Sports betting represents many different things to many different people around the world. Some expert punters usually see it as a way of earning a profit in the long run, while thousands of casual bettors use it to simply spice up their favourite sports.
However, a large number of people decide to give sports betting a chance without getting basic information on how this concept works. So, they make countless rookie punter mistakes along the way and spend lots of cash.
In order to help our readers to avoid making these mistakes newbie bettors often make, we have created this guide to help them recognise and tackle them.
If getting rich via sports betting was so damn easy, then probably everyone would’ve been a millionaire by now. Yet, too many rookie punters believe that they can get rich instantly; this, of course, is the number one mistake related to betting on sports. After all, in order to hit a massive prize, you either need to place an extremely risky and unlikely to happen bet or bet a large sum of cash; either way, there’s still a possibility to lose your dream alongside your entire budget.
Regardless of the many Hollywood movies in which the protagonists place risky bets based solely on their gut and then win hefty amounts of cash, real-life functions differently. Regardless, inexperienced bettors often place bets just because they think they have a hunch and end up losing money. Yes, sometimes your gut may be right, but in most cases, if you bet on teams or players with the odds against their favour you should expect nothing from that particular bet.
It is understandable to bet a small amount of cash here and there just for the fun of it. Maybe you’re watching a game with friends and want to make this more interesting; this is perfectly fine if you dedicate only a small budget for this purpose and can afford to lose it. However, betting large amounts on “fun” bets is unreasonable and should be avoided. After all, that cash can be used on well-calculated bets instead and possibly generate profits.
This mistake is not only related to sports betting, but to gambling as well; too many rookie punters get involved in chasing losses, which is possibly the most dangerous thing anyone can do. Betting and gambling are, after all, based on luck even with all those winning strategies and statistics available to bettors. Sometimes you win and sometimes you lose. With this in mind, losing should be accepted as such with the focus being redirected to the next opportunity. It’s not crucial to recover from a loss instantly; what’s more important is to cool down until you are ready to make well-informed decisions again.
Yes, betting on greyhound races has proven profitable for thousands of bettors worldwide. Yes, punters worldwide make money betting on cricket, water polo and even politics. This, nonetheless, doesn’t mean that you should do it too. In order to place smart bets, a punter must be familiar with the sport they’re betting on. A well-researched bet means the punter has checked statistics, knows the game rules and is aware of any other factors that may affect the final result. Having this in mind, you can guess that betting on a sport you know nothing about is equally unreasonable as trusting your gut.
This segment of sports betting cannot be highlighted enough as it is crucial for maintaining a healthy sports betting budget. Plus, it’s not important to have any money management strategy but to have a good money management strategy. This includes knowing how much cash you can invest in betting, avoid chasing losses and stop betting once you will reach your spending limit.
When rookie punters start betting, their excitement is huge, and they often feel like doing it all the time. Needless to say, you must control this urge as it can lead to unhealthy betting habits. Even professional bettors avoid betting too often and place only carefully calculated bets. Overbetting can be avoided with good self-discipline and a solid money management strategy.
Many would argue that sports betting is a craft, rather than something based on pure luck. Considering how much crucial details regarding a football match or a tennis match can help you place a smart bet, this claim makes sense. Consequently, just like any craft, sports betting requires practice and reading useful guides; these help you prepare accordingly and avoid making rookie mistakes. In other words, starting strong, overbetting and betting too much money without any experience is a huge no.
Many newbies believe that newly-discovered strategies would help them perform better than outdated strategies. However, old and outdated are not always the same thing as certain betting theories have survived so many years thanks to their worth. All in all, trying out new things is acceptable, but investing lots of cash without testing them first is not advised.