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The 5 most common mistakes all sports bettors make!

by , 06 March 2020
The 5 most common mistakes all sports bettors make!
While The Winning Streak Team and I aim to educate sports bettors about everything from the basics of betting to predictive models and strategies, some bettors still fall into the common traps that inhibit a successful bet.

These mistakes are common amongst even professional sports bettors, and can completely wipe out your entire bankroll.

That's why today I want to go over these common sports betting mistakes, and the solutions to avoid each and every one of them.

Let's get started…
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Not understanding the odds
 
Make sure you know what ‘price’ the odds represent!
 
Sometimes odds can be confusing – especially if they are listed as a fraction – so make sure you understand what you have to stake and what you could potentially win.
 
For example, if you think Chelsea will win their next match against a weaker side, they could be priced at 1/2 if they are in form. If you misread this price as 2/1 and jump on thinking that this is ridiculous value, then you’ll be in for a shock either way!
 
The best way to mitigate this is to use decimal odds, as they are easy to work out and will never leave you confused. 
 
Following your heart, not your head
 
We all get drawn into the emotion sports brings us.
 
However, it’s vital that you’re able to separate the two when it comes to sports betting.
  
Whether it be your favourite player or team, using your heart to bet will often result in a series of losses.
 
Analysing the form of players or teams should be the focus of your bet.
 
Think of it logically… if you feel strongly towards a player, don’t back them to win. You are most likely going to feel great if they win regardless, so don’t complicate your emotions by putting money on them as well!
 
Don’t get caught out convincing yourself that your underdog will make it!
 
Stick to your analysis and strategies! They will pay off in the long term. 
 
Chasing the big wins & chasing losses
 
Odds are always representative of the likelihood of that event occurring. That being said, stop being sucked in by the huge promise of a big pay-out!
 
If a side is 150/1 to win the league, it’s highly unlikely that they are going to, so focus your bets on a broader range of prices instead of always aiming big.
  
The odds speak for themselves.
 
You are on average going to have to put on 100 bets until your 100/1 bet pays out.
It’s okay to use this tactic on the odd occasion, but don’t allow chasing big prices to creep into your regular betting routine.
 
The same goes for chasing your losses.
 
Don’t get careless after a significant loss and think that you can immediately win it all back on the event.
 
This hunger to recoup winnings can often lead you to slip into unhealthy betting habits.
 
Understand when it is time to stop betting for the day or even week!
 
The bookmakers will always have the edge over you, but don’t make it easier for them! 
 
Always backing the favourite or Betting on your team
 
Much the same as the last point, don’t always back the favourites in sport.
 
Sport can often be extremely unpredictable, so continually backing the favourite over and over again is a method that is likely to bite you when you least expect it.
 
With favourites the price is always going to be very short. This means a high stake is needed to yield any significant profit.
 
This is where it can get dangerous – lumping significant sums of money on the favourite, only for it to lose.
 
We are not saying to never back the favourite in sport ever again, but do not always rely on the favourite by backing it blindly each time.
 
Betting on your team can often bring added entertainment to the match you’re watching.
 
However, it is often misguided. Much like betting with your heart, when you bet on your team, you are being swayed by emotion rather than facts and the research you should be doing.
 
Therefore your chances of correctly predicting the outcome decreases.
 
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Betting under the influence
 
This one should go without saying: don’t place a bet if you have been drinking.
 
Many of us watch sport in a social environment, whether that be at a pub, bar, or with friends. This can often lead to alcohol being consumed, and for your senses to be altered.
 
Confidence may be heightened and a fear of losing lessened after having a few drinks: not the best combination of emotions when sports betting. This could lead to a spiral of significant losses without you being able to grasp what is going on fully. Leave betting for when you are sober, or things could get ugly!
 
So there you have it, the five common mistakes all sports bettors make.
 
Avoid these common mistakes the next time you place your bet!
 
Until next time,
Christopher Ammon,
The Winning Streak Team
 
P.S: For more on common mistakes, take a look here:
 
 
 
 


The 5 most common mistakes all sports bettors make!
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