Most Common Sports Betting Mistakes to Avoid as a First-Timer

If you’re new to sports betting, you probably want to make sure you don’t lose too much money. And if you’re a seasoned sports bettor who’s sick of losing money time and again without ever figuring out what went wrong with your betting strategy, we’ve got you. Rest assured that you’re not alone.

Sports betting isn’t a walk in the park. There’s a lot to figure out, and it’s tempting to try to cut corners. Many bettors lose money at the sportsbook because they want the cash really bad. But it doesn’t work that way.

To avoid throwing your money away on a betting site, you can take advantage of this post by expert sports wagering analyst, Kate Richardson. Here, you’ll find common sports betting mistakes punters make and learn how to avoid them.

Bad Sports Betting Mistakes to Avoid as a Beginner at a Sportsbook

With a market size worth 235 billion USD, sports betting is gaining more followers all over the globe. As the activity has become more publicized, plenty of people have taken risks without exercising the necessary caution, and they end up with a losing streak.

However, being responsible and committed will get you far enough to avoid these kinds of situations with any bookmaker. If you wish to manage your funds more effectively while making a bet, all you need to do is identify frequent mistakes and avoid them.

The following are the most common betting mistakes you should bypass at all costs and expert tips to help you win back your losses:

Wagering Without a Proper Bankroll Management

Even if you’re gambling for fun or you’re going for a parlay, you still need to keep your spending in check. You risk getting instantly overwhelmed if you don’t.

Start with a list of rules you can easily follow, then add discipline to your gameplay. If you wish to bet with money, determine how much you’ll be spending and stick with it. This gives you a better chance of winning without too many losses.

To be safe, it’s a good idea to separate your bankroll from your regular funds so you don’t get off track.  Also avoid sports you may not be familiar with.

If your starting capital is little, that’s fine. In the long run, you’ll land more cash to bet with if you win a few times and put some money aside from each paycheck.

Perhaps all you have is $100 to play with at the moment. The next step is to figure out how much of your money will be used for betting on your favorite team. You can consider three different levels of risk:

• Low risk: This is the most beginner-friendly and secure option, with a risk level ranging from 0-2%.

• Neutral risk: You can bet anywhere from 0% to 4% percent of your account if you’re not a total rookie but still don’t wish to go overboard.

• High risk: For those who are comfortable betting on sports and are looking for a little more excitement (plus the best odds), there’s high risk (0% – 5%).

A player’s bankroll should never be more than 5% of the total. You can reduce the effects of variance and avoid going into a deep hole too fast by using these lower single bet sizes.

Additionally, you need to use a spreadsheet to carefully track all of your wagers. With your betting funds separated from your other assets, it’s easy to assess your progress (or loss) in sports betting. Keep tabs on:

• The wagering date.
• The odds available.
• Game type.
• The stakes involved.
• The result that you attain.
• Your winnings or loss.

Having Pretty Unrealistic Expectations

You can’t be too sure about sports betting. While emphasizing the unpredictability of the game, Kenny Smith, who’s a former NBA player and current TV analyst, said, ‘Sports betting is like trying to catch a lightning bug in a jar. You think you’ve got it cornered, but it always seems to slip away.’

As a matter of fact, it would be unwise to get right into the scene assuming you’ll definitely win. To be honest, you may not, and that’s just part of the betting game.  Successful sports betting comes with a lot of demands (you need time, effort, and some in-depth research), and quite frankly, it requires a sprinkle of luck too.

While occasional wins are possible, it takes some level of patience and persistence to consistently turn a profit from sports like college football. The idea of instantly multiplying your cash with each bet is a pipe dream. Even the best sports bettors still only win around 60% of the time. The most well-informed bettor can’t always predict which team will win; sometimes, your chosen side just has a poor day.

Emotional Betting and Chasing Your Losses

When it comes to sports betting, nothing ruins your chances of winning faster than getting emotional about bets. This is arguably the cause of many other minor problems you may encounter. If you don’t get reasonable and avoid personal biases, you’ll end up wasting time and money on unproductive choices. You might as well spend more than is necessary for each game and never bet responsibly.

But is it really possible to control your emotions when you see your bets go down the drain? Yes, and this is where you need to be alert. The major hack is to follow a strategy that works and aim for long-term profit. Also, don’t expect to get rich overnight from betting and you’ll be calm enough to place informed bets.

Making Choices Without the Necessary Research

You are more likely to have a smooth betting journey if you consider the game a pleasurable pastime rather than what you do as a side hustle.  If you bet just for the money, then you’ll keep making betting decisions that will lead to more losses.

While placing a bet, make sure you’re backing up every choice you make with data and statistics. Forget about the style that pays too much attention to instinct. In the world of sports betting, studying and analyzing your decisions help you achieve true success.

When you choose sportsbooks like Betway, for instance, you may need our guide to downloading Betway app and placing bets for real money. Besides that, you should also ensure to  consider sporting events and the most recent stats of the participating teams or individuals. There may be team absences, injured players, or other issues you should pay attention to.

Mathematical or otherwise, the time it takes to confirm a bet can be affected by anything. The next step is to use the odds value idea to find the greatest market opportunities. Betting on familiar sports will help you locate value bets within minutes.

Final Thoughts on Common Mistakes to Avoid While You Bet on Sports

According to betting experts, sports betting can be an exciting experience, but it’s not a good option for those looking to get rich overnight. In the words of renowned American attorney and author, Michelle Obama, ‘Nothing worthwhile comes easily, but with persistence, determination, and hard work.’

While there may be favorable odds that maximize your payout from time to time, you are likely to win more consistently if you avoid these common mistakes.

To make a profit from online gambling, take things slowly (a step at a time) and be strategic. Strategy can include looking through your betting slip a second time, comparing odds and refraining from chasing your losses. It also doesn’t hurt to do proper research before you jump on to the betting scene.

Quit blaming losses on bad luck and pay attention to details for a successful betting. If, in any case, it’s beginning to feel like a chore and you don’t seem to enjoy the game, it may be time to take a break.

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