Down on your luck and struggling to make a buck with your bets? Or are you a newbie that wants to watch out for the common pitfalls that land bettors into debts? Here are some of the reasons why sports bettors lose money, as well as some advice on how you can keep yourself out of the list of losers:
Betting Too Often
One of the biggest mistakes people make is that after going on a good winning streak, they make it a deal to extend it as far as possible. Being selective is critical, not trying to pick as many winners as possible.
It’s statistically impossible to make the right assumption every single time, and a better idea is to make your call when you’ve done your homework about the game. Make a bet, but make sure there’s confidence each time you make the call. This bit also extends to our second point.
Lack of Research
Never bet blindly or without any considerations made. You have to focus on various aspects of the game. For team-based games, focus on history, current performance statistics, line-up changes, among other things. A similar analysis also applies to single-player sports such as tennis applies as well.
Look into news regarding the players; personal information will also help as setbacks in performance can occur due to issues off the pitch. The more homework you do, the more variables you will discover to help you come to a better conclusion.
Recency Bias
Recency bias is a common issue among betters and a rookie mistake when you consider it. Suppose a specific game between Team A and Team B occurs, with Team A getting poorly defeated. This information will act as a bias to undermine the capability of the former in your opinion. In a betting scenario, you would favor against it, only for Team A to come out as a victor and an underdog in the scenario.
To make matters worse, your surety of the outcome could also push you to bet more, resulting in you losing a lot in the process.
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