Sports Betting Mistakes That Could Cost You Money

The opportunity to get a good income out of online sports betting has never been greater. However in order to be successful, you need to make sure that you use all the tools, systems and information that have a proven track to bring you a profit. Even if information these days is mostly free, there are many people out there that is still losing money. Get a good overview of some of the most common mistakes that are made by sports bettors and avoid losing money this way.

Mistake #1 - Placing too many bets

This is a very common mistake that is done by beginners. You should not place too many bets on a game and you should never place bets that you can’t afford to win based on the total amount of money you have available in your account. Most of the time you should keep your bets below the 10% of your bankroll in order to stay safe from the variance that occurs during the sports betting.

Mistake #2 - Mixing online sports betting with alcohol

Gambling and alcohol have never been good friends. You need to avoid to drink and place bets since it can really affect your thinking and you will most definitely won’t be able to take the wisest decisions. Be sure to stop betting once you start drinking and you can easily avoid making this mistake.

Mistake #3 – Betting from only one account

In order to be successful, you need to have at least 3 DIFFERENT sports betting accounts from 3 different sites. This way you can easily compare the odds and shop for the best one. There are many good differences between the sites and you can virtually save thousands of dollars this way over the long term.

Mistake #4 – No bankroll management strategy

Every online sports betting enthusiast should make sure that is using a bankroll management strategy. This means that you have to approach the sports betting just like a business and only make the moves that you can afford to.

Mistake #5 – Betting on the favorite team

There are many bookies out there that will just bet on a team just because they are fans and they want it to win. And this means not taking into account the fact that it has minimum chances of winning.

Mistake #6 – Chasing lost bets

The first instinct that you have when you lose an important sum of money on a bet is to place an even higher bet in order to make it up. This is called chasing losses and it should be avoided all the time. You need to make a new bet based on the total bankroll and after you’ve done the proper research.

Mistake #7 – Don’t bet just because you have to

In case you are not able to find a decent bet at a game, you shouldn’t do it. The bets that you make must be based on something and the fact that you really want to just place a bet is not an enough reason to do it. There has to be more than that to convince you to place a bet. Read the sport news and find another game to place your bets in case the first one you’ve checked out didn’t look to appealing.

Mistake #8 – Not keeping records

In order to stop making mistakes you need to keep records of all the bets that you make. This way you will get the opportunity to analyze what you’ve done well and wrong and increase your performance in the future. You can easily track that with the help of the online bookmakers.

Mistake #9 – Relying on the wrong information

The sports betting industry is all about placing the right bets on the right information. You need to pick up the most reliable sources of information and don’t place bets based on things you have heard on a forum or any other place that can’t be double checked.

Mistake #10 – Choosing the wrong sportsbook

There are many bookmakers out there where there are some really nice and sometimes unbelievable bonus offers, but you have to be careful. Read out the terms of the bonus, read some reviews of the sites and do your homework in order to stay away from the sites that are rogue. There are plenty of trusted and reliable bookmakers and in case you do some research you can easily stay away from them.

Every beginner bettor makes a couple of mistakes. It’s human. However you should not repeat the same mistakes over and over again. And in case you see a negative ROI, then you are definitely doing something wrong that needs to be changed. This means that you need to stop and think about what mistakes you are making, get more knowledge and start increasing your winnings.