Sports betting is more than just a pastime. It’s a constantly growing industry that is enjoyed by millions of novice and professional punters from every corner of the globe.
Punters don’t always succeed. They could face a losing streak that goes on a couple more rounds. Some learn from their mistakes, they improve their sports betting strategy and do their research such as doing a deep dive about the soccer stars.
That said, there are some punters that commit these mistakes unaware—completely or partially. Luckily, there are guides to sports bettings and helpful football predictions that are easily accessible online.
Not Setting A Bankroll
Setting a bankroll should be at the top of the list of the things you need to prepare before you divide into sports betting. But, some punters—especially rookies—commit this mistake of not allotting a dedicated budget for betting only.
As a rule of thumb, strictly separate your bankroll for sports betting from your budget for daily expenses. This protects you from unnecessary risks such as gambling addiction, and mismanagement of finances.
If you’re a risk-averse punter, you can place a bet of no more than 1% of your bankroll even if you think a specific match is safe. On the other hand, if you’re braver at taking risks, you can place bets with a 2% value in mind.
Not Doing Your Research
Some punters place a bet without so much as a quick check at betting tip sites for the best bet of the day. Placing a bet is not a decision that should be taken lightly, at all. That said, it’s important to do your due diligence, so you can make an informed decision.
In sports betting, preparation is imperative. Because knowledge is your groundwork for creating sports betting strategies adapted to the present scenario. When doing your homework, be sure to check these off in your research:
- Background about the teams
- Reports on athletes
- Present situation, including weather forecast
- Current condition of Athletes
- Relationships between teams
- Best tips of the day
While these could be classified as “homework,” these do not require extensive research, just make sure to stay tuned to the latest sports news and current events.
As another rule of thumb, stick to what you know. Fooling yourself that gut feel, Lady Luck, and spotty knowledge could win you a match will not end very well.
Unrealistic Expectations
Everyone likes to think that Lady Luck is on their side. Even when the facts maintain that more than 90% of novice punters actually love, and only 10% would be exempt from this belief. While optimism is a wonderful trait, it’s not helpful for you if you have unrealistic expectations.
In fact, it’s this unrealistic expectation that can cause trouble when it comes to sports betting. That is why it’s important to be realistic, it helps avoid gambling temptation, and avoid financial trouble. Keep in mind, while most punters can get a chance of winning by 60%, you can still experience hours, days, and even weeks to re.
Chasing Losses
After losing a bet or are dealing with a losing streak, the immediate reaction of punters would be to recover from the loss. However, because of the loss of a bet, emotions run high. This makes it easier for punters to get easily tempted to gamble again and increase their stakes to increase their chances of winning.
The key is to remain in control even in the midst of loss. Stick to your sports betting strategy and the bankroll management plan that works all for you.
Trusting Your Gut
Sports betting is not a game of chance. The thinking that gambling is a dance with Lady Luck is already a big and one of the most common mistakes. You can trust your gut to make a decision when it comes to matters of the heart. But if it’s about placing a bet, you need proper research to make an informed decision when you place your bet.
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