This is why you are a losing sports bettor.
Key Points
– The average losing sports bettor has several similar attributes.
– The losing sports bettor often bets for the wrong reasons.
Why You Are a Losing Sports Bettor
It’s a commonly held belief that you never see a poor bookie. For the most part, that is true. The simple fact is that the majority of sports bettors lose money overall.
Some would argue that sportsbooks always win because the odds are always in their favor. Actually, this is not the case. Although bookmakers undoubtedly have an advantage over their clients, this isn’t why the majority of sports bettors lose.
Bookies do get to set the odds and lines and that does give them an advantage. Lines are set in an effort to attract an equal amount of betting action on both sides of a wager. That is so the bookie can collect his commission and, after paying out the winners, earn a profit.
Now, the majority of gamblers do lose money, but not because of the bookmakers’ advantage. Bettors lose for reasons that are completely under their control. They bet too frequently, manage their money improperly, and bet for the wrong reasons. That is why you are a losing sports bettor.
Each of these errors is further explained in this post. You will also find some help to prevent you from maintaining your role as a losing sports bettor. We also offer some guidance to help you avoid making the same mistakes that so many gamblers do.
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Poor Money Management Equals Losing Sports Bettor
When it comes to sports betting, there aren’t many sure things. One thing is certain. Things don’t always turn out the way you expect. If you are managing your money well, this won’t be a major issue. If you are not, you will almost certainly end up going bankrupt at some point.
Even bettors that win a lot of bets can be a losing sports bettor because they lack proper money management skills.Too often, bettors will chase losses or bet recklessly after a big win and end up losing it all.
As a general money management rule for bettors, a pool of funds exists solely for sports betting. Bettors establish how much they will wager on an event. For example, those events in which they are most confident, the bettor may wager 5 percent of the bankroll. If the pool of funds equals $1,000, then the maximum amount this bettor can wager is $50. For those less confident bets, the wager might be $10.
Bettors that do not adhere to a strategy like this will end up a losing sports bettor. Haphazardly betting $100 here and $500 there will lead to losses. When those losses pile up, you end up out of the game.
Managing your bankroll is actually quite easy. In essence, it’s about managing your finances by exercising discipline and restraint. Your chances of long-term financial success will be greatly increased if you are able to do this well.
Making Bets for the Wrong Reasons
There are numerous approaches to selecting which bets to place. There are numerous systems and tactics that can be used, and there is no one ideal way to make your decisions. Just make sure any wagers you make are supported by reasonable arguments.
Unfortunately, a lot of sports bettors make bad decisions when placing bets. They might base their decision solely on the odds or on factors like sentiment or emotion. These are typical mistakes made by the betting public. These errors contribute significantly to the high rate of wagering losses.
When a person bets out of emotion or sentiment, they typically bet on something they want to happen rather than something they actually believe will happen. A great example is the bettor who wagers on his team even though the opponent is much better.
Making a decision based solely on the odds is also a bad tactic. In order to determine whether a wager is good value or not, you must obviously take the odds into account, but odds shouldn’t be your only factor.
If you place a bet with high odds simply because the possibility of a sizable payout tempts you, you will almost certainly lose much more frequently than you win. There is nothing wrong with supporting underdogs, but there has to be good reasons outside of just the odds.
There is no secret formula to determine which bets to place. You must take into account all the variables and attempt to make bets that you believe have a good chance of winning. Simply put, there must be valid justifications for placing a wager. You will ultimately fail if you bet for the wrong motives.
Making Too Many Bets
Just as problematic as placing bets unwisely is placing them too frequently. A lot of gamblers also do this, which is another reason why so many hold the title of losing sports bettor.
Picking as many winners as possible or picking more point spread vs. moneyline bets is not the key to successful betting. Finding the best opportunities that are supported by research and data is the way to betting success.
Be picky in your betting choices. Many successful sports bettors do well because they will wait until the right opportunity shows itself. Don’t place bets for the sake of placing bets.
While it may be alluring to attempt to predict the outcome of every football game played over the course of a weekend, the truth is that doing so is all but impossible. You are much better off searching for a select few chances where you can confidently place a wager.
Limiting the number of sports you bet on is also a good idea. If you want to consistently make money, you should ideally be doing a good deal of research and analysis. When betting on multiple sports, this research and analysis can become pretty challenging. If you concentrate on one or two things that you can become an expert in, your chances of success increase significantly.
You will never win every bet you place, no matter how skilled you are at gambling. You’re not required to, though. You simply need to win more from your winning bets than you lose from your losing bets. It’s really that simple.
