Sports betting is the next big thing in gambling. It’s legal in 21 states and the District of Columbia with more on the way. Sports betting revenue is expected to rocket from $2.1 billion in 2021 to $10.1 billion in 2028.
If you want to try sports betting, this is a great time to learn and try your luck. As you get into it, you realize that it’s not about luck at all.
It’s about learning the tricks of sports betting and avoiding mistakes. There are some mistakes that beginners tend to make that you can easily avoid.
Whether you want to rule the office pool or make money betting on sports, you’ll want to keep reading.
These are the top mistakes that beginners make in sports betting that you’ll want to avoid.
1. Lack of Financial Management
Do you know what the top sports bettors do before they place their first bet? They have a financial management plan.
They know exactly how much they’re going to gamble and how much to wager with each bet. Some bettors have a bankroll for a weekend. They will bet a percentage of that bankroll on different bets.
If they win, they might cash out half of the winnings and gamble with the other half.
You should always have a money plan when you’re sports betting.
2. Bet for the Wrong Reasons
Are you gambling to make money fast? Maybe you need to pay for an emergency repair and don’t want to take out a loan.
Sports betting in this situation is one of the biggest mistakes that beginners make. They look at sports betting like a get-rich-quick thing and put their hopes on some crazy sports outcome.
You’re almost always certain to lose, leaving you in a worse situation than before. That leads to sports bettors chasing losses. They’ll bet even more money hoping to make up for those losses.
What are the right reasons to bet? You want to have fun. You know that it’s OK to lose money and you will have more fun when you win.
3. Don’t Understand Value vs. Sure Thing
Beginners like to look at the odds and go with a team or horse that’s the favorite to win. Yes, you’ll win the bet, but it won’t make you rich.
Let’s look at a horse race as an example. Let’s say that a horse that’s heavily favored at 1-5. That means that you’ll bet $5 to make $1 if the horse wins. If you put a $2 bet on a horse to win, you’ll end up with $2.40.
That’s not a good value at all.
Instead of placing the bet, sit out this race or put $2 on a 5-1 horse across the board. You’ll still make money if it finishes second or third. If it finishes in first, you end up with $12.
4. Ignore Probability
“They’re due for a win.”
So says the beginner sports bettor.
One of the common mistakes that gamblers of all kinds make is that they place too much value on a hot streak or a cold streak.
It’s like gamblers at a slots machine. They see that a machine hasn’t had a payout in a while, so they think that the next play is a big winner.
They don’t consider probability. Sports betting odds are all based on probability. That’s all you should look at, too.
5. Don’t Research Sports Before Betting
How much research do beginners do before placing a sports bet? Not much. They’ll bet based on a gut feeling or uniform colors.
You have to research the sports carefully before you bet on them. Look at the team’s record, individual performances, and score predictions.
As a sports bettor, you might be tempted to bet on a broad range of sports. You’re much better off picking a few sports and going deeper than betting on a lot of sports with shallow knowledge.
If college basketball is one of your sports, then you’ll want to check out free CBB picks before placing a bet.
6. Pick an Unsafe Betting Site
Sports betting isn’t legal everywhere in the U.S. Even though the Supreme Court cleared the path to make it federally legal, it’s up to each state to legalize and regulate sports betting.
If you live in a state where sports betting isn’t legal, you could place your bets on a site that’s out to rip you off. It can happen if you live in a state where sports betting is legal, too.
Here’s what to look for in a safe sports betting site. The site needs to be registered with your state’s gaming authority. There needs to be good customer service.
Look at the deposit and withdrawal policies. A site that only lets you make a deposit by using your bank account information needs to be avoided at all costs.
7. Don’t Track Mistakes and Wins
Sports betting mistakes do happen. The professional sports bettors lose money, but what they do is they track their bets.
They have a ledger that tracks their bankroll, bets placed, strategies used, and the outcome. That gives them a view of their historical performance.
You can do the same to discover what strategies worked and didn’t work. You’ll end up a much better gambler than all other beginners.
Avoid These Mistakes and Enjoy Sports Betting
Sports betting is an enjoyable way to gamble and deepen your love of sports. You have something at stake as you cheer on your favorite teams.
The mistakes in this article show you the things to avoid so you can have fun and make some money. Think about why you’re betting and make sure that you manage your bankroll.
You’ll always end up ahead when you have the right approach to sports betting. Head over to the Entertainment section of this site for more fun content!