Did you know that in the last five years, Americans have bet around $220 billion on sports?
Since the Supreme Court legalized sports betting in all 50 states, people have been taking their chances and you can too.
Betting your hard-earned money can be scary, but it can also be fun and rewarding. If you’ve never placed a bet on a sports team or if you’re looking to improve your chances of winning, keep reading this guide.
Below, we have listed eight of the most common beginner sports betting mistakes. Learning these lessons prior to placing a bet will reduce your chances of losing a lot of money.
Continue reading so you can create the best sports betting strategy.
1. Betting Without Research
Placing a bet without doing any research is a quick and easy way to lose your money.
Many beginners often rely on their gut instinct or emotions to place their sports bets; however, this is not recommended. You have a higher chance of being successful if you do your research.
Look at the teams and athletes, check their recent performances, take recent injuries into consideration, and analyze the head-to-head matchups.
Looking at statistics will allow you to make an informed decision instead of blindly guessing.
2. Betting on Your Favorite Teams
While it may be tempting to bet on your favorite, don’t do it!
Don’t let your personal bias cloud your judgment. When you’re placing a bet, you have to take all emotions out of it.
While it may not be fun to bet against your favorite team, you must consider the decision objectively. You should make a decision based on data.
Putting money on a team just because they are your favorite isn’t a smart move, but unfortunately, many beginners make this mistake.
3. Impulsive Live Betting
Betting on sports online live can be very enticing. It can give you an adrenaline rush because of the real-time action. However, as a beginner, it’s not recommended that you spend your time doing this.
You’ll likely lose a lot of money if you impulsively start betting live.
It isn’t all bad, so if you’re interested in it, don’t get discouraged. As you learn, you will be more successful at live betting than if you do it impulsively.
Before placing bets, take your time to develop a strategy. Check out data online and view these MLB predictions.
They will help you place strategic bets. You want to go into it with a solid plan and understanding of the sport and the odds.
The more experience you have, the better your chances are.
4. Overlooking Bankroll Management
Betting without a budget can be very dangerous.
If you don’t set restrictions and limit yourself, you may find that you’ve spent more than you should have.
Before ever placing a bet on a sports game, sit down and look at your finances. You should only gamble with money that you don’t need to live off of. This means you shouldn’t be betting your rent money or cash you were planning to use for groceries and gas.
Look at the finances and then determine the size of your bets. It’s also advised that, as a beginner, you don’t place too much on one single bet. That could quickly deplete your funds if you take a loss.
5. Not Keeping Records
As a beginner, you’re going to make mistakes. The most important thing is that you learn from them and revise your strategy.
In order to improve your performance, you must track your bets. This will allow you to see where you’ve made mistakes and how you can avoid them in the future.
When you’re keeping a record of all the bets, be sure to include the type of bet, the amount wagered, the odds, and then the results. Over time, you’ll be able to identify patterns and correct any issues.
6. Chasing Losses
One of the most common beginner sports betting mistakes is chasing losses. If you take a big loss, you may be tempted to overcompensate and try to get that money back from a different bet. However, this often leads to more losses.
You must treat every bet individually and make decisions based on your research and analysis.
If you change your bet based on a previous loss, you will likely lose again. This is where sticking to your budget comes in. The temptation to overcorrect will be strong, but while you’re learning, stick to your original plan for the best results.
7. Betting While Intoxicated
This tip applies to everyone, beginners and experts alike. You should never place a bet while you’re drinking or under the influence.
There’s a good chance you won’t follow your already-made strategy if you’re drunk. We know watching sports and having a beer or two is fun.
However, you should place your bets before you start drinking and don’t place anymore until you’re sober. If you need to, delete your sports betting apps for a few hours.
This will help you ensure you are making calculated decisions. There’s a greater chance of you losing or placing an unsuccessful bet if you are intoxicated.
Beginner Sports Betting Mistakes
Making mistakes is a part of sports betting, but the fewer you make, the better for you and your bank account.
It can be fun and also stressful, but if you follow the tips above, you will be able to avoid some of the most common beginner sports betting mistakes.
We hope you’ve found this article helpful. Check our page for more information about gambling, sports, and much more.
