Top 5 Sports Betting Mistakes

spors betting mistakes

Top 5 Sports Betting Mistakes

Sports betting is a fun way to add an extra thrill to your favourite games. However, if you’re not careful, this can lead to great financial losses. Did you know that 99.5% of people lose money in sports betting?

In this article, we will explore the top 5 sports betting mistakes which will increase your chances of making a profit and having fun (at the same time).

Here are the most the top 5 sports betting mistakes:

  1. Mismanaging Your Bankroll

The first mistake and the most common one is that beginners bet too much too soon. They want to make that big bet and win(first try). This is not the way to start sports betting arbitrage. Instead, it’s crucial to start with smaller bets and test out your strategy to see if it works before increasing your bet size. Even when you find a profitable strategy, avoid betting large sizes unless it’s a guaranteed arbitrage.

To avoid this mistake, it’s best to follow Kelly’s criterion.

  • Betting with Emotions

It’s natural to feel frustrated or angry when you experience a losing streak. However, it’s essential to keep calm and avoid making rash decisions based on emotions. Placing a bet when you are angry will always lead to losing bets and you will dig yourself further into the hole.

The best approach in this situation will be to wait for the next positive expected value (+EV) opportunity, whether that would be tomorrow or next week.

Here is a great article about +EV betting that I recommend:

  • Not Understanding the Math Behind Your Strategy

It is unlikely to have a winning strategy if you base it on gut feeling or favouritism. Instead, it’s essential to make informed decisions based on your understanding of the maths behind your strategy.

Also, it’s not wise to rely on tips from friends or tipsters because it would make you more confident than you should be. This leads us to the next mistake.

  • Overconfidence

When you start to make money from sports betting arbitrage, it’s easy to fall into the trap of overconfidence. That’s why it’s essential to keep track of your bets and reevaluate your strategy when needed. You also have to pay attention to risks like not getting a payout or correlation among your bets. It’s best to hedge your bets whenever possible to reduce risk in the long term.

  • Lack of Awareness

It’s essential to research your bets before placing them. For example, if you bet on a player and he doesn’t play, you need to know if you’re going to get a refund or not. It’s also essential to understand what happens to the odds of the other players(on the existing bets) if your player is not playing. Not being aware can lead to unmatched bets in the market or bets not going through.

Also, it’s important to read the rules of each bet before placing them.

To summarise, here are the top 5 sports betting mistakes beginners make:

  • Mismanaging their bankroll
  • Betting with emotions
  • Not understanding the maths behind your strategy
  • Overconfidence
  • Lack of awareness

In conclusion, by avoiding these mistakes, you will be in the top 0.5% of people who make a profit in sports betting. You must remember to be patient, stay calm, and make informed decisions. Research your bets and don’t let overconfidence get you. With these tips, you can start enjoying sports betting and minimise the risks involved.

Gain the knowledge of sports betting arbitrage and how to find winning strategies, by clicking the link below:

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