How To Minimise Mistakes While Betting On Sports?
Everyone knows that it is not easy to win a big profit from betting sports. But there is certain tips and ways around it to ensure that you consistently win from betting on sports. Seasoned sports bettors will always have their ups and downs when it comes to betting on sports. Regardless whether you are new or seasoned players, it is always a good reminder back to the basics. Here are some of the common mistakes that you should avoid;
Changing The Unit Size
Money management is one of the most important discipline that is needed for all of the gamblers. One of the worst things a sports bettor can do is to change their unit size based on how well or how poorly they are doing. Never double down and risk more because you are over confident that your team will do better or well. When you’re feeling cold, never chase and try to win it all back in a fell swoop.
We try to encourage bettors to embrace a flat-betting approach. This means betting the same amount on every game and only risking 1 to 5% of your bankroll each play. A good medium is a 3% per play. Example, if you are starting with $100, each play you will be risking $3.
A flat-betting approach can save bettors from going bankrupt when they hit an inevitable tough stretch. It also provides bettors with a positive Return on Investment when they do well.
Never Overreact On The Popular Trends
If a team did great at the previous game or if they are riding on a four-game winning streak, novice bettors automatically would want to bet on it. The reason is clear because the team is playing well. On the other hand, if a team blown out by 20 points and is on a five-game losing streak, obviously bettors would want to stop betting on them.
This is a mistake that most bettors do, historically, teams coming off a win are over-valued. The oddsmaker know that the public will be more inclined to bet on the winning team, so they shade the lines accordingly. On the flip side, teams that are coming off a loss are historically undervalued.
Gambler’s fallacy is a belief that if something happened more often than normal in a period of time, it will happen less frequently in the future. For example, let’s say you walk up to a roulette table and see that a black number has hit the last 10 spins. Your first thought might be to bet on a red because it hasn’t happened in a while. But this logic is flawed; for every spin of a roulette wheel is made independent of past spins. This theory applies to sports betting as well.
Never Bet On Too Many Plays
We all know bettors love to bet and gain a huge profit. But betting a lot just the sake of having action is never a good thing. Betting on over 10 games in a night is dangerous. This is because you are taking a huge risk and one bad night can decimate your bankroll. Instead, sports bettors should stay disciplined and limit their plays to their most confident games of the day.
Having Unrealistic Expectations
New bettors would have unrealistic and huge expectations when they first started betting on sports. Obviously when you bet or gamble on something, you would want to have the thought to get rich quick overnight or win 70% of their bet. however, this is simply not realistic at all. In order to break even when betting on spread sports (considering standard -110 juice), a bettor must win 52.38% of the time. Anything above 55% is considered to be highly profitable.
Choosing To Bet On Something With Your Gut Feeling and Not Your Head
More often than not, public bettors lose. This is because they bet with gut instinct and are biased towards betting favourites, home teams and over (this is because it is more fun to watch a high-scoring game than root for blocked shot and missed field goals). They are also biased towards historic franchises, teams with star players and whoever is getting the most media coverage.
By betting against the public, contrarian bettors can be capitalised on public bias and get artificially inflated numbers. As an added bonus, they place themselves on the side of the sportsbook. As we all know, the house will always win.