Mistakes Gamblers Should Avoid
Betting on sports is no easy task. The reality is that sportsbooks were built on losing gamblers, and that in the long run the house usually wins. This phenomenon will continue to hold true in the future – but by avoiding major mistakes most gamblers make, you can limit your downside and improve your overall gambling experience.
Common Mistakes to Avoid
One of the most detrimental propositions any gambler can take on is chasing their losses. Watching a gambler whose average bet is $50 start making $100, then $200 then $400 bets until their entire bankroll is gone is a scene experienced gamblers have seen far too many times. The reality of sports gambling is that both hot streaks and cold streaks will happen, and chasing to try to get your losses back is the sure way to tap out your bankroll and ruin the fun that comes along with sports gambling.
If you have an average bet size of $50, stay at that number no matter what the results are. If you are on a hot streak and you want to press your wins to try to get a big score, go for it! The worst that can happen is you give your winnings back and you had a hell of a lot of fun breaking even. But when you are on a losing streak, increasing your bet size because “you’re due for a winner” is the gamblers fallacy that has cost inexperienced bettors millions of dollars. Chasing your losses is sure way to lose in the long run, and if there’s one piece of advice to take away from this guide – don’t fall victim to this common mistake!
Too many bets on the table
Gamblers love action. But placing too many bets for long periods of time is a sure way to tap out your bankroll. This happens for a number of reasons:
– You are taking on too much exposure. If your average bet size is $50, and you’re placing 20 bets a night – then on any given night your exposure is over $1,000, a number that is most likely a considerable portion of your bankroll.
– You’re most likely not doing enough research when you’re betting on that many games. Researching 2 game lines takes a considerable amount of time to do, but when that number skyrockets to 15 or 20 games a night, chances are you’re throwing darts at a dart board.
– You’re paying too much vig. The house’s edge is 5% for every bet, so when you place 2 wagers of $50 each – the total vig you pay is $5 per night. When you play 20 games a night at $50 per bet – the total vig you pay is $50 per night. This may not sound like a lot, but trust me it adds up.
Making profit in sports gambling is no easy task. But when new gamblers hit their first 3 bets, they assume they have it all figured out. Because of this unmerited confidence, inexperienced gamblers start increasing their bets and taking on more risk. Once reality finally hits, they’ve lost more than they wanted too in the first place. All you need to do to be profitable in sports gambling is cash 52.7% of your bets – just because you hit 5 in a row doesn’t mean that hot streak will continue in the future! Stick to your guns and stay true to your original gambling plan.
Assuming all handicappers deliver what they promise
Scamdicappers have been promising bettors guaranteed profit for decades – yet very few actually deliver on these promises. Trusting that their picks are any better than your own is most likely not true, and I’ve seen this faith cause players to increase their bet size far too many times. Using handicappers to help with your picks is completely normal, but don’t take what they say as gold. Do your own research, and don’t increase your bet size just because Stu Feiner has his double max lock of the night.
Not shopping for the best line
Every point matters. Your team not covering by a point will happen at least once over the course of a season, costing you money even though another sportsbook offered a line that would have made your bet a winner. That’s why Sports Gambling Guides highly recommends shopping different sportsbooks for the best line on each game. Lucky for you, we do the legwork and show you which sportsbooks offer the best lines for any given game. Check out our Live Lines Odds page for up to date lines on all sports – it will save you a fortune in the long run!
Not choosing the best sportsbook
Every gambler has different needs for their betting style. Some specialize in live line betting, others in futures. Whatever your specialty is, different sportsbooks offer better / worse features for different types of gambling. One sportsbook may offer futures bets on games that others don’t, and another will offer more live lines than others do. This makes it highly important to do your research and find the sportsbook that best fits your needs. Sports Gambling Guides offers reviews on all trustworthy legal sportsbooks in the US, and we recommend that you read our reviews and find out which sportsbook is best for you.