Betting is a game that requires luck and a discerning eye. Simply put, anything is possible, and there is a probability of things going wrong. While the best betting platforms like Caesar’s sportsbook might offer you better returns on a win – sometimes, you lose. So, you should be mindful of making a mistake that will decrease your chances of winning.
1. Not shopping around
Different bookmakers have different odds depending on their own calculations of chance. While the difference between these odds might not be huge, keep in mind that the tiniest difference can have a drastic effect on your wager’s results.
For example, if a betting site offers a ¼ odd for a match and another website provides a ⅓ odd for the exact match, you might assume the difference is not significant. However, in the long run, it’s positive value like this that can mean the difference between a profit or loss.
In saying that, it is also essential to know that no betting company has the best odds (even though all of them claim otherwise.) So, make sure to browse around and see which one works best for you and avoid making mistakes that could ruin your chances of winning
2. Bankroll Management
Bankroll management is probably one of the essential points on this list.
It cannot be stressed enough that you should only bet with the money that you won’t feel bad about losing. A significant number of people withdraw money from their savings and bet on it without considering the cost. It is often too late by the time they realize, and their losses may have escalated.
The best thing is to keep some funds in a separate account and use it to place your bets. If there is a situation where you lose your money, it won’t affect your day-to-day finances.
3. Don’t have impossible expectations
Like I mentioned at the beginning, betting is based on chance. You might sit for hours and ponder on the best odds, but always remember that there is every possibility that something could go wrong on an individual bet.
Do not believe that a particular bet would be the lucky break or help you make lots of easy money—betting is not that easy. Having this type of mindset will put pressure on you to win at all costs.
And this pressure could result in you increasing your wager and, if everything goes south, result in significant losses. Unrealistic goals or expectations could result in an unenjoyable betting experience—which is something no one wants.
4. Placing too many wagers
Another mistake we often encounter is when people who follow different sports think that they will be betting experts across the board.
The product of this tends to be a resultant betting slip that looks like a cocktail of all sorts of sports and markets, which, from what we’ve seen, hardly ever does well.
While it is not uncommon to have an interest in multiple sports, more often than not, there will always be that one sport that you know and love better than the rest.
Since all sports are different and each comes with unique betting options, we think it is wiser to stick to the one sport you know best.
5. Always backing your team
You’ve been supporting them for as long as you can remember, and you plan your weekends around their fixtures and, unfortunately, passion can well and truly cloud judgment. So, it is vital to keep in mind that virtually all teams go through a rough patch at some point throughout the season.
This is especially valid for lower-level teams. If your favorite team is experiencing a losing streak, avoid using your money to support your emotions—regardless of how optimistic you are. You don’t have to bet against your team but avoid that market altogether until things change.
6. Betting blind
This point continues from the previous one and is aimed more at those new to betting or not very familiar with betting processes.
It is of utmost importance when placing a wager that you constantly research the teams you want to bet on to make the most informed decision possible. Even though there will always be an element of luck when it comes to sports betting, losses can be reduced with proper research.
We’re not talking about embarking on a dissertation of your betting choices, but if there are teams that you are not particularly familiar with, reading up about their players, manager, injuries, suspensions, home/away form, rivalries, and style of play can prove to be invaluable.
