Sports betting is a really easy and entertaining way to make money or just have a day of fun. However, it’s important to remember that any form of gambling has its risks, and many people who don’t take precautions and make sports betting mistakes end up losing a lot.
In order to help you avoid these mistakes, we created this quick guide on the six most common sports betting mistakes people make when they bet. Remember them well before you start placing your bets!
1. Not paying attention to the bankroll
The first mistake that many people make is not paying attention to their bankroll (the total amount of money in your account). Sports betting can be pretty exciting and it’s easy to get carried away. The problem is that when you’re busy making more bets or adding money, you’re not aware of how much you’ve already spent.
Before you know it, all your available capital might have been spent. One way to avoid this mistake is to use a sports betting calculator – this tool calculates your potential winnings based on your total bankroll (click here for a recommended sports betting calculator).
A bankroll is a term used in the gambling industry, and it represents the amount of money you have at your disposal. This number can be seen as your “budget” for gambling, meaning that you have to stick to it. If you want to be able to win at sports betting, you must learn how to control your bankroll and use it effectively.
The best way to avoid this mistake is by being realistic with your bets. Don’t go overboard with them, because if you lose a lot of money within a short period of time, you might not have enough left over for another bet – and that’s exactly what we’re trying to avoid!
2. Betting on a team based on emotion
This is pretty much the same mistake as in number 2; however, this time we’re focusing on the opposite problem – not enough research about who you’re betting on. Sports betting isn’t a game of emotion; rather it’s a game of numbers and calculations that takes place in a secure environment where all bets are verified by the security system before being accepted.
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You might think that because the game is meant to be fun, that all bets must be based on emotion. However, the opposite is true – if you want to make money from sports betting, you must control your emotions and know how to bet according to the odds in question.
3. Not taking enough time to learn about their strategy
If you want sports betting success, then it’s important that you learn about the strategy behind the games so that you can make an informed decision before placing your bet. Not knowing your strategy might lead you to make a lot of mistakes in the long run, and being ignorant about it might cost you a lot of money.
A good way to avoid this mistake is by visiting online forums where you can read what others have to say about sports betting and the games they play. This will help you learn more about the game, its strategies, and even its history. If you’re interested in learning more about sports betting or any other gambling activity for that matter, we highly recommend that you use predictions from the top betting sites.
A sports forum is a place where people gather with the same interest – i.e. sports betting. These kind of forums are one of the best ways to learn sports betting strategy and to get advice from others. It’s also a good way to find out valuable information about the game you play and its history – but always be careful as there is always a chance that some of it might not be true.
4. Not studying the game/league’s results
Before you start placing your bet, it’s important that you study your ‘game’ or ‘league’. This means that you should grasp all of the details related to it including schedules, lineups, stats, etc… In sports betting, this information can help you win more money than if you were to just bet randomly without knowing anything about the game or league. Sounds obvious, but many people don’t do this.
Odds are one of the most important elements in sports betting, and you should never forget to study them
A good way to avoid this mistake is to go to sports betting websites that offer real-time betting statistics on the games in question. Furthermore, these sites will inform you about when a given game time is scheduled – this is important as it could determine your profit or loss depending on your sports betting strategy.
5. Not studying the odds
Odds are one of the most important elements in sports betting, and you should never forget to study them – especially if your strategy is to win money based on statistics. Odds represent the probability of a specific outcome, and they can be found in all betting sites.
The best way to avoid this mistake is by understanding that in every bet there are two sides – a winner and a loser. This means that even if you’ve made your bet based on certain odds, there’s still a chance that you can lose money from it. You must understand this before making any bet, so that you don’t end up losing too much money. Bookies skew odds all the time, so the odds that you see might not be 100% accurate.
6. Chasing Losses
This mistake is usually made in sports betting by new bettors, who don’t understand that they need to keep the same percentage of their bankroll available at all times. In the same way that you wouldn’t want to invest all of your savings in one stock, do not put all of your bets into one sports betting site at once or upon making a single bet.
To avoid this mistake, it’s important that you make a weekly budget for your bets – Kes 1000 for example. From this amount, you can allocate as many bets as you want – but never more than Ksh1,000 per week.