Top 10 Rookie Mistakes Bettors make
Even the most experienced of punters find themselves slipping into old habits and making costly mistakes. These can be the difference between making a profit or ending up in the negative. We will be exploring some rookie mistakes bettors make and ways you can prevent them from happening to you.
1 – Chasing the big win
Unfortunately, sports betting is no get rich quick scheme. It takes time and hard work to become a profitable bettor. This requires a lot of patience and a cool head when times are getting tough. It’s natural to want that one life-changing winning bet, however going for this is only ever going to end badly. It’s important to understand what it takes to make profit in betting. Excuse the cliché, but betting really is a marathon, not a sprint. With the correct bankroll management skills and well researched bets, your betting balance will be looking very healthy before you know it, without the need to hit a one off big winner.
2 – Betting for the Sake of it
Do you find yourself betting on the televised game to make it more interesting? This should be stopped. Unless you have found a bet that you think is good value and is worth backing with your hard earned money, it’s best that you don’t bet at all. What might seem like a fun bet at the time, an accumulation of these can have a serious impact on your bankroll. Remember that regardless if it is a ‘fun’ bet or not, what you are wagering with is real money. The reason why you are betting in the first place is to make money, not to throw it away.
3 – Betting with the Heart
Whether you’re backing your favourite team, or making a selection because you just have ‘that’ feeling, you always want to be following your head, rather than your heart. You can’t let emotions and bias get in the way when it comes to sports betting. Even the slightest of influences can be all the difference between a winning and losing bet. The best thing to do here is to set yourself a rule: don’t bet on your favourite team! Instead, you can enjoy the game knowing that it definitely won’t end in you losing money!
4 – Not hunting for the best odds
There really is no excuse not getting the best price on offer with your bet. With so many online bookmakers available, you should be signed up to all of them, always prepared to use each one if they are offering the best odds. Although you might prefer some bookies to others, it doesn’t mean you should be using your favourite one more. Over a sustained period, always getting the best price available will have a huge impact on your overall results. When you have made your selection, simply visit an odds comparison website, such as Oddschecker, find out where the best odds are, then you’re good to place the bet!
5 – Betting on too much
The thrill of betting is enough to make some people bet on almost anything that they can get their hands on. Naturally, this can lead to a severe lack of research and therefore weak selections. Make sure you can easily justify each and every bet you place if necessary. If you’re not quite sure on any of your picks, save the money and don’t place them. There will always be more opportunities.
6 – Constantly Backing Accumulators
With every pick you add to your accumulator, it is becoming less and less likely that you will find yourself a winner. Regardless of how many ‘dead certs’ have been put into an accumulator, they are very difficult to hit and generally should be avoided, despite the tempting pay-out.
7 – Poor Bankroll Management
Bankroll management is absolutely crucial. Regardless of how good you are at picking bets, if your bankroll isn’t being managed correctly, you will end up losing it all. Unfortunately, losing runs do happen in betting, and your bankroll needs to be able to withstand this. Make sure you remain very disciplined! If you would like to learn more about bankroll management, check out our detailed article on it, here
8 – Betting on Unfamiliar Sports
You need to know the sport inside out before putting your money on it. You need to be better than the bookmakers in order to churn out consistent profit. If you only have limited knowledge about what you are betting on, I can almost guarantee that it won’t end well.
9 – Not Making Selections Based on Value
It is far too common for people to choose a selection simply because they think it will win, rather than finding a bet with odds on offer greater than the true chance of the selection winning. Extracting value is a tough task, but with enough hard work and experience, spotting value bets will become easier. Don’t be fooled into thinking that the bigger the price, the more value there is. Value can come in longshots as well as short priced favourites.
10 – Having a lack of Discipline
This can come in all different shapes and sizes, but a punter lacking discipline can go from a winning bettor to a losing one in an instant. Discipline can mean not betting on a race that you’ve spent the past hour studying, because there is no value to be had. Although it’s frustrating, your profit/loss statistics in the long run will thank you.