should still be avoided whenever possible, as always backing the favourite is not the right thing to do.
• Constantly Sticking With a Losing System or Strategy
While you should not just give up on a strategy that does not immediately bring you positive results, you also should not stick with losing systems or strategies for too long as well because, in the long run, you will just end up throwing away good money after bad.
• Only Blaming Bad Luck
There are times where you will lose out due to bad luck. But more often than not, you will lose out due to poor decision making and bad judgement, which are two completely different things. Make sure to accept your mistakes when you get them wrong, and always be on the lookout for more ways that you can improve your game.
• Not Putting In the Hard Work
In the same way Rome was not built in a night, betting alone is never an easy way to untold riches; it takes time and effort to be successful. If you do not put in the hard work, then you will not be making any money. It is as simple as that.
• Betting When You Are Drunk
This mistake should be an obvious one to avoid. Alcohol impairs your judgement and negatively affects your decision making, and these two items put together will only lead you to lose more money when betting.
• Trying to Aim for Big Payouts
This mistake is the complete opposite of the one mentioned above. Rather than blindly betting on the favourite all the time, there are some players who instead always put their bets on long shots. Even though the big payouts for long shots are very tempting, and it can even be the right thing to do some of the time, backing these long shot selections every single time at high odds with the only purpose of chasing big payouts could end up being a surefire mistake.
In A Nutshell
These are just some of the common online sports betting mistakes that many new to intermediate players may be guilty of. In short, as long as you keep yourself mindful of the common online sports betting mistakes above by managing your bankroll, doing your due diligence, learning some basic strategies and knowing which online betting sites are legitimate and reputable—along with avoiding some additional minor mistakes—you will be putting yourself ahead of many casual sports betting players and maybe even earn yourself a huge profit in the long term.
Head over to i8 and read what is “Taking A Closer Look At This Betting Strategy” put your knowledge to good use. Whether you are a new or seasoned online sports betting player, the learning never stops. And with a selection of live and online sports betting games to choose from, you can be sure that the betting experience will always be one for you to remember.