It's not uncommon for amateur sports bettors to set unrealistic expectations for their betting bankroll, especially once they start to lose money. To bet sports successfully, bettors need focus, expertise, and a solid betting strategy.
Perhaps the most important attribute that sharp bettors have is exceptional bankroll management. Every bettor, no matter their level of previous success, goes through ups and downs in their betting journey.
By making smart betting decisions when it comes to bankroll management, you can shorten your learning curve, avoid making the big mistake that could set you back months, and avoid developing a gambling problem.
Here are a few tips to help you navigate the choppy waters of becoming successful at sports betting and why you should mimic professional sports bettors to help you avoid common mistakes.
1. Betting Without a Clear Strategy
One of the biggest mistakes in sports betting is betting without a clear strategy. To avoid this mistake, take the time to develop a sound strategy that takes into account factors such as bankroll management, odds analysis, and research into the teams or athletes involved. Stick to your strategy over the long term, and avoid impulsive betting behavior.
2. Chasing Losses
Another common mistake in sports betting is chasing losses. This happens when a bettor tries to recoup losses by making larger bets or taking bigger risks than they normally would. To avoid this mistake, set a maximum bet size as a percentage of your overall bankroll, and stick to it. Don't let emotions cloud your judgment, and avoid making impulsive bets.
3. Overvaluing Favorites
A common mistake in sports betting is overvaluing favorites. Many bettors assume that the favorite team or athlete will always win, regardless of the odds. To avoid this mistake, conduct thorough research into the teams or athletes involved, and consider factors such as injuries, recent form, and head-to-head records.
4. Ignoring Value
Another common mistake in sports betting is ignoring value. This happens when a bettor fails to recognize when a bet offers good value, regardless of the outcome. To avoid this mistake, look for bets where the odds are higher than you believe they should be based on your analysis of the situation. Don't be swayed by public opinion or the betting line.
5. Betting on Too Many Events
Finally, a common mistake in sports betting is betting on too many events. Many bettors place too many bets in too many sports, which can lead to a lack of focus and poor decision-making. To avoid this mistake, stick to a limited number of sports and events that you know well, and focus on developing a deep understanding of the teams or athletes involved.
What Makes a Successful Sports Bettor?
Sports betting experts succeed due their ability to avoid common betting mistakes such as chasing losses, trying to bet their way out of a losing streak, and not comparing odds to help put themselves in a better position to see their wager winning more often.
Let's look at the top four characteristics of successful bettors, and how you can incorporate these betting tips into your daily wagers to prevent losing money and improve your overall bankroll management.
Sound Bankroll Management
Easily the biggest mistake amateur sports bettors make comes from betting beyond the boundaries of their bankroll. Successful sports betting comes with wagering only small fractions of your bankroll with each bet.
Instead of shooting for a winning bet that will risk over half your money, instead place smaller bets no more than 3-5% of your bankroll. Every sports bettor runs into streaks of bad luck, by betting small and consistent, you avoid most common betting mistakes.
Avoid Placing Too Many Exotic Wagers
Every weekend the social media accounts of sports betting sites post a winning betting slip from a player that hit a once-in-a-lifetime wager. Occasionally, recreational bettors become lucky and hit a bet that pays tens of thousands of dollars when they only put up $20. But seasoned bettors know that luck doesn't sustain and will eventually run out.
So instead of placing far too many wagers, such as ten-team parlay bets, avoid this common betting mistake, by betting small and grabbing the best odds. By consistently surveying the sports betting markets, you can avoid a costly mistake that ruins your bankroll.
Stick to a Smart Betting Strategy
Most recreational bettors don't shop to obtain the best odds. Something as small as searching five different betting sites can earn you more money by avoiding the worst odds, and instead, taking advantage of the best line for any given game.
Different bookmakers also might offer odds boosts on your favorite team, especially if you live close to that team's city or state. Taking advantage of these boosts, especially during football season, can make for smart betting choices that improves your value per wager.
Improve Your Knowledge of Teams and Trends
Many bettors make big bets based on hunches or feeling rather than evaluating their estimated chances of winning the bet based upon their own research. In the search for big payouts, sports betting amateurs make the mistake of looking at one game and disregarding the vast majority of information that suggests their bet has high odds related to the actual value they're receiving for the wager.
By developing systems based upon your own research, you can do much better at looking how the odds relate to the expected probability of the bet. If you system estimates the bet would hit 65% of the time, but you are getting sports betting odds that suggest a 50% probability, then you've found an edge and a smart way to improve your bankroll management.
