Most common betting mistake: In sports betting, there are many mistakes you can make which can cost you money. Since every bettor aims to lose less money and make more of it, knowing where the pitfalls are and how to avoid them is crucial before placing wagers. Let’s get one thing straight though, losing money in sports betting is inevitable, but to make a profit in the long run, it is important to avoid costly mistakes. In this piece, we are going to explain the common sports betting mistakes that bettors make more than often and how to avoid them.
Skipping the Basics
This is a mistake that is mostly made by rookies. New players often skip the very first and important stage of learning the basics before they start betting. Although, online sportsbooks usually have a section that explains basic terms and process of betting these materials are inadequate to inform newbies about sports betting. It is always safer to start slow and take information in bit by bit before diving in. Not skipping the basics will also help you avoid a lot of the common mistakes which is why we are putting it first on our list. There are various materials online including the ones on our SITE, which you can read to learn about most of the things you need to know before placing your first bet.
Not Checking Betting slips
This is probably one of the most costly mistakes on this list and we cannot overemphasize it. Let’s look at a scenario where you have entered all the details on your betting slip and confirmed it. After the event, the team you placed your bet on has won and it is to cash out your winnings. But your bet slip says otherwise and you realized you have submitted the wrong bet.
This mistake doesn’t have to reoccur. A lot of sportsbooks give players the chance to alter their bets as long as the event has not started. It is a good practice to always reconfirm the entries on your betting slips before and after you confirm them.
Bad Bankroll Management
One of the big faux pas in betting is bad bankroll management. As much as it is easy to get carried with the thrill of risking cash for bigger gains, it is not advisable to ignore the set budget and go over planned expenses. We advise that punters have a strict budget when it comes to sports betting and this budget should always be considered.
Building Long Parlay Bets
Parlays or accumulator bets bring high returns when they win. However, building long parlays reduces the value of your bets. In essence, making long selections reduces your chances of winning. Bettors often get carried away by the calculated returns on small wagers, but the chances of making a win get slimmer with each selection added.
Having Unrealistic Expectation of Returns
This is not one of the most common betting mistake that only novices make in betting, a lot of bettors expect huge profit outright from placing a couple of wagers. This is not always the case as making money from betting is a slow process. Also, it involves strategies and planning.
Placing Bets on Impulse
While it is not a good habit to overthink on a wager before you place it, it is also detrimental to place a bet on impulse. All bets placed have to be calculated risks. Just like betting under the influence or with emotions, impulse betting is a one-way route to losing money.