Did you know that you stand higher chances of losing more money when you win your first sports bet than when you lose? When you log into your favourite sports betting website on game day, you will always find something you feel is worth risking a few dollars on. Now, you need to know that with every bet, you risk losing more than just money; you could lose you too. You should therefore bet with an open mind and make sure that you can afford to lose every penny you take on any possible result. It takes time to know your way around online betting sites and master your skills but you have to beware of these 10 mistakes many people make even after gaining experience.
Chasing Losses
When you log into any platform and choose to place bets on sports, you need to be very sure that you can afford to lose whatever money you put on there. Losses can be devastating but they are as real as winning so don’t try to get even with the betting site because that won’t pay off. When you lose a bet, don’t take it to heart, just consider it a loss you were perfectly prepared for. Placing your next bet in the hope of recovering money lost in your previous one is likely to cause more losses. It is described as the sunk cost fallacy where people try to recover losses they have already incurred.
Giving Up Too Easily
Whether you are betting for fun or as a career, you have to be prepared for losses just as much as you hope to win. There is an old saying that “it takes money to make money,” and nowhere is that more real than online sports betting. It is true that many people give up on sports betting after their first loss which is sad. While it is smart to walk away if you realize that you can’t afford any more losses, if you want to win big and make money in sports betting, you have to grow a thick skin. You have to learn your lessons from each loss and get smarter ways of betting to reduce your losses.
Not Doing Your Homework
You need to hold your money with higher regard than the betting platform does if you are to keep it and probably make more. That means that you have to do your background on any event you bet on so that you have your own idea of the possible outcome before trusting the odds. Sports betting odds are not any different from traditional bookmakers. They are set based on the current events affecting the possible outcome.
Falling For High Possible Winnings
When you choose to stake on a parley bet, you should focus more on the odds and the money you are putting in than the high number given as possible winnings. When you select multiple wagers on the same bet, the company shows you what looks like high odds but you are actually getting less value for each odd as some of it is chipped off by the company. Your risk of losing also increase, so you should only include a wager that actually increases your possibility of winning.
Trusting One Market
Online sports betting is an open market where everyone sets their price on events and they vary from platform to platform. If you are serious about sports betting, it is smart to have accounts on multiple websites and apps and ensure that you only stake on the best odds for every event. There is no limit to the places you can place your stake and that allows you to invest in the best odds to increase your chances of winning.
Not Knowing When To Stop
This is a problem that affects even the most experienced of gamblers but it can be easily avoided. One thing you have to know is that as long sports are still here, online sports betting I not going anywhere, so when lucrative odds and markets you understand aren’t available, there is no harm in putting the brakes on it. You should also know when to cut your losses and give it a break because it will be healthier than going all-in with what you have left and probably losing your entire bankroll.
Betting While Intoxicated
Betting online is still betting and those stakes you see there represent your money. You should never forget that without that money, that website or app won’t allow you to stake and that betting companies are not your friends. When you place your bets while intoxicated, chances are that you are not evaluating the market and making the right judgement and that is the recipe for disaster.
Not Having A Strategy
Failing to plan is planning to fail and that rule applies to betting as well. You don’t go to any market including online sports betting without a shopping list. The websites have many seemingly lucrative markets including virtual sports that may entice you but the truth is that you probably have very little information on those markets and your chances of losing money are high. You should never log into your account without having an idea of what type of events you plan to stake on and what strategy you plan to use. Just go in and stake on what you know and trust because it is your money on the line.
Getting Emotional
Online sports betting is all about winning and losing and each possibility only leads you to one thing; betting again. It is very normal to feel hopeful of your next bet but the truth is that you are more likely to lose if you use your heart instead of your head to place the stake. You should always recollect yourself, evaluate your financial situation and then evaluate the odds. Keeping a cool head will help you bet for longer and lose less money.
Listening To the Crowd
Now, don’t forget that rumours are important when you are betting online but then the final decision has to be yours. You should come up with your own strategy that actually works and choose markets that you can confidently bet on and get something decent for yourself. Placing bets based on what people are doing or what they have told you won’t allow you to stay in this risky business for long.
Do you have any other sports betting tips? Why not let us know in the comments below.
