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Learning about the most common sports betting mistakes will make you less likely to make them yourself. Below are most common sports betting mistakes you should to avoid.
First of all, you must always keep realistic expectations. Even the most skilled gamblers in the world lose most of the bets that they make. Professional sports bettors rarely sustain a long-term winning percentage higher than 55 percent, and it’s often as low as 53 or 54 percent. Most people who bet on sports lose. That’s because sports betting is primarily based on chance.
Poor Money Management
You should only ever bet with money that you can afford to lose and never ‘go all in’. In fact, you should never bet more than 5% of your total bankroll. Set yourself a limit and stick to it. This ensures you have enough cash to bet again, minimizes losses, and allows you to recover them gradually.
Too Many Games
Not all games have value, which means that betting on all games is a major mistake. You should target the games you know have value and stay away from the others. Also, stick to the one sport that you know best and avoid to bet on a very large sorts of sports you don’t know.
Chasing your losses will put a serious dent in your long-term profits. This typically happens when you feel that you can turn things around after a big loss, especially if you wager more than your normal amount when you suffer a losing streak, in hopes of making back your money. Trying to recoup the money you’ve lost by betting bigger or more often on other games is a downward spiral. Desperate bets aren’t well thought-out or planned and are unreliable.
Emotional / Impulsive Betting
There is a huge tendency to instantly bet on a favorite team without paying any attention to the odds or analyzing any match statistics. With sports betting, you have to leave your emotions at the door. Focus on strategies and don’t gamble.
The more time one devotes to doing the research before betting the more likely they will be successful. You must study accurate statistics and historical data before finalizing your predictions and betting selections.
You must understand the importance of a strategy to make better betting decisions. You need to know what markets to play on and which to avoid, when to place a bet and when to avoid doing so, whether you should go for a single bet or opt for an accumulator and so on… Don’t bet without a plan.