5 Mistakes to Avoid in Sports Betting
A successful sports betting career requires a lot of time and specific skills. Many sports bettors are able to turn their hobby into a profitable business, but the road to success is not always easy. Many mistakes can be made, and some of them are quite costly. This article will discuss some of the most common pitfalls that sports bettors make and how to avoid them.
1. Not Controlling Their Emotions
The first mistake that most bettors make is being too emotional. While it is understandable that people want to bet on their favorite teams, doing so can lead to a big loss. This is why it is important to stay calm and make rational decisions when placing a bet. Moreover, bettors should never place a bet on a team based on a gut feeling, jersey color or horoscope. Instead, they should do thorough research on the match to make an educated decision.
2. Not Understanding the Value of a Wager
One of the most important things to do when betting on sports is to understand the concept of value bets. This is a wager where you calculate the true odds of an event happening and then compare them to the odds set by the bookmaker. The difference between these odds is called the bookmaker margin and it can be used to determine whether or not a bet has positive Expected Value.
3. Not Looking at Multiple Sportsbooks
The days of a single sportsbook with a lone bookmaker and a chalkboard have long gone, but finding the best lines has become easier with the advent of online sports betting. If you want to win money on your bets, you have to look at the lines offered by multiple sportsbooks. This can be done by searching for a sportsbook and then viewing their odds on the game you are interested in. Sportsbooks move lines in order to balance action, so if the popular team is getting a lot of money, the line will move toward that team and away from a more accurate price on the underdog.
4. Not Understanding How to Use Context in Betting
Another common mistake that sports bettors make is not using context when making their selections. Context refers to the circumstances surrounding a past event, such as how a team performed in a previous game or how they played against a certain type of opponent. By considering the reasons behind a past performance, you can get an idea of how a team will perform in a future game.
5. Not Knowing How to Bet on Futures
A futures bet is a wager on an outcome of a specific sporting event. These bets can range from a team to win a particular game or season to a player winning the Super Bowl. While futures bets can be placed year-round, the payouts are typically higher before the season starts and then decline until a winner is determined.