No one can predict the future, no matter how much you want it as a bettor. However, instead of mulling about the things you can’t control, how about you deal with what you can, like avoiding the mistakes you’ve been making in sports betting lately? Heck, you might even be unsure that you’re making mistakes, so you’re here reading this article.
That said, if you want to know the big mistakes you should not ever make in sports betting, then you’re in luck because, in this article, we will talk about some crucial mistakes that make you unsuccessful in this career. From not doing line shopping to changing unit sizes, you might see some mistakes here that you recognize in your sports betting career. Let’s start.
Constantly Changing Unit Size
In sports betting, one trait you should always keep in mind is consistency, especially when dealing with your bankroll. Bankroll management is crucial to sports betting; without it, your bankroll wouldn’t last a week. That said, one of the worst things you can do to your bankroll is constantly changing your unit size.
However, if you’re unsure how to determine your unit size, you need to settle on an amount immediately. Experts usually recommend that bettors have 5% of their bankroll as the standard unit size.
That means that if you have $100 in your bankroll, each unit size should be $5. And no, we’re not telling you that you should only bet $5 every game. You can risk multiple units in a single or even divide a single unit into different bets. Your unit size should be your tool for determining how much you are risking in every bet.
Not Shopping Around
Different bookies offer different odds and payouts for their lines. The difference might only be too minimal, but it greatly impacts your chances of winning and how much money you’ll win with a specific bet. For example, if one betting site offers odds for a match at ¼ while another has odds of 1/3, you might think there’s not much difference on 80 cents.
However, it’s the opposite. When you bet $100, the payout can quickly rise to $8. That said, it’s always crucial to shop for odds to maximize the winnings you get for your bets. Also, if you’re daring, you can bet on multiple bookies to further maximize your winnings. The difference in payout might be small, but it’s a significant investment in the long term.
Having Unrealistic Expectations
With expectations comes disappointment, and that statement is far too common in sports betting. Sports betting is primarily based on chance. No one can predict the future, and even the most sure-shot bets can lose in the blink of an eye. That said, if you’re new to sports betting, you should avoid having unrealistic expectations like doubling your bankroll in the first week or winning your first ten bets.
This way of thinking is dangerous and could result in you putting too much pressure on yourself. This will result in you chasing your losses and losing even more money in the short term. Additionally, having unrealistic expectations will sour your sports betting experience.
Sports betting should be enjoyable, and sure, if you’re serious about this career, you’ll have some awful moments, but in general, sports betting is a way to spice up sports as a spectator.
With all that said, you should be realistic with your expectations, set achievable goals, play in moderation, and, more importantly, enjoy sports betting.
Placing Too Many Wagers
One mistake that beginners often make is placing too many wagers at once, thinking they are experts in all of them just because they have been sports fans for a long time. However, having too many wagers at once rarely ever goes well.
You should assume that most of the bets you wagered will be lost, leading to many losses in your bankroll. You should remember that every sport has its own trends, bets, and overall strategies. Just because you’re successful in NFL betting doesn’t mean you’ll also be successful with NCAAF betting odds.
If you’re a sports fan, there’s a good chance that you have a favorite team that you always support. You might even have a few jerseys in your closet by now. However, in betting, biases tend to make you lose bets. This is because, in sports betting, you should always bet with your mind and not your heart. Even if it’s your favorite team, you should remember that every team has their losses, which means they won’t win every time. In this scenario, it’s okay to bet against them instead.
Sports betting is a way to spice up your sports-watching day with your friends and family. However, if you’re serious about winning cash in sports betting, you should always be logical and smart with your bets. You can start by following the tips we discussed above. With all that said, good luck.