Sports betting is one of the most widespread forms of gambling in the world, as well as a favorite pastime activity for many sports fans. Although simple in nature, it can be tricky to become good at it, but that does not have to be the case. Like any other thing, you need experience and practice to become better. However, there are some mistakes people tend to make a lot, and in this article, we will see how to avoid the most common mistakes sports bettors make.
1. Not understanding the concept of value
Value is not a simple thing to understand, and it is hardly as simple as finding a team on a hot a winning streak priced at high odds, and bet they will beat a team that is currently on a nasty losing streak.
What value is actually about is understanding what all of those betting odds represent, as well as calculating the probability estimation. Essentially, you should look for what you believe the odds should be, and what the bookmakers believe they should be.
When betting, the players make the mistake of determining what value stands for. This is never an opinion, but the use of data, models (like goals expected), and historical results (like handicap performance) and forming an accurate prediction, more accurate than what bookmakers offer you.
When you learn what value is, you then start to calculate the expected values for whatever and however many bets you place. This is the calculation that tells you how much you could win or lose if you place the same bet multiple times.
2. Not choosing the right bookmaker
Sports bettors receive tons of bookmakers whose predictions they can choose to follow or ignore. Just like every other industry out there, different approaches exist when it comes to bookmaking. Everyone claims theirs is the best and that you should follow exactly that. Actually, it does not really take much effort or time to determine your best options and figure out that some of the bookmakers offer much more than others.
Most of the bookmakers give free bets and bonuses that seemingly offer more value, and what most bettors do not understand is in order to provide them, the bookmakers increase their margins. As a result, this affects the odds you with which you bet.
Not only do such bookmakers lure potential customers with expensive marketing, ads, and false promises, they also rarely let the bettors win. If you make a profit while betting with that kind of bookmaker, they could severely limit your account, or even completely close it. This is why choosing the right bookmaker is crucial. The ones who offer you free bets should be avoided as this is a mistake you cannot afford to make. Check out https://th.betway88.com for more information.
3. Not using staking methods
If you are serious about profits when betting on sports, you must have an advantage, or an edge over the bookmakers. For example, your knowledge of a given team and the news regarding their season, players, and matches, or even weather changes, counts as an edge. If you know about whatever could influence the outcome of the game, this is referred to as an “edge”.
Now, if you do not manage your money correctly, having an edge will hardly help you. Staking methods are crucial if you want to make some real money from betting. Failing to do this is a big mistake that can cost you, the better, a lot. Managing money is always important, even more so when betting on sports. If you do not do it, you will have no cash left to bet again. The “all-in” method is fine only if you are sure in your calculations, so be wise!
4. Cognitive biases awareness
Assuming that we control our thoughts and actions is a natural occurrence in human beings. However, those familiar with psychology and behaviorism know that certain “biases” exist that cause humans to move away from what we call rational judgment. This can, and should, be applied in the world of sports betting. An example of this is when you think the bet you are making is the right call, while at the same time, you are disregarding all of the evidence that proves otherwise.
Anchoring, also known as focalism is another example here. This is the practice of focusing solely on the first piece of information that is offered. For obvious reasons, this can be extremely detrimental to your betting odds, because as tend to change when it comes to sports dramatically, and rather quickly too.
Such a lack of objective thinking and logical reasoning clouds our minds and judgment, leading to bad bets and huge wastes of money. This is why critical thinking is your friend when betting. No matter how appealing something is, or how much you love a club, if the information is against you and everything points to a bad outcome, the “gut feeling” is not the way to go.
5. Too much worry about losing
An ideology where you must avoid a loss at all costs should be switched in your mind, and acquiring potential gains needs to take its place. The biggest misconception in betting and gambling is that good player never lose. This is simply not the case, because losing can happen to the best no matter what they do. Good bettors do lose, they just do it less often than they win. If they, however, lose, a staking method is there to ensure they do not lose the whole bankroll.
Randomness and luck in sports, especially sports betting, is something nobody can escape. This is why you should not be overly concerned about losing. It will happen, at times, more often than winning, but that is normal. Even the most sophisticated betting models can be wrong at times! Thinking that you should absolutely avoid loses is one of the mistakes you should stop making.
6. Betting out of convenience
Most experienced bettors know what to do to succeed, and even if they avoid the most common mistakes we already mentioned, convenience can still undo the hard work and planning they put in. Now, if you bet for fun, convenience is not an issue. However, if you want to earn some money, betting when the time is right is what you should aim for.
Never settle for something easy just because it is there. The ever-increasing popularity of lackluster online betting and mobile betting apps made sports betting accessible and easy to pick up. However, places like betway88 are still the best, and those who want to earn must never pursue convenience over tactics and knowledge. Do not bet on something you do not understand or like, and always stick to something you know what you are good at.