Sports betting is a popular choice for people who enjoy gambling. But, like any other form of gambling, there are many pitfalls that can lead to losses. Regardless of whether you are new to sports betting or you are an experienced sports bettor, knowing the most common mistakes can help you a lot to be more profitable down the road.
Today, we will discuss the top 5 sports betting mistakes punters make and how they can be avoided. Are you ready? Then let’s get started.
1. Choosing an Unreliable Betting Site
A huge sports betting mistake that many people make is choosing an unreliable betting site. Although there are many betting platforms available all over the world, you need to be aware that not all bookmakers offer outstanding sports betting services. Some of them may process the payments slowly, offer poor odds and events solely in a few markets, and have an unfriendly interface with bad customer support.
Moreover, some bookies may even be unscrupulous and try to scam you. The main danger here is that these untrustworthy bookmakers can steal the money you deposit into your account, or they may take advantage of the personal data you share with them such as your name and bank account number.
Selecting a reliable and secure platform that provides excellent services and suits all your sports betting needs is not easy. But if you conduct thorough research, chances are you will find the right betting site. To do that, before you rush to join the very first platform you see, read some in-depth reviews and comparisons about the best Ghanaian betting sites as seen here.
2. Having Unrealistic Expectations
Another common mistake is having unrealistic expectations regarding the profitability of sports betting. Many bettors, especially beginners, think that if they spend hours on research, it’s a guarantee for a successful bet and huge winnings. But nothing could be further from the truth! This is because even if you believe that you placed the perfect bet, ultimately, you have no control over the event. This means that things can go either way: maybe you win, maybe you don’t.
Make sure to not put extra pressure on yourself by having unrealistic expectations. Most people who do that end up continuously increasing the amount of money they are wagering and losing a huge amount of money.
Also, you should know that even professional bettors experience a losing streak from time to time because in sports betting nothing is certain. Winning depends on numerous factors.
Therefore, you should always be realistic and don’t expect to be rich in one week. Most successful punters have years of experience in sports betting. Thus, if you want to become profitable, accept that there is a learning curve that includes that you need to learn how to develop your own betting strategy.
3. Poor Bankroll Management
Bankroll management is probably one of the most vital elements of sports betting - and gambling in general. The thing is that many people who are new to sports betting go all in. What does it mean? These people clear out their savings accounts and in hope of big wins, place all their money on bets. Unfortunately, in many cases, the story ends sadly: they get into a vicious cycle of losing, and in the end, they lose all their money.
If you don’t want to make the same mistake and end up losing it all, don’t wager more than you can afford to lose. It’s best to create a bankroll management plan that works for you. A good plan involves a strict betting budget and a well-working bankroll strategy. Once you have decided on the amount of your betting budget, you should stick to it. You can’t cross this amount even if the temptation to win back your losses is beyond all bearings. As part of your bankroll strategy, determine the minimum and maximum amount you can place on a bet per event. Here also, stay within the limits no matter what. Of course, it will require self-control. But when you take a look at the big picture, it is worth the effort!
4. Chasing Losses
Everyone who is into sports betting would like to make profitable bets. Whether you are a casual or professional bettor, you may feel frustrated and anxious when you have a streak of bad luck and lose all your bets one after the other. Unfortunately, this is the exact moment when many punters make one of their biggest sports betting mistakes: they start to chase their losses.
Usually, these bettors work with a fixed bankroll. When they realize that they have lost a significant portion of their bankroll, they start to panic that they may never end this losing streak and they will lose all their money due to bad luck. So, what do they do? They increase their bet size on their next bet in order to win and get back all the money they have already lost.
Although for many it may seem like a great idea, in reality, it’s not! When you chase losses, you are controlled by your emotions. Placing your bets based exclusively on your emotions can lead to poor decisions - and ultimately, huge losses.
To avoid chasing your losses and being primarily results-oriented, here are a few tips:
- Don’t try to predict the outcomes of events but look for good value in the odds the bookie offers.
- Regardless of what happens, stick to your bankroll plan. Respect the minimum and maximum amounts you have determined to stake at a bet and don’t adjust your bet sizes.
5. Placing Far Too Many Wagers
Becoming a successful bettor requires time and a lot of patience. Sadly, many punters are not patient enough to wait for the right opportunities. They place too many wagers to win as much money as they can in a short time. Regarding placing too many bets, these are the 3 most common mistakes:
- Betting on a wide variety of sports such as soccer, basketball, rugby, tennis, and many more.
- Focusing on solely one sport but betting on almost every event in that sport.
- Creating large combo bets.
Neither of these strategies is ideal in sports betting. It’s better to be selective and betting on one or two sports. Also, avoid placing wagers on every single event or game in a sport.
Remember that it’s not the quantity that matters. This is why it is a bad idea to place large accumulator bets as well. After all, your goal should be to place the best bets possible, right?
The Bottom Line
There you have it! These are the top 5 most common sports betting mistakes people make. Regardless of whether you are a beginner or an experienced punter, if you want to become better in sports betting, avoid these pitfalls at all costs.