A bit tricky of a title here but I think it’s a subject worth an article. I saw people making dumbest things when it comes to betting and as long as they treat it only as a hobby, that’s totally fine. But if you are following me here on Pro Betting Blog, then you probably aim to make your betting an investment.
There is a lot of things you can do wrong. Some of them, though, seem to happen over and over again, to many different people. Somehow we all tend to make the same mistakes. I guess it has something to do with how are brain works… No matter the reason, I decided to help you avoid those most common errors that I noticed and make a post about them. Yay! So here we go. I present you 7 things you can do if you DON’T want to make money betting:
Seek “Get-Rich-Quick” Scheme
This happens everywhere, no matter the subject. We simply love an idea of making easy money. Be it a stock market, an online business, a marketing idea, a part time job… People want to earn a buck without much effort. That’s why scams work. Even though they seem illogical, we often make ourselves think like: “Maybe it is true this time and I will become rich? After all, it’s not that much I need to pay for that INCREDIBLE OPPORTUNITY?” Guess what, no. Not this time.
It’s not any different with sports betting. That’s why people look for insider info, miracle systems and other ways that could magically make them millionaires in a week. As much as I would want you to find something like that, it is highly unlikely. So better do the work and learn how to actually make money betting. With a little help of the Pro Betting Blog, I hope.
Don’t Understand Value
This is one of the most common errors I come across when I talk to people about sports wagering. Somehow, many of us don’t understand that it’s all based on maths and probabilities. I noticed people often want to bet on favorites, to have more of a chance to win, but they rarely think if their pick presents any value. I wrote about the concept of value betting in my last post. In case you haven’t read it, or maybe want to refresh your memories, here’s a link: The Ultimate Guide to Value Betting.
Bet Using Accumulators
If you’re not sure what an accumulator (or a parlay) is, it is a type of a wager that allows you to put more than one event on the same betting slip (you can read more about teasers on this Wikipedia page). This way you can create a single coupon that could win you a lot of money from just a small stake invested (if you bet on, say, 10 underdogs). Betting $2, you can possibly win a thousand! Doesn’t it sound awesome? Well, guess again. This is exactly what bookmakers count on. A chance of that win happening is really, really small. And even if you are a profitable bettor, you only increase variance by doing this. Of course, just as with lottery winners, you only hear about people that hit big winners using accumulators, but you never hear about losers.
Overstake (Don’t Manage Your Betting Bankroll)
I said before, that we all want to get rich quick. Well, this is just another side of that same coin. People want to make money, so they forget that first and foremost, they should figure out how not to lose it all in the process. And in my eyes this is actually the single most important factor, that can make a difference between a gambler and an investor. I already wrote about betting money management before and there will be a lot more about this on the blog in the future.
Bet with Money You Can’t Afford to Lose
I can’t stress enough how important it is, that you don’t use money you need to pay rent or buy food with for your betting. Doing so can make even the best punter in the world a losing one. This is of course due to a pressure it creates. You know you need to win today, or else you won’t be able to feed your family. No need to write more about it, I’m sure you get the point. Just don’t do it.
Don’t Use Best Possible Odds
Another thing I can’t understand. I recently talked with a friend of a friend. He is a really smart guy and is betting on sports from time to time, so we chatted about that. He was trying to convince me, that bet365 is the best bookmaker, so he only places his bets there. While I think that particular bookie is very good, it doesn’t have the best odds all the time (not even close). So I told him he could use multiple bookies to get better odds and make more money. He wouldn’t do it. He said it would take him a lot of time establishing new accounts, that he would need to transfer his money there and so on. Don’t make the same mistake. Use every little thing that can possibly increase your winnings. And getting better odds (sometimes significantly better) is NOT a little thing.
It is true not every bookmaker is worth trusting your money with though. I will write how I choose bookies I bet with on Pro Betting Blog soon enough.
Don’t Track Your Bets
The last error I mention about here. If you ask someone who wager on sports occasionally if he makes money with it, you will likely get a response like “Yeah, I made a slight profit overall” or “I’m breaking even”. This is very unlikely. I don’t have any data to back this up, but it is believed that 90-95% of people don’t make money betting. So how can all your friends have made “a slight profit”? Well, they haven’t. They just don’t realize it because they have no idea about their actual results. They don’t keep track of their bets, so how could they? People tend to remember wins and forget about losses. If you want to be professional about your betting, don’t forget about tracking your results.