While some people may dismiss sports betting as a very simple and easy endeavor, as with every craft, perfection requires doing a lot more than meets the eye. If sports betting was so easy, most or all sportsbooks wouldn’t still be in business. While pros tend to be more diligent with it, novice sports bettors tend to make a slew of mistakes when starting out. In this article, we’ll take a look at the seven common mistakes that even the public make.
#1 – Failing To Keep Track Of Bets
Since almost every sports bettor will claim that they’ve been successful – have made profits – it’s human nature to want to think this and it’s even easier to deceive yourself into believing this if you fail to keep track of your bets. By refusing to track bets or track losing bets, you’ll fall into the illusion that you’ve been much more successful than you’ve actually been.
#2 – Chasing Losses
The most disciplined sports bettors, once they’ve lost a bet, will move forward. However, other sports bettors may be more prone to trying to chase their losses – trying to win back what they’ve just lost to the sportsbook. Since a lost bet already represents a sunk cost, this strategy will be sure to derail you in the long run.
#3 – Trusting Others’ Information
While there are many great sports betting communities out there, mostly in the form of online forums, these communities are based on trust and a proven track record. However, it’s important to not place too much trust in these sports betting communities, especially when someone claims that their picks are “guaranteed” to win or claiming to have inside information. You can only trust yourself and verifiable numbers (statistics).
#4 – Falling Trap To Emotional Betting
It’s important for a sports bettor to completely take the subjectivity (emotions) out of placing bets and maintain objectivity. However, while some sports bettors may allow some of their emotions to factor in when placing a bet (e.g. 10-20% emotions), this is not a significant amount. What’s dangerous is if you decide to completely go with your emotions. Bets fuelled by emotions are the safest way to lose your bankroll.
#5 – Trying To Be Good At Everything
A polymath is defined as a person whose expertise spans a significant number of different subject areas – think of Leonardo da Vinci. However, these individuals are as rare as they come. Using this same analogy in sports betting, it’s extremely difficult to be good at everything – every type of sport and every type of bet. It’s much better to focus on what you’re really good at.
#6 – Not Betting On Value
Over the long run, it’s crucial to only place wagers on bets where you believe there’s perceived value. However, since sportsbooks take a margin on each bet, it’s not easy to find bets where there’s underlying value. Since value usually comes down to your own perception on a game vs. the sportsbook, it’s entirely possible to find value. You just need to have patience and not force yourself into betting on games where you know there’s no value involved.
#7 – Not Betting On The Best Odds
It’s important to stress how important this point is. You need to shop around and find the best odds since over the long run, this will add up and make a huge difference when it comes down to your profits. Being lazy and failing to shop around for the best odds will cost you much more than you think, especially when you’re in it for the long run.