New bettors are entering the betting world all the time, and each one of them will make plenty of mistakes before earning real money. Fortunately, some most of these mistakes can easily be avoided or fixed using these simple tips.
1. Personal Preference Over Profit
Most betting strategy experts will warn beginner bettors that solely betting on their favourite teams is a good way to lose money quickly. Not that you should never bet on your team, especially if you know them extremely well.
But it can be sentimental and irresponsible to do it all the time. It’s important to remember that the only way to make real money is by betting on the team that is most likely to win, even if it’s a team that you’re not fond of.
2. Chasing a Loss
It’s easy to fall into the trap of continuing a betting run after a few wins, especially if it happens a number of times in a row. It’s more commonly known as the ‘gambler’s fallacy’ and plays on the fact that many within the industry tend to be superstitious. If you’re doing well during a game, the best thing to do is try and bank as much money as possible, a notion that can apply to most forms of betting.
3. Misunderstood Value
Quality refers to higher odds than a given team’s “true” odds. The price of betting is reached through the calculation of risk. Novice bettors don’t consider supporting the underdog because they think they’re going to fail. While the team may suffer defeat, you can earn big bucks with a large enough point spread: the team just needs to lose by the predetermined point margin. It happens all the time, as the top team is not interested in covering the distribution of the point–they are only interested in winning.
4. Putting Down Too Much
This is another piece of advice that may seem obvious at first, but it’s easy to get carried away during a winning streak. It’s vital to feel “safe” by keeping track of your cash and use interest betting. You’re probably going to get in trouble if you don’t watch how much you put down until it’s all gone in a single run.
5. Overcomplicating Things
If you are not becoming a professional sports bettor, it’s always best to try and keep things as simple as possible, bets included. Making simple wagers such as in Android betting may not come with the biggest payouts, but it does make it easier to track what’s going on.
6. Losing Track of Bets
This sounds obvious, but how often it occurs will shock you. Even if you’re just starting out, make sure that your bankroll is in order. Know how much money you have, irrespective of how high or how low the amount. Keep track of what you’re betting on each game, particularly if you up the ante. The great thing about online gambling sites is that they can help you stay on top of that, so as you move forward, you’re less likely to work at a loss.