Everybody wants to think they are better than they really are at just about everything in life. People think they are better athletes than they really are. People think they are smarter than they really are. The same is true for those that bet on sports. It’s important to remember that even the best professional handicappers can get caught up in the type of mistakes that put them in a bad position. While you might not even realize it at first, there are some obvious signs of bad betting habits that you should be aware of so that you don’t fall in to traps. Here is a look at five significant signs of bad betting habits.
Failing To Set Goals
One of the key steps to making money is to set goals for your self and then strive towards hitting those benchmarks. That won’t happen if you fail to set goals for yourself. If you are betting blindly to just continue to make substantial amounts of money without cashing out at any point then you are leaving yourself at risk of losing it all eventually. It’s important to establish milestones and periodically cash out in order to maintain an upward trajectory when it comes to banking cash.
Hyping Yourself Up
It feels good when you win a sports bet. In fact, if it’s a big enough bet you might feel so good about the bet that you blow it up in to a perceived value that is greater than it actually is. For example, if you bet $100 on an underdog to pay out $250 and they come through it will feel really good that you predicted something most others might not have. However, the monetary value of that win is only $250, and nothing more. If you hype yourself up to make it seem like a bigger deal than it is, then you could end up in a tough spot believing that your success is actually greater than it is. It’s important to keep a level head and make sure that you don’t get caught up in your own hype.
Blaming External Factors For Losses
One of the most common misconceptions that failing sports bettors tell themselves centers around the idea of bad beats. While these sports bettors take all of the credit for their wins, they seem to blame external factors for losses. The reality is that if you don’t consider all potential losing outcomes you might decide that when you win it’s about skill and when you lose it’s about bad luck. This is an obvious bad betting habit that could lead you down the wrong road if you don’t recognize it early on.
Following The Crowd
If everybody that was considered an experts on television or in the public were to always be right then wouldn’t they all be millionaires? While we rely on former players and analysts to give us their take through media outlets, it’s important not to get caught up in their hype and follow the crowds. There is a reason why these experts are providing their takes through media outlets but aren’t actually making money off of their picks. On top of that, the general public is almost always wrong, hence the popular strategy of fading the public. It’s important not to follow the crowd and get caught up in chasing results based on the opinions of other people without doing your own research.
One final sign of a bad betting habit is chasing losses, which can be a big mistake. It’s easy to get caught up in mistakes and push to try to rally after losing money. However, if you aren’t careful you could end up doubling or tripling your losses in a short span. It’s important to be able to cut your losses and accept a beat rather than fighting to try to make that money back in a short amount of time. There are plenty of signs when it comes to bad betting habits but if you can recognize the ones on this list ahead of time then you might be able to avoid making the same mistakes.