How to Avoid Sports Betting Mistakes Complete Guide
Sports betting is a great way to make exciting sporting events even more enjoyable than they already are. From moneyline wagers to parlays, sports betting can take enjoying sports to another dimension. Winning bets can make the sports betting experience that much better. On the other hand, you can make sports betting mistakes that you can learn and avoid them.
That is why avoiding sports betting mistakes is crucial to successful betting strategies. There are several mistakes newcomers and seasoned bettors must avoid to win wagers more often than they lose.
Sports Betting Mistakes to Avoid:
Getting Feelings Involved
Letting emotions become involved in sports wagering decisions means ignoring prevailing betting information. This situation happens to players cheering for that beloved underdog. Those teams have come out of nowhere to become this year’s Cinderella team.
Think of March Madness. A team from a small school works its way up to the Final Four. Then, logic dictates it’s the end of the line for them. But it’s tough to pass up the chance to make a significant return on an underdog. While possible, ignoring the odds can come back to haunt bettors.
Taking Parlays to the Extreme
Parlays can be a great way to multiply earnings. However, it’s also easy to get carried away. The thought of multiplying profits by stacking results can be too much to resist.
While parlays are great, bettors need to do their homework. It can be tempting to invest $100 a walk away with thousands. But, unfortunately, parlays have many moving parts. With so many things that could go wrong, betting the farm on parlays is not a sensible idea.
While parlays make great bets, parlay odds are stacked against bettors. Sportsbooks generally hold about 30% of parlay wagers. In comparison, the same bookmakers hold about 5% of single-game bets.
Ultimately, it’s better to focus on gradually building profits than chasing the big one.
Neglecting Bankroll Management
Bankroll management is crucial to successful sports betting. That is why not paying attention to this vital aspect is one of the biggest sports betting mistakes. In particular, the golden rule of bankroll management, determining the right wager size, is the foundation for successful betting strategies.
The golden rule states that bettors should never wager more than 1% or 2% of their total bankroll on a single bet. So, for instance, betting 1% of an entire $100 bankroll means betting $1 per wager.
However, there is always the temptation to go all-in on a bet that looks just right. While there is always a chance to hit a home run, the likelihood of winning is often relatively low. Focusing on bankroll management can go a long way toward ensuring bettors stay in the game as long as possible.
Failing to Shop Around
In sports betting, shopping around means looking for the best lines available. One of the most common sports betting mistakes is sticking with a single sportsbook. Of course, the pros have their go-to sportsbook, but they also understand that other sportsbooks may have better lines or special offers on specific events.
That is why good betting strategies spread the wealth around. Professional bettors look for betting information on various sportsbooks, sports betting sites, and traditional media to assess current knowledge and find the best lines and tips.
Betting on a single sportsbook may be convenient. But it can also mean missing out on better lines and deals.
Betting While Under the Influence
Drunk decisions never go well. From driving to firearms, things can go south quickly when anyone is drunk. Sports betting is no different. Having a few drinks while watching sports is part of the fun. Nevertheless, placing wagers under the influence is a recipe for disaster.
Specifically, decision-making abilities become impaired while consuming perception-altering and intoxicating substances such as alcohol. The problem lies in being unable to judge bets properly. Losing a few dollars may not be a big deal. But placing a large bet while intoxicated can lead to serious financial consequences.
Too Many Overs, Not Enough Unders
Sports fans like to see goals, runs, points, and touchdowns. So, leagues strive to increase scoring to boost fan engagement. However, regarding sports betting strategies, there are better approaches than always hoping for high-scoring events.
For example, the top two scoring teams meet in an NBA matchup. However, the leading scorer on one team is out with an injury. As a result, this injury may significantly impact that team’s ability to score. Based on those circumstances, betting on the over may be wishful thinking.
Successful bettors know that carefully researching betting information on potentially low-scoring matches can ultimately pay off.
Always Betting on Favorites
Favorites are favorites for a reason. Oddsmakers pick favorites because they understand the dynamics of the sport, the teams, and the players involved. As a result, they can assign odds based on a reasonable assumption of the final score.
So, it would make sense to bet on the favorites, as sticking to them seems like it would be the safest bet.
However, oddsmakers can get it wrong.
Remember that any given match has a significant number of moving parts. There are individual player performances, in-game adjustments, and even weather conditions to consider.
There is also a random factor some people call “luck” to consider. Unexpected events can significantly impact a game’s outcome. For instance, missing a field goal that the kicker should have made can make a huge difference.
While sports betting advice focuses on favorites, researching betting information is always essential. Taking the time to review predictions, analyses, and previews can help bettors make more informed decisions. In addition, this can help bettors feel more confident about their selections. Conscious research may even uncover an unlikely upset.
Betting lines can change on a dime. Momentum can suddenly change, causing lines to pivot in one direction or another. Professional bettors know this is part and parcel of sports betting. They know that sportsbooks can quickly change odds, but not necessarily because of a fundamental change in the game.
For instance, one team is a six-point favorite over the other. Then, hours before game time, the team announces their starting quarterback is hurt and won’t start. Suddenly, the six-point line evaporates to a one or two-point line.
In this example, it makes sense to see a sudden shift in lines. But there are times when line changes have nothing to do with the game.
Suppose the six-point line now moves up to eight points. Nothing has changed regarding lineups, weather conditions, or any other game-related situation. This change is because bettors have placed many wagers on the favorite. This situation should flash a large “bet now” sign.
A good rule of thumb is to be wary of chasing lines. There is always the possibility of an upset. So, it’s always best to check betting information before jumping into the frenzy of line chasing.
Betting on New or Unfamiliar Sports
Betting information is a combination of understanding how sports betting functions and the dynamics of an individual sport. Ideally, bettors should wager on sports and events they know and understand. However, betting on a new or unfamiliar event requires research.
For instance, bettors who wager on teams they have never heard of are guessing, at best. Following the odds can help, but there is no guarantee the odds are bulletproof.
Newcomers to sports betting should always start with sports and teams they know. Doing so provides a degree of certainty when making wagers. Otherwise, it’s always best to invest time and effort in researching odds, lines, and betting information to make an informed decision.
Not Accepting Defeat
Not accepting losses is one of the major sports betting mistakes. Bettors who think they have to be right all the time have got it wrong. The best professional bettors are generally right about 50% to 55% of the time. That’s essentially a coin toss.
Anyone who claims they have a 90% success rate is lying. With so many variables in sports, it’s nearly impossible to be right nine times out of ten.
The secret is to accept defeat. Losing wagers is a natural part of sports betting. However, always remember there are factors beyond everyone’s control. That can lead to unpredictable outcomes. This unpredictability is what makes effective bankroll management crucial in sports betting.
Sports Betting Mistakes FAQs
Bankroll management refers to the amount placed per wager. The recommended bet size is 1% to 2% of a player’s bankroll.
Betting information involves any data, insights, predictions, or analysis related to sports betting on an event.
Odds can move for several reasons, including lineup changes, weather conditions, or player injuries. Odds can also change when many bets influence sportsbooks to change odds and lines.
Betting information is available on sportsbooks, blogs, sports journals and magazines, odds-picking sites, and official team pages.
Sports betting strategies are the methods used to make decisions regarding wagers. Betting strategies include analyzing betting information, reviewing stats, managing bankroll, setting a stop-loss limit, or cashing out early.