It is common to make some mistakes when you begin online sports betting. There is so much to know and it can be difficult to understand some of the most important concepts right away. Today, let’s break down some common mistakes new sports bettors make.
More: Get more betting tips, terms, and♛ breakdowns with our betting guides
Believing the Gambler’s Fallacy
First of all, get the idea of something being “due” out of your head. This is called the “Gambler’s Fallacy.” Believing that because something is happening frequently now, it will happen less frequently in the future.
Every event is independent of the last event. Just like spinning a wheel in roulette. So, stay away from bets based on picking against what has been happening. Just because the Cavaliers have covered the spread 7 games in a row, doesn’t mean they will not cover the spread in an 8th consecutive game. This is why every bet should be grounded in research and analysis.
Betting Too Much
Another common mistake is betting on too many games, contests, or events. It’s dangerous to be betting 10+ games a night because you are putting out a massive risk that could completely crush your bankroll.
You need to show discipline and limit how many bets you make in a given day. Remember, you can’t lose a bet if you don’t make the bet.
More: Responsible gambling resources and gamblin✱g problem help
Changing Your Units
Bankroll management is a huge part of a successful sports betꦓt🐟ing strategy. This involves setting your unit size (how much you will bet with each wager). One of the worst things a bettor can do is start to increase their bet sizes if they are on a losing streak. Doubling down just because you believe you can win it back in one bet is a horrible strategy.
A flat-betting approach is usually one of the best to start with. You bet the same amount on each game or event. You also risk about 2-3% of your bankroll per bet. This gives you a good starting po𒁃int to remain consistent and disciplined when wꦰagering.
Betting With Your Heart
We have all done it. We’ve gotten super excited to see our favorite team in the playoffs and bet big bucks on them to win. This is called betting with your heart and it’s never a good idea. This is one of the reasons so many sports bettors lose is because they bet on their favorite teams or players without any reason besides the fact that they love them.
Betting should always be built on research and analysis to figure out the best possible wager with the 💃best possible value. You will lose money if you decide to bet overs just because you want to see lots of points in a game.
Setting Unrealistic Expectations
Betting is not a get-rich-quick scheme. It is extremely difficult. If you want to break even, you need to win about 53% of your bets. If you are 55% or higher you are an extremely successful sports bettor. Get i♎t out of your head right now that you will be winning 70-80% of your bets. Setting realistic expectations will help you be able to manage times when you have lost a couple of bets in a row more easily.
Forgetting to Shop for Lines
Finally, it is important to always compare odds, lines, and more before making a bet. Every sportsbook doesn’t have the exact same odds or lines for each event. So don’t just go “I bet DraftKings because I saw a commercial and I know it’s popular.” Take the team to research different sportsbooks and compare their lines.
For exampleও, you might see the moneyline for the Chiefs to win be -150 on one sportsbook. On another sportsbook, it might be listed at -145. The -145 is a better bet. How about another example? You might see the Celtics are favored by -3 on the sportsbook you use most often. You look around and see a sportsbook that has them listed at -2.5. The -2.5 is a better bet.
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