It’s a known fact that a vast majority of bettors lose money. The widely popular concept is that 90% of the sports bettors lose money over a year, but this is something that doesn’t stop people from betting. The truth is, most bettors lose money not due to the bookmaker’s edge but because of reasons that are not in their control. The biggest reason is that they are not able to manage their money; they put bets for wrong reasons and bet a lot. These are a few reasons and can be avoided if they take proper care.
Below we mention the top reasons why most bettors lose so that if you are looking forward to placing your bets, you should be aware of these mistakes to avoid.
Betting too frequently
Betting is certainly a risky affair, and you won’t be lucky at all times. A lot of bettors become blinded by greed, and they indulge in frequent betting. This is a big mistake they commit. Thus, you should bet only when you have the knowledge of the sport, sufficient money to bet, and a keen interest in the sport. You will not keep winning till the time the odds are not in your favor. Betting is just like a sport, and so you make sure that you do not take part in every tournament being played.
Money management skills are poor
If you know about sports betting, you have likely heard someone saying that money management is least important in betting success as good handicapping. The reason why you hear this often is because it is true. The losing bettors do not have good knowledge of money management, and they put too much of their money on even those situations that are not favorable to them. Further, these types of bettors don’t have big enough bankroll for bets, and they possess the discipline required to maintain the perfect bet size, irrespective of whether they win or lose. Above all, they don’t even realize that chasing the losses is the sure-shot way to get broke.
No knowledge of where to bet
This is indeed the most important thing to remember when betting. While it may sound odd to some, but betting scams are increasing, and you have to be careful if you really don’t want to lose money. People lose so much every year just because they choose unreliable betting websites. Thus you have to ensure that you pick the sites carefully. You can also go through reviews and see what other bettors have to say before you put in any money. You can go with third party reviews as they are unbiased.
Lack of knowledge
Most of the sports bettors know that betting is a risky thing as there is a huge amount of difference between having knowledge in the NFL and having knowledge in NFL betting. So having the complete set of details about the offensive line of a team is not likely to help in winning a bet. Also, what a lot of sports bettors do not realize that they are competing against one another that they spend hours studying the trends, betting angles, player injuries and handicapping. So if you don’t have time to read the games, try to find the sources where you can get such information, maybe on a forum, some reputed sports site, etc. There is even a joke on sports bettors who lose very frequently and that his bookies start feeling sorry and suggests that he may want to try betting some other sport maybe hockey.
The smart sports bettors have the knowledge and ability to eliminate emotions from a game. And for them, the teams don’t matter. All that matters for them are they have looked at the game and isolated the opportunity to exploit the edge for profit. And most bettors are not able to do this as successfully as they can. They may think they do a bit. There are teams that they like more than others and let those emotions shade opinions and betting decisions. And so you need to work to get past these emotions. The best thing you can do is to avoid betting on games you are emotionally inclined towards. Over time this may limit the profit benefits, but it can certainly help you to avoid major sports betting mistakes and can thus save you money.
Putting bets on wrong events/games
Smart bettors are aware of the fact that knowledge is everything. This means that they will bet only on those events that they think and can evaluate effectively. They are also aware that the more attention a game gets from the public, it is less likely that there will be real value in the line. And so, as a result, the smart bettors often look for a little less popular games and tournaments and avoid a game if they don’t know much about it, irrespective of how much people are crazy about it. On the other hand, the losing bettors are drawn to betting spots as they are creating a buzz or are on TV.
So, these are the top reasons why most bettors lose at sports betting. It is thus important to ensure that you avoid these mistakes and play safe. Regardless of how good you are in the field of betting, you will never win every single wager. And you don’t have to. You have to win more from the winning bets than you lose from the losing bets. Well, the choosier you are placing your bets; it is more likely that you will commit more mistakes.