Sports betting can be a great way to engage with your favorite sports, teams and even players, but it’s easy to fall into traps that can cost you money. While luck plays a big part in the market, avoiding common mistakes can make a big difference and hopefully land more cash in your pocket. Here are five of the most common mistakes sports bettors make and how to avoid them.
Managing your bankroll effectively is extremely important for long-term success in sports betting. One of the biggest mistakes we see bettors make is failing to manage their bankroll properly.
This often involves changing the amount they wager based on recent wins or losses. During a winning streak, bettors might get overconfident and increase their bets, while losing streaks can lead to desperation bets to recover losses.
This means the sports bettors are following their heart and not their logic and their plan.
A more consistent approach is flat betting. This means wagering a fixed percentage of your bankroll on each bet, typically between 2-5% per unit size.
This strategy helps protect your bankroll during bad runs and ensures you don't go bankrupt. The key is consistency, as it smooths out the highs and lows, keeping you in the game longer. You might not always win big, but it does prevent you from losing big.
Another common mistake is overreacting to recent trends. Bettors often put too much emphasis on a team's recent performance.
If a team like the New York Yankees is on a winning streak, they might assume the team will continue to win, and vice versa for losing streaks. This can lead to poor betting decisions, as recent performance is just one piece of the puzzle.
Of course, it’s important to research the teams and see who’s hot and who’s not but dig a bit deeper to see why they’re hot. Using the Yankees as our example, if Aaron Judge is responsible for 50% of the run production on the team and he’s slated to take a day off, you might not want to bet on the Yankees even if they’re hot.
It's important to look at a larger sample size and consider historical data. Teams coming off a loss are often undervalued by the public, while those on a winning streak might be overvalued.
Effective betting involves analyzing various factors, including injuries, player performance, and even weather conditions, rather than just the recent results.
The Gambler’s Fallacy is a belief that past events influence future outcomes in independent events. Spoiler: they don’t.
For example, thinking a team is "due" for a win after a series of losses is a classic gambler’s fallacy. Each game is independent of previous ones, and past results don't impact future outcomes.
Basing your bets on the assumption that trends will reverse is a mistake.
Instead, focus on thorough research and analysis of each game independently of the past. Consider the current form, injuries, head-to-head statistics, and other relevant data.
Making decisions based on solid information rather than assumptions will lead to better results when trying to cash in big time with an online sportsbook.
Betting on too many games in one day is a mistake many bettors make, spreading their resources too thin. This approach increases the risk of significant losses, as it's challenging to thoroughly research and make informed decisions on numerous games.
Basically, don’t bet just to bet. Bet with reason, logic, and with regards to your bankroll. Remember, we’re trying to help you win over the long-term, not short gains that often fizzle out with your next big loss.
A more disciplined approach is to focus on a few well-researched bets.
Quality over quantity, as they say, is key in sports betting.
By concentrating on fewer games, you can conduct more in-depth analysis, leading to better-informed bets. This approach reduces impulsive betting and helps maintain a clear strategy.
After all, we want you to be a smart bettor, not a reckless bettor.
Not shopping for the best lines is another mistake that can cost you money. Different sportsbooks offer different odds and lines for the same event. Failing to compare these can result in missed opportunities for better payouts.
Think of it like this. You’ve already done thorough research on the Rangers and Panthers playoff game, and you’re confident the Rangers are going to win. Let’s say Caesars has the Rangers are -120 yet Bet365 has the Rangers at -115. Since you’re already planning on bettong, you might as well get the biggest bang for your buck and that would be Bet365 because you’ll walk away with just under 5% more if you win. You don’t want to leave that cash on the table.
Having accounts with multiple sportsbooks allows you to take advantage of the best available lines and odds. Even small differences in odds can significantly impact your long-term profitability.
By consistently getting the best lines, you maximize your potential returns and improve your chances of success. Always shoot for long-term gains when placing sports bets.
Avoiding these common mistakes can generally help you become a more successful sports bettor.
Effective bankroll management, not overreacting to recent trends, avoiding the gambler’s fallacy, focusing on fewer, well-researched bets, and shopping for the best lines are all very important strategies that can go a long way in making you more successful when placing bets.
Sports betting is not just about luck, though that can be a major component, it's about making informed decisions and maintaining discipline. By being aware of these pitfalls and taking steps to avoid them, you can increase your chances of long-term success and become a pro on the sports betting circuit.