Whether you’re a beginner or an experienced bettor, no one is safe from making mistakes in this world. Sometimes we only find out that we are doing something wrong when it’s too late. It’s just human nature to overlook a few slip-ups when our cash is on the line. So, to keep your wallet from thinning out, here are 9 sports betting mistakes to avoid for better results!
#1 Not Learning from your Mistakes
One sure path to disaster is failing to learn from past mistakes. Personally, what I like to do after every losing session or day, is to take a step back and reflect about what went wrong, consider what could have been done differently, or what markets I should avoid in the future. Sports Betting is a constant learning activity. If you stop learning, you stop evolving, and risk sacrificing your potential long-term results.
“Reflect, evolve, succeed. Every loss teaches a lesson, keep learning, keep evolving, and secure your long-term success.”
Lucrative Tipster
#2 Not Comparing Odds (Don’t be lazy)
After analyzing a game or event and identifying a value bet, you have to make sure you place your bet with the bookie or sportsbook offering the best odds for that event. Otherwise you are “leaving money on the table”. By doing so, you maximize the value of your bet. You’ve already done the hard part by finding a good value bet. Now, make sure to get the most value possible from it.
Some software can automatically compare odds for you, or, you can choose to do it manually for free. Either way, think about your long term success and don’t be lazy!
#3 Lack of Research
Achieving long-term success in sports betting requires significant effort (believe it or not). The key to consistent success is in diligent research, which demands knowledge, experience, dedication, and time. A common drawback I’ve observed among bettors, especially those with years of experience and consistent profits, is laziness!
They often reduce their hours of research and learning, aiming to maintain the same results with less effort. Unfortunately, this usually leads to making poor bets and losing money, as they become overconfident, comfortable and neglect the hard work required for long-term success.
I’m aware that analyzing stats and news every day can be exhausting. That’s why I advocate for the benefits of having a community of like-minded individuals. To facilitate this, I’ve created a free Discord community for sports bettors to connect and support each other in the challenging and often solitary world of sports betting.
Here is the link to join our Discord community:
#4 Setting Unrealistic Expectations
When you see someone successful in sports betting on social media, what do you really see? Probably the cars, the parties, the luxury lifestyle. A lot of “gurus” use this as a bait to charm you into their programs, by promising that you will get similar results.
What happens to 99% of the people who join these types of programs? Well… Most likely, they give up after 1 month because they don’t see the returns they were expecting, or achieve the glamorous lifestyle that was promised.
Am I saying that is it impossible? Absolutely not! However, success won’t happen overnight. You need to set realistic expectations. It can for sure happen, but it will take some years to achieve that level. Most people give up within the first year because they set unrealistic expectations.
“I view value betting as making an investment each time I place a bet. And like any investment, the dividends come in the long term.”
Lucrative Tipster
#5 Betting on Sports or Markets You’re not Familiar With
This should be the number 1 mistake, not the number 5 – my bad! 🙂 However, whether you are just starting out in sports betting or you have some experience, this mistake can happen to anyone.
If you’re experienced and already profitable, you may develop an inflated ego leading you to believe you can easily switch markets or sports and replicate your success. While it’s possible, such transitions require time and further learning. Don’t assume that you are superman; switching markets without adequate preparation can lead to losing the profits you’ve gained over the past months.
For beginners, choose a sport you really enjoy, identify a few different markets, and study them by placing small bets (just to learn). This will help you discover which market or markets are best for specializing.
#6 Not Keeping a Record of Your Bets in a Spreadsheet
Having a clear record of your bets helps you accurately track your profits. We often overlook lost bets – it’s just human nature. By keeping a detailed spreadsheet of every bet, it becomes nearly impossible leave out any information. Every serious bettor uses this method to simplify the analysis of weekly and monthly results.
Doing so will help you identify and stop betting on markets you don’t fully understand. By reviewing the data and pinpointing where the losses are coming from, particularly if a significant portion is from “recreational” bets, you can eliminate these habits and improve your overall success.
#7 Poor Bankroll Management
A lot of beginner bettors underestimate the importance of having a good bankroll management. In my personal opinion, this occurs because beginners typically start with a small bankroll. When using small percentages of their bankroll on a single event, beginners may feel like they aren’t making significant money due to the initial size of their bankroll. Consequently, they might adopt betting sizes that are not advisable, which can quickly blow up their bankroll.
Typically, I have 2 rules when managing my own bankroll:
- Never bet more than 4%-5% on a single event (This is just not sustainable in the long term)
- I usually allocate 1%-3% of my bankroll per bet, depending on the associated risk
Obviously, I only place a bet IF it is has value; otherwise, I keep the money in my account.
“Realizing there’s no value bet on a certain event is like making money, because you avoid a potential loss”
Lucrative Tipster
#8 Tilting and Chasing Losses
Sounds familiar, right? I know! Every single person has been through this. It’s absolutely normal, after all, we can’t turn off our human nature. When we have a few losing bets, we start tilting and making even more bets without fully analyzing them in an attempt to go after the losses. The result? Well, it’s always the same: you blow up your bankroll. However, it is possible to work on controlling this reaction. Here are a few tips that can help you stay calm and prevent you from blowing up your entire bankroll:
- Take a deep breath, go for a walk, or practice meditation. These activities will help “relax” your mind and keep it calm, preventing you from tilting and making bad decisions.
- Understand that losing streaks are normal and part of the process. Simply accepting this fact is a test of your mental strength, and you will mature significantly by acknowledging it.
- Analyze what went wrong or what you might have overlooked when analyzing the bet. If you discover a mistakes, it’s okay; just take note of it and learn from your error. However, if you did nothing wrong and it was simply bad luck, accept it as such, take a break, and move on.
#9 Over-complicating Sports Betting
Over-thinking and over-complicating bets is another mistake to look out for. The process for success in sports betting is straightforward: find a value bet and you invest a certain % of your bankroll in it. It sounds simple, right? That’s because it is! Sometimes we tend to over-complicate things by making accumulator betting or trying to figure out other ways to place more bets and maximize profits.
My personal advice is: your day-to-day life is already complicated enough; don’t try to complicate what is already pretty simple.
Conclusion
These are the 9 main sports betting mistakes that beginner and intermediate bettors often make. I hope this article has been valuable to you and can help you further on in your path to success in sports betting. If you want to engage with a community of like-minded individuals just like you and address ever sports betting mistake, consider joining our free Discord community: