Topic: Here are a few of the worst mistakes we've seen when sportsbetting (Read 761 times)
September 13, 2014, 08:54:16 AM
How about betting on a sportsbook that has 10%+ margin?
September 13, 2014, 08:25:20 AM
Starting out in sports betting isn’t always as easy as it looks. And beginners often tend to lose their shirts on the same rookie mistakes, like betting high on their favourite teams and chasing their losses when it doesn’t pan out.
While there aren’t any 100% sure-fire ways to win every time you bet on sports with Bitcoin, by understanding a few of the most common mistakes made by beginners, you can beat the learning curve and speed up your path to success.
Below is a list of things you should NEVER do.
Waiting for the right time
Sports betting is about looking for opportunities and grabbing them. The right time to place a sporting bet is the very moment you notice the odds in your favour.
It doesn’t matter what excuses you have for not pulling the trigger, if you see value and find yourself stalling, you’re losing.
If you can’t make up your mind whether or not there’s a great deal in front of you, you probably haven’t done enough research into the game, the players and the conditions.
Letting emotion get in the way
This is one of the schoolboy errors that gets even experienced gamblers sometimes. We all have teams we love and teams we hate. For some, the whole point of sports betting is so they can support their team by investing personally in their success (well sort of).
But betting on your home team or against its nemesis is a recipe for disaster. While it’s by no means easy to remove yourself from the equation, and it may take a while for you to do so, just being aware of your biases can help you avoid this silly mistake.
Your greatest successes in sports betting will usually come as a result of thorough research, quick thinking and fact based decision making.
Being greedy
It takes a lot of self-control and discipline to bank a win. Oftentimes beginners will use their winnings to up the stakes on their next bets. This is the single most effective strategy to make sure you never come out on top.
A small win always beats no win at all, and making fewer more calculated wagers when you bet on sports with Bitcoin, is always a more solid strategy than just betting for the sake of it. Patience is one of the most underrated traits of successful sports bettors.
Everybody knows gambling can be addictive and if you’re not careful you can lose control, but you don’t ever need to let it get that far. Winners don’t necessarily bet more, they just make smarter wagers.
Making desperate bets
We’ve mentioned this in a previous article and we’ll mention it again here. Don’t chase losses. A sting will always heal quicker than a burn. And doubling down on your losses is a fool’s play.
Many beginners will also make massive bets on games that from the outside look like guaranteed locks, but the truth is, these don’t exist.
Putting too much money on too few games is one of the quickest ways to forcibly remove yourself from the sports betting world.
The pros always work in units, often 1-3% of the total bankroll. They will assess their likelihood of winning, and increase the value of their wagers accordingly with more or less units. Most will never go over 5 units when they bet on sports with Bitcoin.
Betting when you’re drunk
This is an obvious one but it happens all too often. You’ll go out for a few beers, come home and flip open your laptop to a sportsbook’s home page. You may start by just browsing around, with the intention of looking to see whose playing and what the odds are. But it’s just so easy to lose control at this stage.
To an earlier point, we’re always more emotional when we’re drunk but most importantly, our reasoning skills take the biggest knock.
Successful sports betting requires more than just a gut feel about a game, it requires quantitative analysis, unique insights on the players, the team, the environment, and a number of other variables.
Taking handicappers at their word
It doesn’t matter if he calls himself a sports investor or a tout, if he’s charging you for game picks, you know he’s a hustler and you can bet you’re the mark.
It’s so important to do your own research and validate any supporting data that’s put forward as fact by any authority.
Remember if anyone ever gives you betting advice, it’s only ever just an opinion. Think for yourself and draw your own conclusions based on the facts.
One of the biggest myths in the sports betting industry is the idea of a lock. There are never any guarantees in this space, no matter what anybody tells you.
Forgetting your mistakes
When it comes down to it, you’ll probably make at least one of the mistakes mentioned above if you regularly bet on sports with Bitcoin, and that’s alright. But you don’t have to make these mistakes more than once.
The best way to stay on top of your sports betting, is by keeping records of every wager you make. On sportsbooks like BetVIP you can just go through to your betting history to see where you went wrong.
Looking over your betting history will also help you identify your strengths, which should always be your focus moving forward.
Don’t be too hard on yourself when you bet on sports with Bitcoin
Even the most successful sports bettors, the ones who give away and sell game picks, only average a 58% success rate. That’s only just a few more wins than losses.
Stats like those show us just how tough the sports betting industry can be at times, but also really illustrate just how small a success margin you need to make it as a sports bettor.
All in all if you do your due diligence, avoid most of the mistakes mentioned above, and stick to it, it’ll only be a matter of time before you start to see some massive gains as you bet on sports with Bitcoin.
While there aren’t any 100% sure-fire ways to win every time you bet on sports with Bitcoin, by understanding a few of the most common mistakes made by beginners, you can beat the learning curve and speed up your path to success.
Below is a list of things you should NEVER do.
Waiting for the right time
Sports betting is about looking for opportunities and grabbing them. The right time to place a sporting bet is the very moment you notice the odds in your favour.
It doesn’t matter what excuses you have for not pulling the trigger, if you see value and find yourself stalling, you’re losing.
If you can’t make up your mind whether or not there’s a great deal in front of you, you probably haven’t done enough research into the game, the players and the conditions.
Letting emotion get in the way
This is one of the schoolboy errors that gets even experienced gamblers sometimes. We all have teams we love and teams we hate. For some, the whole point of sports betting is so they can support their team by investing personally in their success (well sort of).
But betting on your home team or against its nemesis is a recipe for disaster. While it’s by no means easy to remove yourself from the equation, and it may take a while for you to do so, just being aware of your biases can help you avoid this silly mistake.
Your greatest successes in sports betting will usually come as a result of thorough research, quick thinking and fact based decision making.
Being greedy
It takes a lot of self-control and discipline to bank a win. Oftentimes beginners will use their winnings to up the stakes on their next bets. This is the single most effective strategy to make sure you never come out on top.
A small win always beats no win at all, and making fewer more calculated wagers when you bet on sports with Bitcoin, is always a more solid strategy than just betting for the sake of it. Patience is one of the most underrated traits of successful sports bettors.
Everybody knows gambling can be addictive and if you’re not careful you can lose control, but you don’t ever need to let it get that far. Winners don’t necessarily bet more, they just make smarter wagers.
Making desperate bets
We’ve mentioned this in a previous article and we’ll mention it again here. Don’t chase losses. A sting will always heal quicker than a burn. And doubling down on your losses is a fool’s play.
Many beginners will also make massive bets on games that from the outside look like guaranteed locks, but the truth is, these don’t exist.
Putting too much money on too few games is one of the quickest ways to forcibly remove yourself from the sports betting world.
The pros always work in units, often 1-3% of the total bankroll. They will assess their likelihood of winning, and increase the value of their wagers accordingly with more or less units. Most will never go over 5 units when they bet on sports with Bitcoin.
Betting when you’re drunk
This is an obvious one but it happens all too often. You’ll go out for a few beers, come home and flip open your laptop to a sportsbook’s home page. You may start by just browsing around, with the intention of looking to see whose playing and what the odds are. But it’s just so easy to lose control at this stage.
To an earlier point, we’re always more emotional when we’re drunk but most importantly, our reasoning skills take the biggest knock.
Successful sports betting requires more than just a gut feel about a game, it requires quantitative analysis, unique insights on the players, the team, the environment, and a number of other variables.
Taking handicappers at their word
It doesn’t matter if he calls himself a sports investor or a tout, if he’s charging you for game picks, you know he’s a hustler and you can bet you’re the mark.
It’s so important to do your own research and validate any supporting data that’s put forward as fact by any authority.
Remember if anyone ever gives you betting advice, it’s only ever just an opinion. Think for yourself and draw your own conclusions based on the facts.
One of the biggest myths in the sports betting industry is the idea of a lock. There are never any guarantees in this space, no matter what anybody tells you.
Forgetting your mistakes
When it comes down to it, you’ll probably make at least one of the mistakes mentioned above if you regularly bet on sports with Bitcoin, and that’s alright. But you don’t have to make these mistakes more than once.
The best way to stay on top of your sports betting, is by keeping records of every wager you make. On sportsbooks like BetVIP you can just go through to your betting history to see where you went wrong.
Looking over your betting history will also help you identify your strengths, which should always be your focus moving forward.
Don’t be too hard on yourself when you bet on sports with Bitcoin
Even the most successful sports bettors, the ones who give away and sell game picks, only average a 58% success rate. That’s only just a few more wins than losses.
Stats like those show us just how tough the sports betting industry can be at times, but also really illustrate just how small a success margin you need to make it as a sports bettor.
All in all if you do your due diligence, avoid most of the mistakes mentioned above, and stick to it, it’ll only be a matter of time before you start to see some massive gains as you bet on sports with Bitcoin.
Jump to: