No one is perfect. We all make mistakes from time to time, or do things we wish we could take back. Unfortunately, when it comes to betting, mistakes can cost you dearly and really hit you where it hurts. No, not there – your wallet.
It’s always worth remembering, however, that nobody learns from their successes, only from their failures. Accept that you won’t get it right every time and honestly take stock of where you are going wrong. The first step to minimising the pain and hurt is to get honest about where you are going wrong and to remedy it.
To try to help you break the habit of bad betting and to get you on the path to success, we’ve listed some of the most common and easily rectified betting mistakes.
Betting on everything
One of the mistakes which readily identifies a rookie punter is betting too often and betting on everything. Sportsbooks and betting sites offer so many markets and events to try your luck on, and it’s easy to get swept away in the excitement of it all. It sounds almost too basic but it is easily done. The mentality of ‘just one more bet’ can become all-consuming if left unchecked.
A few well-considered wagers are worth more than a scattershot approach to your betting.
Emotional betting
Have you got a favourite sports team? Hometown loyalties are nice, but for gamblers the best team is always the one with the most chance of winning. Don’t let your heart rule over your head when making bets. Many seasoned gamblers would have much better win percentages if they bet on what they thought would happen, rather than what they’d wish would happen. If there’s money involved, leave your sentiment at the door. Betting is about making a profit, not make-believe.
Chasing losses
It’s the big one. Chasing losses is one of the most damaging and debilitating mistakes any gambler can make, and it isn’t one to easily rectify. Just remember that no matter how long your losing streak has run that’s no reason to assume it has to change at any particular given moment. Sometimes the best cure is to stop, take a break and start afresh another time.
If you find yourself in the middle of a bad run of luck and thinking that you’ll need to increase your stake to win it all back, you’re chasing your losses. Walk away while your wallet is still fat. If you are a person who has a tendency to chase losses, set yourself a limit before you start and stick to it. Yes, it is easier said than done, but saying it is the first step.
Blaming your luck
Sometimes luck, especially of the bad variety, is a great cover story for bad betting. Making poor decisions and failing to be honest with yourself prevents you from improving moving forward. Analyse what you’re doing. Are your bets good or not? Look back at some of your old wagers and see if time has given you a fresh perspective.
Getting greedy
Greed can get the best of us, and sometimes it isn’t even about the money. There are two types of greed in gambling. Greed for the cash, and greed for the gambling itself. If your greed is for the cash then bankroll management is a skill you should start to learn about. Staying consistent with your stakes and having a plan is a great way to start. If you’re greedy for the rush of gambling itself, then adjust your stakes accordingly. Before you start for the day ask yourself the following question: how much would I like to win today? What would be a good day for me? If you can picture a figure in your mind and you hit it, then you don’t need to keep going. That’s greed.
Being lazy
If you’re not prepared to put in the effort then don’t expect great results. Like any other field in life, you get out what you put in. Picking a winner is not a skill which magically appears in people overnight. By studying the markets and reading betting tips websites you will gradually learn to supercharge your betting. It’s that little bit of difference which eventually makes all the difference.
Betting on mystery sports
Sometimes it is tempting to bet on a sport you’ve never heard of, especially when your regular sport is on an off-season or a break. If you are shopping around for sports to bet on, at least pick something you’re somewhat familiar with. The Albanian tiddlywinks championship isn’t your best hope for victory.
Drinking and betting
Do you really need to be told this one? Drinking and gambling do not mix well as alcohol is likely to make you less risk-averse. If you’re having a drink, have a drink. If you’re betting, keep your head clear. You’ll be able to afford more drink in the long run.
