Listening to pundits
When Betting on Sports it can be easy to let your decision be swayed by TV pundits telling you why a team will or won’t win.
The problem with listening to Pundits is, they’re involved in the entertainment business and might just want to present their opinion to be controversial.
We see this all the time nowadays so be wary of listening to so-called “experts” on the TV or radio.
Instead gather as many opinions as you can and see what fits best with your own rationale.
Betting too much
This is a common problem, especially for Rookie Sports Bettors. The problem stems from gamblings addictive nature. Every time you place a bet, you get a rush of dopamine and serotonin, so it’s easy to get carried away, especially at the beginning.
Secondly, value isn’t an easy thing to find in Sports betting, so betting non-stop throughout the day is 100% going to lead to losing your betting bank in the long-run.
Sports betting is a long-term investment. If you’re careful and disciplined, you can make some money with your bets, but it’s not something that happens overnight.
Not seeking the best odds
This is an important one that’s often overlooked at the beginning by Sports Bettors who don’t fully understand probability.
The next time you take odds of 1.83 instead of 1.91 you’re leaving money on the table.
Over the course of a year or a lifetime of gambling, it adds up to a significant amount.
Make sure to open as many accounts as possible with the most reputable bookmakers. There’s no drawback to doing this.
Do you often back a team to win because their last performance was good or bet against a team who just came off a 6-0 drubbing?
Using a recent event to fuel your decision making on bets is not advisable.
Observing a wide range of data on previous fixtures is more advisable as it helps give a clearer snapshot of a teams strengths and weaknesses.
Remember even the best teams can have an off day and not perform.
This rule goes without saying, having a losing bet is never pleasant and can often leave you feeling stupid for losing your hard earned cash on a random Sports event.
The bulk of Sports Bettors often get their taste of this early on in their betting lives when they act on impulse and throw their remaining balance on the next event in a desperate attempt to win back some of the money they just lost.
This tactic of chasing losses will end badly, even if you got out jail once with this tactic it will come back to haunt you.
Instead, try walking away and setting a deposit limit on your betting account.
Betting while intoxicated
I’ll keep this short, just don’t do it! Managing risk while under the influence of alcohol or drugs will only negatively affect your bankroll in the long-run.
Ask yourself why Casino’s often give out free alcohol in Casino’s…. You’ll figure it out.
Seeing patterns that don’t exist
On August 18th, 1913 in the Monte Carlo Casino BLACK struck 26 times in a row on the main Roulette table. This sequence of events was incredibly rare; the chance of this happening was 6.6 million to 1!
Gamblers at the Casino that night lost an absolute fortune. The majority thought that Red was going to appear as Black had come up so many times in a row.
What they didn’t know however was that each spin of that wheel was unrelated to the previous spin. Just because something keeps happening doesn’t mean it’s “due” to change.
Keep this in mind when placing your next bet and never assume something is “due” to happen like our above example.
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