In sports betting, it’s difficult to win every time, even if you do everything right. No amount of preparation, research, or evaluation can prevent you from losing almost half of the time if you’re lucky.
With that out of the way, there are a few gambling blunders that cannot be excused under any circumstances. Make a few of them, and you’ll exhaust your bankroll in the blink of an eye. Let’s take a look at a few such faux pas.
5 Unforgivable Gambling Blunders
1. Betting on Heavy Moneyline Favorites – Everyone likes a guaranteed win, especially when gambling. The problem is, there is no such thing as a sure win. Anytime you place a Moneyline bet on a team you think won’t lose, you’re risking far too much for an opportunity to win too little. Most punters learn that there are no shortcuts to winning money the hard way. In fact, you should bet on the underdog to improve your odds of utilizing the Moneyline.
2. Chasing a Loss – Let’s be honest; nobody likes to lose. If you’re not familiar with the term “chasing a loss”, it means to try and recover money lost on previously wagers. Everyone is susceptible to chasing losses simply because it’s human nature. Unfortunately, it’s an excellent way to erode your bankroll and must be consciously avoided. As long as you stick around to fight another day, you’re improving your chances of winning.
3. Lack of Research – Regardless of the sport you’re betting on, it’s important to stay updated with relevant information on the participating teams. There’s nothing worse than sitting down for a game only to realize that the squad’s missing a few key players. It barely takes a couple of minutes to preview a game. That’s the bare minimum you should do before picking sides. Once you have all the required resources for sports betting, your odds of winning increase dramatically.
4. Bankroll Mismanagement – This one is perhaps the most critical blunder of all. If you don’t have a bankroll, you aren’t ready to become a profitable sports bettor. A bankroll is simply the pool of money that you’re comfortable wagering. Once that’s in place, you need to determine what percentage of the bankroll you’ll willing to risk on every bet. For instance, if your bankroll is $1,000, It’s a good idea to wager between 2% and 5% of the amount.
5. Using Your Heart – Gambling is an inherently emotional affair, and this is especially true for sports betting. When you bet on the outcome of a game, you’re investing in the performance of the entire squad. Therefore, it’s a good idea to avoid betting on your favourite team. You might have been successful in the past, but there is no guarantee of a rerun. This is the callsign of an amateur punter as habitual gamblers know that betting with the heart is the best way to kill the sports betting business.