While no strategy will guarantee you a win in sports betting, you can improve your chances of being profitable by limiting the mistakes you make. Of course, mistakes are prone to happen and are part of the learning process in sports betting. But while even professional bettors make mistakes, common mistakes are avoidable.
Here are six key mistakes that sports bettors should avoid to reduce their losses and boost their profitability in the process.
1. Betting strictly on the bookie’s favorites
Most people rely on the bookmaker’s favorites because of the presumed certainty and excitement surrounding them. This common mistake makes most bettors underestimate the opponent, even when there’s a good chance they can win. For example, back in the 2015 Premier League season, Leicester was a relegation candidate and most people wouldn’t have predicted they would be the England champions.
Underestimating the underdog could cost you huge returns since they usually come with big odds because of their low probability of winning. Comparatively, betting on favorites promises low returns since their implied probability of winning is high.
While most favorites will always win their fixtures, try and remain objective when placing your bets. Remember that any side can win and even the underdog can secure a surprising win depending on different factors.
2. Failure to understand the odds
Understanding the odds in a sports betting market is crucial as it allows bettors to understand the probability of different outcomes happening. They also indicate your potential winnings in a particular betting market. That’s why professional bettors analyze the odds to make sure they understand how much profit they can get from a bet and whether there is betting value in a particular outcome.
When analyzing the odds, you will need to understand that bookmakers can present them in several formats; American odds, fractional, and decimal odds. Fortunately, SportyTrader has a converter to help you translate the odds in the format you understand best.
3. Choosing unfamiliar games
Another common mistake that sports bettors make is placing wagers on events without having enough information or knowledge. For instance, a football fan who chooses to place bets on golf and basketball without fully understanding the rules, betting trends, and other information will have a high chance of losing their stake. However, sports events or tournaments with enough knowledge about the players, athletes, and other betting trends help you make informed betting decisions.
4. Not doing enough research
Most sports bettor do any research before placing their bets and that costs them money because they often use their wagers. It’s important to research your bets even when you have personal knowledge about a sports event since it keeps you updated with the latest developments related to a fixture. That includes player stats, injury reports, previous outcomes, and more.
5. Using sketchy bookmakers
Online betting with real money involves many risks, including losing your money and information to a sketchy site. As such, avoid online betting sites that don’t have a proven track record in the market or don’t display their gaming licenses on their platforms. That requires you to do some research when choosing an online bookmaker.
