If you’ve heard about the 80/20 rule, it applies to sports betting as well. As a well-known fact, 80% of sports bettors fail in the long-run while only 20% are able to succeed in the long-run. In my opinion, it’s more likely that this split is 90/10 as opposed to 80/20. Although many people end up losing money over the course of a year, this somehow doesn’t discourage them from stopping betting altogether. In this article, we’ll detail the five reasons why sports bettors tend to lose.
Hardly a matter of poor picks, the number one reason why most sports bettors lose is due to poor money management and discipline. There’s a huge difference between sports bettors who can pick winners and sports bettors who can win money – see the subtle difference here? If you’re betting $100 on one game and $1,000 on another game, you’re making the exact mistake that we’re trying to get people to avoid. While sports bettors may win a few games where they’ve bet a huge percentage of their bankroll, this will eventually catch up and come back to bite them. Additionally, doubling down after a wins or losses is another recipe for disaster. Understand your bankroll and enact a range that you’d bet on each event with.
Betting On The Wrong Events
Although football and basketball betting receive the majority of all betting dollars, these two sports have also been known to be the toughest to show long-term profits in. The sport-of-choice among sports bettors is baseball, with hockey also being a particularly favorable sport. A sports bettor doesn’t have to enjoy watching the sport that he’s betting on – as long as he’s able to consistently find and derive value in his bets, that’s the most important thing. Find out what you’re good at and focus on that as opposed to following what everyone else is betting on.
Lack Of Knowledge
There’s a stark difference between being knowledgeable in the NFL and being knowledgeable when it comes to betting on the NFL. Being able to name every single player on the New England Patriots’ offensive line won’t help you win a bet. If you’re not willing to put in the time and effort to research and analyze games, don’t assume that you know more than everyone else and surely, don’t expect to win often. As the saying goes, knowledge is power – this is certainly true when it comes to sports betting as well.
Betting On Too Many Televised Games
Many sports bettors feel that whenever a game is televised, they must bet on this game regardless of how they feel about it. While this may not have been a problem many years back, currently, due to the abundance of televised games, sports bettors could be wagered on as many as ten events or more per night. Additionally, the betting lines are typically the sharpest for televised games, meaning that it becomes that much tougher to gain a significant advantage. If anything, the amount of your bets on televised games should be smaller than your typical bet amount.
This is a huge trap that some sports bettors tend to fall into and is one that can be easily controlled and avoided. With the abundance of online sportsbooks, many of these sportsbooks have incorporated online casino betting. If you’d like to bet on sports, focus on this instead of getting sidetracked by other gambling options on your sportsbook. I don’t know about you, but personally, it feels sketchy playing online blackjack or poker, where cards revealed are not physically done.