Avoid these 24 betting mistakes!

Introduction

Sports betting, a world filled with excitement, anticipation, and the occasional heartbreak. Whether you’re a seasoned bettor or just starting out, making mistakes is inevitable. We get it; the journey is tough. In this article, we’ll explore the top sports betting mistakes, sharing personal experiences and insights to help you avoid pitfalls and make informed decisions. For each mistake, we first explain the mistake and why it is considered to be a mistake and then we provide an alternative behaviour or strategy that you can use instead to improve your betting results. Or a solution that helps you manage the demands of sports betting better.

1. Having Unrealistic Expectations on Sports Betting

Mistake: Expecting constant wins and unrealistic profit margins.Having a blind faith in your intuition and not factoring in the difficulties of winning against the bookmaker.

Why: Sports betting is challenging, requiring extensive research and an understanding that losses are part of the game.Even with a great and profitable system losing streaks can happen and can easily demoralise beginning players.

What to Do Instead:

• Set Realistic Goals: Understand that consistent profits are rare and that you need to work hard to consistently be profitable. It is not a get rich quick scheme.
• View it as a Hobby: Enjoy the process rather than aiming solely for financial gain. If you put off the pressure it can greatly help in enjoying the betting and motivate you in a positive way to improve.

2. Not Managing Your Bankroll

Mistake: Ignoring the importance of bankroll management for your results, especially in the long run.

Why: Without proper management, you risk financial disaster and you disqualify yourself for long term high performance.

What to Do Instead:

• Establish Rules: Set clear guidelines for spending and have a clear maximum bankroll you are willing to spend and a maximum stake that is small enough that you can handle a tough losing streak.
• Use Percentage Betting: Limit bets to a percentage of your bankroll to improve your results and make losses less emotionally draining.

3. Not Using Basic Statistics

Mistake: Ignoring the power of data-driven decisions to improve your decision making and get insights into bookmaker pricing.

Why: Statistics provide valuable insights into team performance and can help you evaluate how well priced certain bets are and if there lies value in those prices.

What to Do Instead:

• Research Stats: Analyse team and player statistics and odds data for the bets you consider placing.
• Understand Trends: Use historical data for informed predictions. Most sports you can bet on have massive amounts of data available for you to play around with.

4. Never using tools like cash out

Mistake: Not profiting from cash out options that give you guaranteed cash for ongoing bets

Why: It can happen when you place an accumulator or even with a single match that all signs point toward the team you are backing looking to fail in their job. A cash out can help you lock in part of your potential profits to ensure that you at least get some payout and potentially limit your losses. Winning back lost money is more difficult than building on a smaller but actual profit.

What to Do Instead:

Closely follow your bets: Ensure that you are aware of the match dynamics

Check your matches in your accumulator: If beforehand of one of the final matches in your accumulator sense that there is a big chance that specific match will ruin your accumulator, consider a cash out, don’t try to push it but take in the decent profit you already made.

5. Making Emotional Decisions

Mistake: Letting emotions guide betting choices.

Why: Emotional decisions are often irrational and impulsive.

What to Do Instead:

• Stay Objective: Base decisions on research, not emotions. Have a system in place to rely on.
• Avoid betting when you are in a highly emotional state: Never bet when you are in an overly positive or overly negative mood.

6. No Proper Research

Mistake: Betting without understanding the teams and matchups and latest trends and developments.

Why: Lack of research increases the likelihood of losses. Bookmakers have access to all the data and latest news and have people working for them to incorporate these developments into the odds.

What to Do Instead:

• Dive Deep: Explore team histories, player performances, and recent matchups. Use all the advanced data that is available in your favour.
• Specialise: Focus on specific sports or teams for more in-depth knowledge.Become an expert of a few leagues that you know well and know everything you can about those teams.

7. Always Backing Your Own Team

Mistake: Blindly supporting your favourite team.

Why: Bias can cloud judgement, leading to poor decisions. Also, a double moral blow when your team loses and you lose your money.

What to Do Instead:

• Stay Objective: Assess each game impartially and if possible try to avoid betting on matches on your favourite team all together.
• Avoid Overbetting: Don’t let loyalty inflate bet sizes.

8. Placing Too Few Bets

Mistake: Being overly cautious and selective.

Why: Limited betting reduces potential profits and makes you miss out on good opportunities. Additionally, variance has an increased influence on your total results if your sample size is small.

What to Do Instead:

• Diversify Bets: Explore different markets and opportunities within your area of expertise.
• Balanced Approach: Find a middle ground between caution and risk. Trust your system.

9.Placing Too Many Bets

Mistake: Overloading on bets in the hope of constant wins.

Why: Quantity over quality can lead to financial losses and harm your long term profitability.

What to Do Instead:

• Strategic Selection: Focus on well-researched, high-value bets.
• Limit Frequency: Quality over quantity; choose bets wisely.

10. Gambler’s Fallacy

Mistake: Believing past outcomes influence future results.

Why: Each event is independent; past results don’t guarantee future success.

What to Do Instead:

• Understand Probability: Each event has its odds; past outcomes don’t alter them. However, in sports for example, do take the form of teams as part of your decision.
• Stick to Strategy: Base decisions on current information, not historical trends.

11. Chasing Losses

Mistake: Trying to recover losses with larger bets.

Why: Emotional response that can lead to further financial setbacks. Especially because your decisions are often not rational but coming from an emotional source.

What to Do Instead:

• Stay Disciplined: Stick to your bankroll management strategy and carefully select the bets you place.
• Analyse Losses: Learn from mistakes rather than chasing them. If you made a big loss on a day, it’s probably better to stop that day and play again another time.

12. Only Betting with Accumulators

Mistake: Relying solely on accumulator bets.

Why: Accumulators are high-risk and often lead to losses. The bookmaker margin multiplied with each bet you add.

What to Do Instead:

• Diversify Bet Types: Mix accumulators with single bets for a balanced approach. Accumulators can be fun but cannot be a sustainable choice for long term profitability
• Risk Management: Limit the frequency of accumulator bets.

13. No Knowledge of the Sport You Are Betting On

Mistake: Betting on unfamiliar sports.

Why: Lack of understanding increases the chances of poor decisions. Not knowing the intricacies of the sport or team you are betting on limits your chance of results, because the bookmaker will have all the info factored into the price.

What to Do Instead:

• Focus on Familiar Sports: Bet on sports you understand well. Become an expert in a few areas instead.
• Continuous Learning: Expand knowledge gradually to new sports and research and test before placing bets on new sports.

14. Placing a Lot of Bets on the Same Game

Mistake: Overcommitting to a single game.

Why: Concentrating bets on one outcome increases risk and increases the effect of variance on your bankroll.

What to Do Instead:

• Diversify Bets: Spread bets across multiple games.
• Risk Mitigation: Avoid heavy reliance on a single game for profits.

15. Not Properly Using Bookmaker Bonuses to Their Advantage

Mistake: Ignoring or misusing bookmaker bonuses.
Why: Missed opportunities for added value and profit.

What to Do Instead:

• Read Terms: Understand bonus terms and conditions.
• Strategic Utilisation: Use bonuses wisely to enhance your bankroll.

16. Not Tracking Your Results

Mistake: Failing to monitor and analyse betting performance.

Why: Without tracking, it’s challenging to identify strengths and weaknesses. You are unable to learn from your mistakes to prevent them from happening again.

What to Do Instead:

• Maintain Records: Keep a detailed record of every bet you place.
• Performance Analysis: Regularly review results to refine your strategy and to identify patterns and trends in your wins and losses.

17. Betting While Under Influence

Mistake: Placing bets under the influence of alcohol or substances.

Why: Impaired judgement leads to poor decision-making. You can become more impulsive and put your money at risk.

What to Do Instead:

• Stay Sober: Only bet with a clear and focused mind. Try to avoid mobile betting on the go but take your time to make a good decision.
• Avoid Impulsive Choices: Substance influence can cloud rational thinking.Place your bets for the evening events during the day when you can still think clearly.

18. Focusing Too Much on Recent Trends

Mistake: Overvaluing recent trends without considering broader statistics.

Why: Trends can be misleading and may not represent long-term performance.

What to Do Instead:

• Holistic Analysis: Consider both recent trends and historical data to come to your decision. 
• Balance Approach: Don’t rely solely on short-term performance. In the short term flukes and randomness can heavily skew results or trends into one side. Long term vision can help you see the big picture.

19. Too Much Live Betting

Mistake: Excessive reliance on live, in-play betting.

Why: Live betting can be unpredictable and emotional. Odds move quickly and can render your value bet into an irrational decision in seconds.

What to Do Instead:

• Strategic Live Betting: Use live betting sparingly and strategically. Have all the stats to the live game at your hand to improve your decision making.
• Pre-game Analysis: Base most decisions on thorough pre-game research. Only if the in game stats show clear deviance from what you expected to happen can you change decisions.

20. Always Betting on the Favourite

Mistake: Blindly favouring the team labelled as the favourite.

Why: Favourites don’t always secure victory; odds don’t guarantee outcomes. Low odds require many bets to redeem one favourite not winning their game.

What to Do Instead:

• Evaluate Matchups: Assess team dynamics and recent performances. Make a careful consideration if the odds are high enough to be worthwhile to bet on the favourite.
• Use alternative bet options such as double chance or draw no bet to account for potential upsets.

21. Chasing Only the Big Payouts

Mistake: Constantly pursuing high-risk, high-reward bets.

Why: Big payouts come with increased risk; losses are common and will make your overall experience less positive.

What to Do Instead:

• Balanced Strategy: Mix in safer bets with occasional high-risk ones.
• Evaluate Risk-Reward: Assess potential losses versus gains and always make a rational decision based on your expected value.

22. Not Double-Checking Your Betting Slip

Mistake: Neglecting to review betting slips before confirming.

Why: Errors in slips can lead to unintended bets and frustrations.

What to Do Instead:

• Triple-Check Details: Ensure teams, odds, and amounts are correct.
• Confirm Accuracy: Verify all details before finalising bets.

23. Easily leaving your own strategy

Mistake: Letting doubt and fear deviate you from your original strategy

Why: A sudden downturn can make you question your own systems and beliefs.

What to Do Instead:

• Stay Disciplined: Even the best system can have weeks or even months of losses.
• Keep analysing your strategy and results: with the help of reputable online sources constantly seek to scrutinise your system for imperfections but never completely overhaul it after a few setbacks.

24. Blaming Losses on Bad Luck

Mistake: Attributing losses solely to bad luck.

Why: Overlooking personal responsibility and decision-making flaws.

What to Do Instead:

• Self-Reflection: Analyse decisions and identify areas for improvement. Continuously track your results and obj
• Adjust Strategy: Learn from mistakes and refine your betting approach.

Remember: Play It Smart

In the world of sports betting, wisdom triumphs over haste. We understand the temptation of quick wins, but patience and strategy are key to success. Research thoroughly, manage your bankroll wisely, and enjoy the process. Remember, it’s not just about the money; it’s about the thrill of the game. When you’re ready to dive back into betting, do so with a clear mind and a strategic approach. Also, find some additional help in the form of educational content or reputable tipster platforms. At the Hunch club we continuously strive to help our members become the best bettors.