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How to recognise your common betting mistakes are more than beginners bad luck
Stop betting issues before they occur. Make better choices and recognise where you might be losing money by falling victim to common betting mistakes.
Published on 12 May 2019
Updated on 12 May 2019
Betting Tips for Today's Football
Find more value in your next football bet. You could gain a betting edge by checking out the tips and stats for today's and tomorrow's fixtures...
When a hobby includes, such an interesting dynamic between risk and reward, like betting, it’s easy for beginners to fall into certain pitfalls. It’s natural to blame others and think if certain people bring you bad luck or a specific person can bring you bad luck? You start to blame others and circumstances for some of your failings.
These pitfalls and sources of betting distress could be simple and common mistakes or persistence in the wrong train of thought.
Unfortunately, the betting world requires solid thoughts and opinions about probability, statistics, odds and handicaps, which requires you to remove your illogical ideas surrounding luck and lack of responsibility.
Betting is not a simple numbers game of chance and luck, it’s really a discipline and an exercise in gradual improvement, which is dressed to appear easy due to the low barrier to entry…Assuming betting legal within the geography and you’re old enough; anyone can place a bet, but everyone will not profit over the long-term.
Check out some of the common betting pitfalls, which are often dressed up as bad luck…
Betting on a personal favourite is not always based on the data
It’s potentially acceptable to bet on a personal favourite, so long as the odds are in your favour and the selection stands a good chance of winning. For example, it’s not acceptable to bet on a team just because they’re from your hometown. That’s no way to make money over the long-term and is a one-way ticket to the poor house.
Most veterans talk about maintaining some degree of detachment during betting. If your goal is to increase your likelihood of winning, you should not start betting just to ‘cheer for your boys’ on the field.
This game is all about profit and longevity. Betting on a personal favourite despite poor recent performance and odds against them, is a good way to show support, but not a good way to make a profit.
Having a favourite lose while staking money on them is both disappointing and frustrating and can be a likely outcome depending on the circumstances.
Unlike being a regular fan enjoying games and watching sports matches, successful betting is all about expected value, modelled predictions, probability, odds and odds calculations. Those things don’t require cheerleaders. Not betting on personal favourites helps you avoid personal frustration and anxiety. Good bettors are there to make a profit; and sometimes, the money isn’t where the heart is, plain and simple.
Betting on an unfamiliar sport is sometimes not recommended
Just because the potential incomes are big and the bettors few, that doesn’t make a certain sport an ideal area of specialisation. Deep and thorough knowledge of a sport is required before choosing to place consistent bets on related betting markets.
It should go without saying…this is the same as wasting money.
It would be difficult to gauge a team, their chances of winning, their player’s averages and stats without the proper knowledge. Therefore, exhaustive research is required before choosing an area of specialisation.
Take golf for example. It’s a complete reverse from other normal sporting events because here, players aim to have the lowest score. This dictates the stats and odds of each player every time they hit the field. A football bettor would still need to adjust his perspectives should he want to start betting on golf.
Betting on bonuses, teasers, accas and parlays is falling foul to marketing
Special Offer! x 0.25 more winnings for the blue team!
These special deals are created by bookkeepers to liven up certain dry areas of their sales and keep things interesting. This tempts a lot of beginners to focus on promotions rather than the main events.
Look at your local Lottery. The Lottery never talks about the gargantuan chances of losing a game with one ticket. The Lottery only talks about how large the potential winnings are. That’s how teasers work. They draw in the interested bets while masking very large chances of losing with the prospect of considerable winnings.
It’s always a good idea to stick to the basics and the odds instead of wagering money against something new and untested by other smart money bettors. Do not be drawn in by promises of large winnings on simple odds.
Letting your emotions get in the way is a recipe for disaster
Like betting on a favourite, showing disdain towards a team and vowing never to back them may not always be a good idea. In the world of betting, one man’s loss is another man’s gain. A team may not have been good for you for personal reasons, but they could be on someone’s winning betting slip.
It is ideal to take a loss as a loss and maintain a detached, yet calculated look at the same sporting event. This is the only way to increase the chance of winning and work towards long-term bankroll growth.
Donating money to bookmakers due to ridiculous financial decisions (h2)
When a bettor has had a good day (or week) with a considerable amount of winnings, it becomes easy for them to want to build it even more by betting on one more game or play or player. This may also happen to bettors who are going through a bad streak and are thinking that one good bet is going to change it all.
The amount of money in your pocket does not affect the outcome of the next bet. It doesn’t even count as an important factor, other than allowing you to risk more funds on the next sporting event.
This situation requires you to be smart and know how much money you’re comfortable with losing before visiting your favourite bookmaker or betting exchange. Learning when to back off and waiting for better odds or the next viable betting opportunity is sometimes as good as a win.
Trusting the insider with the best tips
Many punters have experienced being offered valuable information by people who claim to be “on the inside” at certain sporting events or sure betting websites. These people will claim they have information that could guarantee sure profits for the right price.
There are also tipster websites being run by these people promising sensitive match information that could guarantee wins here and there.
It is best not to take wonderful news too seriously. As the saying goes (albeit a little modified), if it’s too good to be true, it probably isn’t true, so stop dreaming and focus on real football data and statistics.
A little common sense goes a long way. If one person had a hold of such valuable information, why would this person be sharing it with other people over the internet instead of using the information for their own gain?
Hating low odds and waiting for massive returns
Just because the potential winnings are limited, that doesn’t mean there’s no value. Betting is a business; income minus expenses equals profit. That means a profit is a profit; no matter how small. Multiple small wins may contribute to a large accumulated bankroll over time.
Another good thing about low odds is the low risk. Compared to high-risk-high-reward situation, a low-odd bet may be a better choice in most cases, particularly if you want to maintain a winning streak. Low odds selections usually have the shortest losing streaks which makes them an interesting bet for beginners.
Ask any professional sports bettor or exchange trader; they’ll always know the location of the smart money and they’ll always stay away from these common pitfalls and novice mistakes.
Fundamentally, the trick lies in reminding oneself of the basic goal of betting which is to make a profit.
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