Betting is a pastime millions of people around the world enjoy partaking in.
Not only is betting fun and offers players an opportunity to improve the overall viewing experience of a given event, but it also provides an opportunity to make profits if your predictions come true. However, betting can also lead to disappointment when bets count to fail. Failed bets become especially present when bettors make common mistakes that ruin your chances of success.
In this article, we are going to go over some of the most common betting mistakes and what you can do to avoid making them in the future. By removing these mistakes from your bets, you can maximise your chances of winning, whether it be in horse racing, team sports or even matched betting.
Not Using Betting Tools
Betting tools and software are extremely useful as they can allow you to finetune your bets and much more. Betting calculators can be used to see your expected winnings and losses as well as help you calculate more advanced bets and strategies. Then there are other betting software that can help you quickly compare odds across different bookmakers and even provide you with a calendar showing you upcoming bonuses and promotions for free bets and much more. When accumulator betting, for example, an accumulator calculator could really help out.
Not Shopping Around
Different sportsbooks often provide different odds on different games or horses running. Although the changes are never dramatically different, even the smallest changes can impact the potential earnings of a bet, especially when used in accumulators. It’s important to shop around for the best odds, as that allows you to get the most out of your money. Think of it this way: if you and your friend place two identical bets on two different sportsbooks and you both win, but he walks away with an extra £5 due to the odds being different, you have effectively lost £5 because of your sportsbook choice.
Improper Bankroll Management
Bankroll management is crucial as you can bet if you have no money left. You should never bet with money you can’t afford to lose. Not only can improper bankroll management cut your betting sessions short, but it can also cause financial stress and a potential gambling problem. This is why it is crucial that you set a budget and stick to it to ensure that you are always playing within your means.
Setting Unrealistic Expectations
No matter how much research you do or how much you shop around, betting is always a game of chance; therefore, you should only be betting for fun. Do not make the mistake of going into betting, thinking this will be your method of making money easily. Not only can this lead to you chasing losses as you try to get that one win, which will help you, but it will ultimately lead to betting experiences that are not enjoyable.
Stick To One Sport
Another common mistake is people spreading their bets across multiple sports. We get that a lot of people are fans of multiple sports; for example, it is incredibly common for football fans to also bet on horse racing. However, we have found that people who bet on multiple sports tend to be more of a jack of all trades and a master of none. We advise that you find the sport you love the most and put your expertise in that sport to use by focusing your bets on that sport.
Not Researching Thoroughly
Research is a crucial step in making informed bets. Researching your bets can lead to much more successful wagers as you can cut out ill-informed bets by using data and statistics to cut out predictions that have a very low chance of coming true. Staying up to date with the latest news for your chosen sport, analysing team and player statistics and applying all this information within context will greatly improve your chances of winning. For example, if you don’t do any research, you might predict a striker to get a red card or a team that produces high xG to score even though their most creative player and goal scorer are both injured.
Not Using a Betting Strategy
When trying to bet successfully, it is very important to ensure you have an efficient betting strategy. Make sure you know what markets to play and avoid, when to place bets, whether you should opt for a single or accumulator bet, or where to bet before-play or in-play. These are all factors that should be considered in one’s betting strategy before any bets are placed.
Only Using Accas
Accumulators are some of the funnest bet types you can place due to their high-risk, high-reward structure. Accumulators can come with some very exciting odds; however, as a result, they are very difficult to actually predict correctly. We are not saying you shouldn’t play accumulators at all, but we believe you should spread out your different types of bets as if you only play accumulators, there is a very small chance of you actually ever winning.
Chasing Losses
Chasing losses is something we have talked about a lot in this article, but what exactly is chasing losses? Chasing losses is the act of trying to recoup your losses by placing more bets in the hope that when they win, you will be able to break even or end up with a profit. This is a very dangerous habit that can lead to a vicious gambling cycle, one you should stay away from.
Summary
These have been some of the most common mistakes that bettors make and how to fix them. If you have found yourself making the mistakes mentioned above, then make sure to amend these mistakes so that you can increase your chances of winning and minimise losses. Betting can be a fun hobby for many people, and cutting out these mistakes can stop you from wasting money on bets that are highly unlikely to ever pay out.