Sports betting continues to grow around the globe. Prominently advertised across all major sports, betting odds are now a talking point for sports broadcasts as the industry booms.
Betting on professional sports isn’t easy. For beginners, it can be daunting with the numbers, odds and values. That is why rookies need to do their due diligence when jumping into the world of sports betting. This could include simple research like the latest betting trends or reading your desired sportsbook review as it is important to be informed when placing money on sports.
Before placing a wager, read our guidelines on the top sports betting mistakes for beginners so you can avoid them, giving yourself the best chance at being successful in the sports betting world!
1 – Betting with Heart and Not Head – Sports bettors usually have allegiances with certain players or teams. However, betting with your heart is not a good look. Betting doesn’t care that the Patriots are your favorite team or that you grew up watching the Red Wings. Think about the logical play when placing bets as the informative and researched decision will help you win.
2 – Chasing Parlay Wins – Parlays offer great value but that is because they are incredibly difficult to hit. Parlays should be saved for veterans. New bettors should shy away from parlays because while the return can be insane, the chances of them cashing are slim. Instead of wasting money, use your bankroll to wager on single games at the start of your betting career.
3 – Throwing Your Bankroll on a Single Wager – Once you deposited money into your account, you need to strategize how much money you’re going to allocate for each bet. Even if your bankroll is small, tossing all of it on a single wager is an easy way to lose everything. Figure out your budget and what percentage you want to wager as that will help your bankroll have longevity.
4 – Placing Bets Without Proper Research – Throwing bets on games without doing your due diligence is asinine. When placing a bet, make sure you do the proper research first. This could include checking the latest betting trends, streaks for a specific team/sport and other factors that should be considered when wagering.
5 – Chasing Betting Losses – Sometimes you win and sometimes you lose. What’s important is that you don’t chase losses. This is the act of chasing money that you’ve already lost. Chasing usually results in more losses, creating a vicious cycle that is difficult to break. Every wager you make should be its own bet without the influence of a streak, especially if you have been losing recently.
6 – Having Unrealistic Expectations – Everyone loves reading about the person who turned $5 into 20K or a bettor that makes hundreds of dollars per day. However, those examples are not indicative of the betting game. Having realistic expectations for your betting career will keep you focused and poised with every bet placed.
7 – Misunderstanding Value – The best bets are ones that offer great probability of winning with the combination of value. If a team is listed at -500 to win, there probably isn’t going to be much value in taking that specific wager. Instead, understanding value (which includes money placed with potential return) and probability of a bet cashing will help new bettors get the most out of their wagers. Learning odds, returns and bet sizes is a great way to determine the value of a specific bet.
8 – Betting Without Strategy – Every bettor needs a strategy. The teams you are wagering on have strategies and tactics for their game, so it only makes sense that you have a betting strategy for your wager. This includes doing research and concluding what market you want to hit. Never bet without a strategy because you need to be prepared with every bet you make.
9 – Betting on Sports You Are Unfamiliar With – When you dip your toes into the betting game, it seems fun to wager on random sports. However, that is a big no-no in the betting world. Throwing money on games/sports that you have zero knowledge of is a surefire way to chip away at your bankroll. Instead, opt for sports that you are familiar with and knowledgeable of, especially if you’re just starting.
10 – Betting What You Can’t Afford to Lose – Knowing your limit is great. New bettors need to understand that you should only bet what you can afford to lose. Don’t get caught up in friends/online bettors talking about their $500 wager on the Saints ML. Instead, figure out your budget and understand that if you place a bet, that money may not come back. If you need to start with smaller increments that is fine. Only bet what you are willing to lose!
11 – Not Following Betting Trends – While nothing is for certain, following betting trends is a great way to stay informed about the game/sport you are wagering on. Betting trends help bettors understand what has happened in recent memory against two teams (or in a competition). This could include looking at the over/under totals, trends against the spread or how a team performs with their ace on the mound. Following betting trends should be a part of your betting research as it will help you prepare to place a wager.
12 – Believing There Are Sure Things – There is no such thing as a sure thing. With no wager being 100% a lock, it’s important to complete thorough research before placing a wager. Especially in leagues like the NHL where there is a ton of parity, nothing is guaranteed so ensure you complete your proper betting routine before placing wagers. Those -400 favorites might be juicy to throw a ton of cash on but experienced bettors will tell you that nothing is guaranteed.
13 – Not Shopping Odds/Bookmakers – Don’t be afraid to look at different bookmakers for your betting needs. Sticking with one sportsbook is fine but eventually, you’ll want to see what the competition offers. From different odds to specials and promotions, it’s important to shop around.
14 – Always Choosing Favorites on the Moneyline – You might think taking the favorite to win straight up every game is a betting cheat code but that is far from the truth. Favorites lose bets all the time. While sports like the NBA and NFL might see a better discrepancy between favorites and underdogs, taking them straight up may not be the play due to value of the wager. So, while the favorite on the Moneyline might produce results, you need to understand that upsets happen and there may not be great value in taking the favorite to win.
15 – Betting on Every Single Game – You don’t need to bet on every game! Picking and choosing your bets is a great way to start your betting career. Throwing money on every game of a sport requires a ton of proper research. So, unless you’re willing to spend hours upon hours researching every betting market and trend for each game, start small and focus on 2-3 games that you can dedicate your time to.
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