For hobbies like sports betting where scenarios are always hanging between risk and reward it is easy for beginners to fall into certain pitfalls. It is seen that when such events occur the bettors start blaming others or think of situations of people bring bad luck to them. To become profitable in the long run you have to stop blaming others and instance of circumstances, recognize the pitfalls and prepare yourself enough to avoid such shortcomings.
OddsMax regularly updates its readers on how to become better at sports betting which is why in this post we have listed the most common mistakes that will bring your wrong train of thoughts on track.
Sports betting is all about solid thoughts and perceptions based on statistics, probability, odds and handicaps. Remove all kinds of illogical ideas that allow a lack of responsibility like depending on luck.
Betting is not just a simple game of numbers that is ruled by chance or luck but instead, it’s a game of discipline and an exercise in gradual improvement. Due to its low barrier of entry, sports gambling looks easy but not everyone comes to be profitable in betting in the long-term.
Here the common pitfalls that every bettor must avoid.
Betting on a personal favourite and ignoring data
We all personal favourite teams and players. It is potentially acceptable to bet on personal favourites as long as odds are in their favour but when the numbers are stacked up against the odds it is not wise to go ahead favouring your team or favourite player. You have to keep in mind the sports betting is ruled by numbers and not with emotions. If you want to be a long-term success you have to contain your personal choice of a team and stick to the stats.
Veterans who can maintain their long-term success have always talked about maintaining a degree of detachment when betting. Your ultimate goal is to improve your chances of winning which is why you must not start betting just to cheer your year.
Sports betting is all about longevity and profit which is why if you keep betting on your personal favourites, despite poor recent performances and odds against them, you are showing blind support that will surely make you poorer.
Every successful bettor focuses on expected value, modelled predictions, odds and odd calculations. Those are the attributes you have to focus on and not turning into cheerleaders for your team. If you do not bet on your personal favourites you can avoid personal frustration and anxiety easily.
Avoid betting on unfamiliar sports at times
We have often seen novice bettors putting stakes into sports because they offer high potential income and have fewer bettors. You must avoid wagering on a sport that is not your specialization no matter how good the odds seem to be. To place consistent bets, you need to have a deep and thorough knowledge of a sport.
Betting on unfamiliar sports is an easy way to waste money. Ask any successful bettor and he will tell you how difficult it is to gauge the performance of a team, chances of winning, players’ averages and stats. All of this required exhaustive research which is why it is advisable to stick to your area of specialization.
For instance, golf. If you have any knowledge of the sport, you know that golf is opposite to other sports because here players are trying to keep the lowest scores. So, if you are used to soccer odds, you will have to take a lot of time to adjust your perspective for betting on golf.
Falling for marketing and betting on bonuses and teasers
Ever come across an offer or deal like:
“Special Offer! x 0.50 more winnings for the red team!”
We are you must-have. These kinds of promos are created by bookkeepers to liven up the dry area of their sales and bring sales to the areas that are not inherently driving more profits. Such offers temp a lot of beginners to focus on the promotions rather than the main events.
For instance, have a look at your local lottery. They never talk about the gargantuan chances of losing the lottery with a single ticket. Instead, they highlight how large the potential winnings are. This is how most of the teasers work. They aim to mask the large chances of losing with the promotion of considerable winnings.
This is why it is always a good idea to stick with the basics and focus on the odds instead of getting carried away by the offers and wager your money against something new. As a beginner only put your money where other smart bettors are wagering. Avoid the promises of large winnings on simple odds, that’s just not going to happen.
Letting your emotions take the front seat
Believe it or not, emotions alone are responsible for the failure of bettors than any other factor. Driven with emotions like blind love for a team or showing disdain towards a team and not backing it even with better odds, is a recipe for disaster. In the world of sports betting there is no scope for emotions, letting a winning bet slip because of a personal grudge will not take you anywhere.
Always maintain the detachment and treat a loss as a loss and a win as a win, do not make sporting events personal.
Do not hate low hates for no reason
When the potential winnings are limited it does not mean that there’s no value. Betting is simply a business in which profits equals income minus expenses. A profit is a profit, no matter how small it is. Multiple small wins over time can accumulate into a large bankroll.
Low odds have low risks, compared to high risk and high rewards bets that may be a better choice in most cases. If you are trying to maintain a winning streak selection of low odds is good to start with low-risk odds.
These are the pitfalls that you need to be aware of that can sabotage your journey on long-term success.