Welcome to our page dedicated to the most common sports betting mistakes. If you’re here, then you’re one step ahead of other folks that haven’t investigated these common mistakes. By reviewing this page, you’ll become a more knowledgeable sports bettor. Learning about these common errors will make you less likely to make them yourself, which should, in turn, give you a better chance of making winning betting decisions.
Below, we’ll give you detail on 13 of the most common sports betting mistakes. If you’d like to read through them all, then you can begin reading below. However, some of you may want to jump to details on a certain one. If that’s the case, we’ve included links below where you can drop to certain mistakes as you please.
Mistake #1: Not Understanding the Basics of Sports Betting
One of the most common mistakes that we see from beginning sports bettors is that they dive into things without having a good understanding of the basics. By doing this, they severely limit the likelihood of being able to place successful sports bets. With just a small amount of time and research, beginners can quickly get themselves up to speed so that they can make better-informed decisions when betting on sports.
If you’re new to sports betting, we’ve got a treasure trove full of resources on our website just for you. You can use these detailed guides to help you build your knowledge of the basics and then advance your way up to even more advanced topics and strategies.
Mistake #2: Betting Under the Influence
Another common mistake that we see all too often is folks betting under the influence of drugs or alcohol. This is something that you’ll want to avoid, as your decision-making abilities are hindered when you’re under the influence. Just as you shouldn’t operate a motor vehicle, you also should not wager real money on sports when you’re not fully there mentally.
Mistake #3: Not Shopping Betting Lines
One of the beautiful things about online betting sites is that it makes it super simple for you to shop your betting lines. However, many folks don’t realize this, or they neglect to do it, and it costs them money. As much as possible, you should always shop your betting lines to make sure that you’re getting the best bang for your betting dollar.
Whenever you use a single online betting site, you’re potentially leaving money on the table. Unfortunately, all online sportsbooks are not created equal when it comes to the lines on bets. The same can be said of traditional brick-and-mortar sportsbooks, too. As bets come in, sportsbooks will adjust their lines to help protect themselves based on their internal calculations. Because lines can differ, you should always shop your lines to try and get yourself the best line possible.
It’s very easy to get started shopping betting lines. First, you’ll want to open and fund an account at more than one online sportsbook. Next, once you have a bet in mind, check the lines available for that wager on all of the sportsbooks that you work with. Make sure that you’re comparing the same thing on all sites so that you have the correct baseline. Finally, once you find the sportsbook that is offering you the best line, place your bet there. By following this simple strategy, you’ll be more likely to make more substantial betting profits over the long haul.
Mistake #4: Not Using a Bankroll Management Plan
Up next, we have a common mistake that we see all the time. Unfortunately, many people out there are betting without any form of bankroll management plan. Instead, they just bet as much as they think they should on their sports wagers without any particular plan behind it. By doing this, they are increasing their chances of depleting their betting bankroll.
With a bankroll management plan, you’ll have a strategic method on how much you should bet on any particular wager. The nice thing about using one of these plans is that it helps you stretch out your bankroll much further than if you were not using one. Below, we’ve included a link to our page that’s focused on bankroll management plans. Using this page, you can learn more about them and see how to develop one for yourself.
Mistake #5: Not Narrowing Your Focus
Another common mistake that we see many sports bettors make is not narrowing their focus. Instead of betting on a focused set of sports that they know a ton about, some sports bettors instead bet on seemingly everything under the sun. The problem with this strategy is that you end up betting on sports that you don’t know a ton about, which increases your likelihood of making less money over time.
Instead of trying to bet on everything, stick to what you know. If you’re new to sports betting, our suggestion for you would be to start by selecting the one sport that you know the most about. Then, you can expand the number of sports that you bet on as you gain more experience and knowledge. Ultimately, your goal should be to only bet on a small set of sports that you have significant knowledge about so that you can increase your chances of winning your bets.
Mistake #6: Not Cashing Out
While this might seem like a no-brainer, you need to make sure that you always cash out your winning betting tickets. Like a winning lottery ticket, your winning bet ticket doesn’t translate into cash until you cash it out. Unfortunately, we hear often of folks that forgot to cash out their ticket. As soon as you can after winning your bet, do your best to cash it in. By doing this, you’ll be less likely to forget or lose your winning wager.
Mistake #7: Betting Too Often
Another mistake that we see folks do often is betting too much. While it can be fun to bet on sports, your goal should be to bet when it makes sense, not just because you want to wager. Sometimes, you have to be patient and wait for the right wagers to pop up for you to bet. If you ever find yourself betting just to bet, that’s not a good thing. To help increase your chances of winning your bets, you should bet on sports that you know well when you think that there’s value in the wager. With sports betting, you want quality over quantity.
Mistake #8: Betting on an Unsafe Betting Site
We’ve lost count over the years of all the folks that we’ve heard from that had a horror story experience when betting on an online sportsbook that was untrustworthy. In most of these cases, they ended up betting on a sports betting site without having done any research on it. This is a terrible mistake to make.
Unfortunately, there are some sites out there that cannot be trusted, and therefore should be avoided. Over the years, we’ve assembled a list of blacklisted sites that we don’t trust. Below, you’ll find a link where you can see all of the sites that we think you should avoid. We’ve also added a link below where you can check out our top picks for the best online betting sites out there. Each of the sites on that list can be trusted places for you to do all of your online sports betting.
Mistake #9: Letting Your Emotions Take Over
We’ve all been there at some point when our emotions have taken over common sense. In some cases, it’s hard to bet against your home team even when they are a huge underdog. However, sometimes, that’s exactly what you need to do. If you ever find yourself letting emotions take over, you should pause your sports betting to allow yourself to reset.
If you’re betting on a team just because you love them or betting against one because you hate them, you’re doing it wrong. Take a step back, look at the statistics, and make a calculated bet to help you have a higher chance of winning the wager.
Mistake #10: Betting on Credit
Simply put, if you don’t have cash available to bet on sports, then you should not be betting on sports. Unfortunately, some folks bet on sports using credit. This is a terrible mistake, as you end up paying interest on the funds that you’re borrowing. Since there is never a sure bet, you may end up paying interest on your borrowed funds for a significant amount of time. In the end, betting on credit will cost you much more than if you had just wagered with your own money.
Before betting on sports, make sure that you have your necessary living expenses covered. If you can’t pay things like your rent, food, and electricity bill, then you should hold off on sports betting until you get leveled out. Remember that sports betting should never be used as a way to help you change your financial situation.
Mistake #11: Chasing Losses
Something else that you’ll want to avoid is chasing losses. Unfortunately, many of us are guilty of doing this at one point or another when betting. It’s easy to lose a bet, and then want to quickly make another one to make up for the one that you just lost. However, whenever you make a knee-jerk bet based on a previous loss, you’re likely to make a less informed decision, which increases your likelihood of losing yet again.
When you have a betting loss, take a second to let it set in. Don’t rush out and make another bet just because you lost that one. Instead, take time to research other bets that look to have good value and make sense.
Mistake #12: Having Unrealistic Expectations
When betting on sports, it’s critical that you have realistic expectations of things. If you’re going into it with the hope that you’re going to make an insane amount of money in a short time period, then you’re doing it wrong. With sports betting, it is possible to make money. However, very few folks are able to make a significant amount of money.
We’d rather be up front with you about this fact rather than sugar-coat it. Sports betting is not easy, and even professional sports bettors still lose wagers regularly. So that you’re not disappointed in the future, it is best if you go into sports betting looking to have fun and knowing that you could win or lose some money along the way.
Mistake #13: Not Keeping Records
With sports betting, it’s always a good idea to keep some records. Our suggestion is that you track at least two different things at a minimum: your bankroll and your betting performance history. By monitoring both of these, you’ll have a better pulse of what’s happening in your sports betting career.
Up first, you’ll definitely want to track your bankroll. Without doing this, you’ll quickly lose track of how much money you have to bet. As you do your sports betting, you’ll win some wagers and lose some. It’s vital that you update your bankroll according to the amount of profit or loss that you have along the way. Based on your betting performance, your bankroll may increase or decrease.
The other thing that you’ll want to keep a record of is your actual betting performance. By keeping track of this, you’ll be able to see a historical snapshot of your betting history. Using this, you can see strategies and bet types that work better for you than others. This can be an excellent way to learn from the past to make for a better future.
If you’re planning to begin keeping records, you can do it with a simple pen and paper, or you can get more advanced and use Microsoft Excel. Whichever way you decide to proceed, make sure that you’re religious about entering updates as they happen. By doing this, you’ll be sure that your data is always up to date and reliable for decision-making.
We hope that this page dedicated to common sports betting mistakes will help you avoid making them in the future. By avoiding these common errors, you’ll be more likely to make winning bets in your sports betting career. We appreciate you checking out our page, and we wish you the best of luck in all of your future sports betting wagers. If you’re new to our site, be sure to look around to view all of the other excellent free betting guides and resources that we have here to help you elevate your gambling to new levels.