Many consider sports betting to be easy especially when you think about logic behind it i.e. picking the correct outcome. However, sports betting is complex and if the code had been cracked by punters then you would not be able to visit the fantastic bookmakers on our site. All of them would be out of business. Then why is it that so few players have able to be successful at sports betting?
Here are 10 sports betting mistakes that you need to avoid in order to become successful at sports.
1. Losing track of your bets.
A common mistake amongst punters is to lose track of all the bets they have made. The more regular punters would dismiss this as it can become quite a mission to keep track of all your bets. Some might keep track but only of those bets that have returned favourable outcomes. As a result, the true cost of the activity can never be determined. Therefore, keeping track is important as it gives you an overview of where you stand and whether you are an outright winner or loser so far. Professional players keep track of all their sports betting activity.
2. Chasing Losses
No one likes to lose but some people are just better at dealing with their losses than others. For a professional, a loss is part and parcel of the game. They will accept it and move on. For the rather more emotional punter, they will try to win back their stake. This often leads to poor results and is never encouraged by the gambling community.
3. Trusting Information from Others
We welcome information from the outside that can influence the sports betting activity we are about to undertake. There are some good communities established both offline and online comprising of real professional punters. These individuals have used their knowledge and skill to gain an upper hand on the bookmaker. However, for every such community there is bound to be another which claim to provide you with the correct information. The only real loser if the information is inaccurate is the punter. So, our advice is to only trust yourself. Gather as much information as you can but do not apply it blindly. Come to your own deductions rather than being influenced by someone else’s.
4. Mixing Alcohol and Sports Betting
Another common mistake is mixing alcohol with sports betting. Land based casinos such as those in Las Vegas make it very easy for the punter to purchase alcohol while gambling. The alcohol prevents you to stay true to your betting strategy. It clouds your judgement allowing your emotions to make the decisions for you. As a punter looking to win their next bet, you need to stay focussed and be rational.
5. Letting Emotions Influence your Decision
It is also possible to be under the influence when you are sober. In this case while you have resisted the temptation of mixing alcohol and betting, you have nonetheless allowed your emotions to make the decisions for you. These decisions are normally made when one is suffering from bad luck. Ever watched a cricket match and saw your favourite batsman get run out. How about the times when umpires fail to spot a no ball? For the level-headed punter they will accept this as another loss and will carry on. For those down on their luck, they will try to chase their losses. This is being done to get payback as they believe they have been wronged. A common mistake can be to bet on a team you dislike. In a Pakistan vs Sri Lanka match, punters in India are most likely to bet against Pakistan. They would undertake this despite knowing that Pakistan might be a better team. Their emotions therefore will drive them to make illogical choices.
6. Trying to be good at everything
Information on a multitude of sports is available at the click of a button. Similarly, bookmakers provide you with an array of markets for you to bet on. A common mistake is to try to become an expert at everything. If you do this then the chances are that you will be good at a lot of things but great in only a few. We would always encourage you to specialise on a few things and to have laser like focus when it comes to sports betting. Remember that the traders working for the bookmakers are all experts in their field. If you approach a sport, you have little knowledge on then chances of you losing will be much higher. If you love cricket and know the ins and outs for the game, then stick to cricket betting. Don’t switch to baseball because you think the sport will be like cricket especially when it comes to markets offered.
7. Not betting value
Always remember that professionals will bet on odds where the probability of a positive outcome is higher. This is called betting value as bookmakers have a margin attached to each. Value is defined as your individual opinion of a game. If your opinion differs from the bookmaker, then it is easier to find value. As you can imagine, deciding value is easier said than done. You must be an expert on the sport which as per the previous point you should always strive to be. A common mistake is to decide on an outcome before deducing the actual value of it. Often people will push for a bet they strongly believe in but, it will have quite a low value attached to it.
8. Using Betting Systems
Few people can truly claim to be good at sports betting. As a result, punters try all forms of methods and strategies in hopes of beating the house. There are tons of mathematical formulas available for you to buy online. All of them promise a sure-fire way for you to beat the system. Once such strategy that made the headlines was called the Martingale Strategy. The strategy requires you to double the bet after every loss. This is done so that the first win will recover all previous losses and provide a profit equal to the original stake. There is a big problem with this strategy – most gamblers do NOT have infinite bank roll. The other flaw with the strategy is that no amount of information about the results of past bets can be used to determine the result of the future bet. To put it in mathematical terms, the win-loss outcomes are independent of each other. The outcomes are based on chance and a system cannot be used to effectively counter that.
9. Not Availing the Best Odds
There are tons of bookmakers present in India. All of them provide you with different welcome offers and bonuses. It makes sense to be on the lookout for the best options just before you are about to place a bet. While loyalty is admired in nearly all circumstances, when it comes cricket betting, we would encourage you to shop around. Some bookmakers might provide preferential odds for a event so always be on the look out to take advantage of such occurrences. Currently, it is very common for a punter to have multiple betting apps downloaded on their phones. Having options is always a good thing ?
10. Betting on credit
Our lives are now structured in a way that we buy everything on credit be it our house, car or even the latest television. Given the amount of burden we undertake with these purchases, is it wise to add another item to that list? Can you really enjoy an online betting knowing that if you lose, you will still have to pay back the money to your creditors? Furthermore, the conditions of paying back the creditors are normally quite harsh which will force you to make bad bets in the first place. Our advice is to bet on the amount you can afford to lose and do not fuel this activity by betting on credit.
As you may have noticed from the list above, human nature has a big role to play when it comes to sports betting. A lot of the mistakes are made because punters are unable to control their emotions. If you are to succeed in cricket betting, then you need to exhibit patience and restraint. You need to make sound judgements based on the information you have gathered and be prepared for either outcome. You should rejoice when the outcome is favourable and accept losses when they come your way. Stick to your betting strategies and continue to make rational decisions. At the end of the day, we will always encourage you to have fun with cricket betting.
Title: 10 Sports Betting Mistakes to Avoid
Posted On: 29/11/2019
Author: Tony Willets