Sports betting fans have plenty of tools at their disposal to help keep them on the right path towards making significant profits. However, even still it can be difficult to avoid falling in to the same bad habits and making poor decisions. We took the time to identify some potential traps that even the most experienced players can fall in to when betting on sports in order to try to help you avoid making the same mistakes over and over again. Here is a look at five of the most common sports betting mistakes.
Listening To Experts
Everybody in the sports world has an opinion. Members of the media are paid to give them. Fans have an undeniable desire to give them. The problem is that most of the time they are wrong. One of the biggest mistakes that sports bettors make is listening to the so-called experts that really have no idea what to do when it comes to betting on sports. There is nothing wrong with considering the opinions of others. Just be careful not to go all-in on the opinions of others when making your bets.
Too Many Wagers
Even the best handicappers in the world struggle to find an edge at times when betting on sports. The house edge on its own is difficult enough to overcome in a small sample size. It becomes that much more difficult to make a profit when you make too many wagers in a short time span. The sportsbooks understand that gambling is addictive and they feed in to it by providing countless options for sports bettors around the clock. It’s important to limit the number of wagers you make in an effort to maintain an edge and avoid overexposure.
Failing To Shop Around
Another mistake that is easily overlooked is failing to shop around. Casual sports bettors often forget the fact that different sportsbooks offer different lines. The best approach is to shop around and make sure that you are getting the best possible value on every bet that you make. Line shopping is an important aspect of sports betting success. Those that take the time to do their due diligence will be rewarded by maximizing their profits on wins and limiting their potential losses when they are on the wrong side of a given matchup.
It’s easy to fall in to the trap of betting on your favorite team. After all, you likely follow them closer than any other team. You likely know more about them than other teams. So it makes sense to bet on them, right? Wrong. The problem with betting on your favorite team is that your inherent biases could come back to haunt you. It’s easy to think that your favorite team will bounce back from a losing streak with a win against a favorable opponent because in your mind you think they have what it takes. However, your vision of the matchup could be construed based on the fact that you actually want them to win. There is nothing wrong with betting on your favorite team once in a while if you feel like all of the matchup factors are working in your favor. However, just make sure you don’t get caught up in betting on them blindly when you could end up making costly mistakes just because you want to see your team come out on top.
Chasing Losing Streaks
One final major mistake that sports bettors make is chasing their losses. Even the hardcore handicappers have some experience in this department. A string of two or three losses could lead to greater temptation to bet larger amounts of money in order to make up for those losses in a short span. However, that strategy could often backfire and lead to a losing streak spiraling out of control and becoming that much more damaging to your bottom line. Be patient and know when it’s time to take a step back. No matter what happens, it’s important to maintain the same approach whether you win or lose. Be patient, pick your spots and make sure you don’t go chasing losses.