Typical Sports Betting Mistakes
Poor money management
If you are a freshman in sports betting and have not had much experience in it before, it is quite normal for you to make mistakes, and have your bets go wrong from time to time. Gambling and sports betting are risky activities, and even highly experienced, professional gamblers and sports bettors make mistakes.
It is inevitable that these mistakes will cost you something, but you should not get too frustrated over them because making mistakes is a part of the learning experience. None is completely covered from making mistakes, but what matters more is that you learn something from them.
Having said that, none likes to lose money and it is worthwhile learning some strategies to protect yourself from making unnecessary and costly mistakes. In this article, we will examine a number of common mistakes in sports betting, and provide you with some tips on how to avoid making them and/or minimize their occurrence.
Poor money management is the most common and the biggest mistake made by sports bettors and gamblers in general. The consequences of this mistake can be quite damaging, therefore learning to manage your money properly is of the utmost importance.
Managing your finances properly is not a rocket science. What it requires is a realistic, cold-minded assessment of how much you are prepared to spend on your betting. You will need to set aside a budget limit for how much you are prepared or can afford to spend on your betting. Separate this amount of money from any other budgeted expenses and savings you may have.
Once you have formed your betting budget, you should make some ground rules on how much you can allow yourself to stake on each wager. This will be your wagering plan, – a so-called bankroll, and you should not deviate from it. It will take some self-control and discipline on your part to stick to the plan, but this is what is required if you are committed to managing your financial resources well.
Too often bettors set aside a wagering budget but fail to stick to it because they underestimate its value and get too fixated on getting immediate returns, which impairs clarity of judgment. It happens when bettors either get too upset about a loss and start chasing losses, or become too exhilarated over a perceived winning streak and start wagering more. In both cases, they end spending more money than they can actually afford.
Managing your bankroll effectively
There are, however, a few smart tips to consider preventing the unnecessary loss from happening. The amount you decide to stake in wager should always be proportionate to the size of your bankroll.
If you hit a losing streak, and your bankroll starts diminishing because of a bad luck or a bad decision-making on your part, then you should lower the amount you stake as well. This approach will help you take care not to lose too much money too fast.
If you start losing money too fast, staking only a small percentage of your bankroll will help you avoid going broke. Also, always try to analyze and asses if and how much of the losses occurred because of a bad decision-making versus bad luck. This, of course, is not a clear-cut task, especially if you are a beginner. However, learning to trace the connection between your betting decisions and particular outcomes will give you the opportunity to address your mistakes, and improve the strategies you are using.
When on a winning streak, the similar approach of keeping the size of your bankroll aligned with your stakes should be exercised. Becoming greedy and raising your stakes too high too quickly can easily result in you having to give all previous winnings back when a loss occurs. However, if you raise your stakes incrementally in proportion to your bankroll growth, then you will be better protected to withstand upcoming losses.