Before we dive into this article, we want to make one thing clear. If you are new to sports betting, you are going to get things wrong from time to time. Do not expect perfection. Even if you follow all the tips we provide in our guide, it is still inevitable that you will make at least a few mistakes. Below we have explained the most common mistakes made by sports bettors. Simply being aware of them means you are less likely to make them. We also offer some advice for avoiding them. The majority of the tips will apply to recreational bettors and serious bettors alike.
1. Not managing your bankroll correctly – We are starting with this mistake as it is probably the most common mistake made by bettors. It also has the potential to cause the most damage. Thankfully, it is also one of the easiest mistakes to avoid. Those who are serious about making a profit from their betting will fail unless they practice effective bankroll management, and those who bet for fun are also less likely to enjoy themselves. There are many bettors who give very little thought to how they manage their money.
2. Having unrealistic expectations – Most people who bet lose. We repeat this very often throughout our guide, and it is something that is common knowledge. Still, there are a lot of people who start betting with unrealistic expectations. They think they can easily start making money just because they know a little bit about the sports they are betting on. Do not ever believe that it is impossible to make profits in the long-run from betting on sports. Most people lose, but there are also several that win. However, do not ever believe that winning is easy either. It is not. It is exceptionally challenging, and it requires a lot more than general sports knowledge. In fact, even extensive sports knowledge is not enough to be truly successful.
3. Placing too many wagers – An essential attribute is having the patience to wait for the right opportunities. Unfortunately, patience is not something that we would associate very closely with the average bettor and especially not beginners. Most beginners place too many wagers at once. For example, many people bet on several different sports. Others focus on a single sport but bet on every single event related to that particular sport. Neither of the two approaches are ideal. Rather than placing wagers on every game, try to look for opportunities where it is possible to make sound judgments about what is likely to happen.
4. Not learning basic strategies – People who bet on sports to make a profit understand the importance of learning some strategy. So, they dedicate some time to learning a few basic strategies to help them make better decisions. Unfortunately, we have discovered that the majority of those who bet for fun make the mistake of completely ignoring strategy.
5. Forgetting to Cash Out – Regardless of whether you bet for entertainment or profit, it is crucial to cash out after a good win or a long run of wins. You can use some of these proceeds to build up your bankroll, but it is nice to actually see the fruits of your labour sometimes.
6. Betting When Drunk – Alcohol clouds judgement, and clouded judgment invariably leads to losing money when betting.