1. Not Managing Your Expectations
Here’s the thing you need to know about online sports betting. It’s not a get-rich-quick money-making scheme. Sure, you can hit it big on your first attempt, but make no mistake about it – this doesn’t happen often.
While it is not at all impossible to make a decent amount of income through sports betting, it’s not enough to pay your bills and sustain you. Look at it as more of a fun hobby that allows you to actively participate in the games you love. And, hey – what’s the harm in winning some money in the process?
It is not a short term profit-making endeavor. You have to look at the bigger picture. You need to be in it for the long haul if you hope to make it profitable. That’s what having realistic expectations means, and you have to be willing to put in the work required to make money out of it. So, enter with this mindset.
2. Not Betting for the Right Reasons
Placing a bet on a whim is a classic rookie mistake. If you’re catching your favorite IPL cricket game live in India with all your mates, it can get pretty intense when the game appears to be going your way, or if the underdog looks like they might take the championship cup.
With that kind of electric atmosphere, it is very easy to get caught up in all the thrilling action – which is fine, for the most part. The problem comes in when you feel compelled to whip out your smartphone, log in to your betting account and place a bet in-play, on the team that looks like it might win.
This is what betting for the wrong reason means. Remember, if you have no historical background on the sport in question, no knowledge on the teams playing, or the players going head-to-head in the tournament, you’re essentially doing guesswork. And, that dear readers, is a foolproof way to lose your hard-earned mullah.
Equally as important is emotional betting. Never wager on a game as means to make you feel better if you’re feeling down in the dumps. You should always treat it as a fun recreational hobby to partake in when you’re in the right mindset.
3. Not Using Bankroll Management
This is one of the most popular mistakes people make when they start wagering on sports. Seriously – if you’re not using proper bankroll management, you’re guaranteed to lose money. There are no two ways about it.
It involves setting a budget – in advance – to establish how much you intend to spend. You then have to keep this money separate from the rest of your day-to-day spending money and dedicate it exclusively for this purpose.
You’ll be surprised at how easy it is to get carried away placing bets on an event that was deemed a “sure thing”. Only to then end up losing your grocery money or rent money simply because you went over the limit you had set for yourself.
With proper bankroll management, you define certain rules that cap the maximum amount of money you can place on any single bet. Once again, this has to be kept separate from the money reserved for your day-to-day expenditure.
That way, if things take a turn for the worst, and you end up losing a bet, you won’t get caught up in a vicious cycle of trying to chase your losses in an attempt to recoup your investment. This can turn out badly for you and your finances. Exercising a high level of self-control and self-discipline is at the heart the best betting performance bankroll management strategy you can employ.
4. Not Comparing the Betting Odds and Lines
The importance of value in sports betting cannot be overstated. The thing about it is it’s not always easy to identify value when placing a bet on a particular sporting event. This is important since the value it provides is what determines how much you’ll get out of your investment when all is said and done.
What’s the sense in placing a 5,000 INR bet (or its currency equivalent), only to get back 6,500 INR if your bets sports wins, when you had the chance to potentially make 8,500 INR had you used a different bookmaker altogether?
This is why comparing the betting odds and betting lines available from different bookies is important before you place a bet. It would be a big mistake not to do so. Regardless of how small the odds differences may seem, they can have a significant impact on the magnitude of your wins, and this can add up in the long run. Always go with sports betting sites that offer the best odds to get the highest value.
5. Not Cashing out at the Right Time
This is a common mistake that many bettors make. In the famous words of the late great Kenny Rogers, “…you gotta know when to fold ‘em and when to walk away…”.
Sometimes, if your bet sports already look like they’re a winner and you’ve made a decent profit on your initial bet, it is always a good idea to quit while you’re ahead in case things take a turn for the worst later on in the game. The same thing applies when your bet already looks like it will lose pretty early on.
Walking away from the bet means that you mitigate the chances of losing even more money as the odds continue to stack up against you. This is why the cash out button was invented. It gives you a chance to recoup a portion of your wager or cash in on winnings, without having to wait until the end of the match to do it.
6. Not Betting With a Reputable Sportsbook
What’s the common denominator of all betting sites? You guessed it – they involve money. To place a bet, you have to deposit funds into your sportsbook account using any one of the accepted payment options provided on the site
Doing this on sites that have a sketchy reputation can end up badly for any number of reasons. For starters, you could get scammed on blacklist sites that don’t allow you to withdraw your winnings. Then there’s also the not-so-small issue of all the sensitive information the site has on you based on the personal details you were required to submit at the time of joining.
Unsafe betting sites can be vulnerable to security breaches when third-party cyber criminals end up stealing your information and depleting your bank account and maxing out your credit cards.
Always do your homework on a particular sportsbook beforehand to ensure that the site you’re playing on is a credible and trusted bookie. The top Indian sports betting sites you can’t go wrong with include Parimatch, 888sport, Bet365, Betfair, William Hill, Paddy Power, and 10Bet.
7. Not Being Knowledgeable on a Particular Sport or Team
Knowledge is power. This is the key to developing a foolproof sports betting strategy. Betting on a game that you don’t quite understand or backing teams that you have no prior information on means that you’re essentially going in blind.
Research thoroughly beforehand and understand all the factors in play that could potentially get in the way of making an accurate prediction of a match outcome. That way you’re armed with the information you need to make a well-informed and meaningful bet.
It is also important that you learn the basic sports betting strategies to maximize your chances of winning. Invest your time in learning what works versus what doesn’t for particular sports. Not doing this is tantamount to financial suicide.
Side Step Mistakes for Long Term Success
When all is said and done, you need to do everything you can to side-step these common betting mistakes if you want to increase your chances for long term success. While there are several other common mistakes beginner bettors make, use the tips detailed in this betting guide as a stepping stone to help you avoid them and make your betting endeavors profitable through and through.