Top 5 Common Mistakes to Avoid While Betting

Our soccer betting strategy section focuses on tips, advice, and strategies that can help you get the most out of sports betting. Today, however, we’ll focus on the flip side of the coin. If you’re diving headfirst into the world of sports wagering, you’re likely to run into some hiccups.

Common mistakes while betting include rushing into things and not understanding the true goals and tools of a punter. There are others, of course, but they can all be avoided with a little foresight and planning. Let’s take a look at some rookie betting mistakes and myths and how to avoid falling for them.

Mistakes to Avoid While Betting

1. Not Betting on Value

2. Not Managing Your Money

3. Relying on Anything Except Stats and Facts

4. Not Changing Strategies when Necessary

5. Being ‘Loyal’ to a Sportsbook

1.      Not Betting on Value

We’ve said it a thousand times and we’ll say it again – understanding betting value is the only real way to get ahead while gambling.

This concept is sort of complicated, but we’ll try to boil it down to a sentence or two. Essentially, betting value is found in bets for which the bookmaker has a “negative” margin. What does this mean?

Betting odds are supposedly always proportional to the probability of the outcome they’re backing. However, it’s intentionally not perfect: bookmakers pay you slightly less than what the probabilities say should be the case. That’s how they make money.

However, if you do some digging, you’ll find that probabilities in sports are not an exact science. Bookmakers disagree on them constantly, and some even get it “wrong” on occasion. In other words, betting value is found when the odds are paying you more than the statistics say they should be.

Finding such bets is the only thing you should be focusing on. Not the likelihood of winning, not how much you can win, and definitely not systems or “gut feelings.” In the world of sports betting, value is king.

2.      Not Managing Your Money

Despite all of the online betting tips telling newbies to mind their spending, they rarely do. We’ve seen punters with years of experience still neglect to hold on to some basic principles.

To be frank, there’s more to soccer betting money management than just not going over your limits. Careful spending and a tight grip on your bankroll are just the first steps.

Once you get up to a certain level as a bettor, you’ll notice that the size of your stake is just as important as what you put it on. In fact, advanced betting spreads and strategies such as advantage betting require you to calculate exactly how much you have to spend on which bet in order for the whole thing to work.

What we’re trying to say is simple. It’s great that you’re setting limits, splitting your cash into units, and sticking with “safe” bets. However, there is even more to learn. Professional bettors have entire spreadsheets of stakes, bets, odds, and values. If you’re serious about betting, you’ll have them too. You want to be sure exactly how much you’re betting, on what, and why the amount is assigned to the wager.

3.      Relying on Anything Except Stats and Facts

This one is a “five-in-one” mistake, so to speak. Basically, we’ll list multiple football betting mistakes in one go. However, we believe the underlying causes are all the same – believing in things other than evidence. For example, such mistakes include:

• Betting on teams you like
• Betting on a “gut feeling”
• Betting on a match because it’s big, important, or interesting
• Chasing trends (or blindly going against them)
• Relying on unreliable tips and predictions

This list can go on, but you probably get the point. A good bet is based on two things: empirical evidence and betting value. You want to make wagers because they make sense in your long-term strategy and because they’re good for your bottom line.

We’re not against betting just for the fun of it – in fact, fun should probably remain your main motivation. However, don’t be surprised that you’re losing money if all your bets just “happen” to be backing your favorite team.

Also, the last point deserves some explanation. Online betting tips and predictions can be great tools for figuring out your next move or weighing your options. However, good betting tips won’t hide how they got their information. Some, on the other hand, will boil down to “trust me!”. Don’t fall for the latter kind.

4.      Not Changing Strategies when Necessary

This point often applies to all points in life, but it’s also a common sport betting mistake. Some people just seem to never learn and keep beating their heads against the wall over and over again.

When you’re just starting out, you can pretty much expect to be losing money. That’s fine – there’s a learning curve to everything in life, and punting is no different. However, the point is to learn from the process and not just stubbornly stick to what you know.

We get it – there’s comfort in sticking to familiar strategies. But if something is demonstrably not working, it might be time to change something. Consider even taking a break from betting for a while. It will give you space to clear your head and think of something different instead of just sinking money.

5.      Being ‘Loyal’ to a Sportsbook

If you’re trying to find value in betting, you won’t be able to do it consistently on just one betting site. That’s just a fact – shopping around will give you much better odds. Always check multiple bookies before putting down any money. Who knows – a better offer might be just a click away.

We all know how important it is to find a good bookmaker. It can make all the difference in the world if you’re not using the “right” bookie.

However, we have to make one point clear. There is simply no point in sticking to one familiar bookie, no matter how good it is. You’re not special to them – you’re just a customer, like thousands of others. There’s no reason to ignore better offers for the sake of loyalty. Besides, shopping around for the best odds is often the best way to find betting value.

Conclusion

If you’ve read through our list, you’ll notice we didn’t just stop at telling you what not to do. We also mentioned concrete alternatives and advice on how to approach betting with a more healthy mindset.

Maintaining a dose of self-awareness is critical for getting better at anything. Betting is a skill like any others, so make sure you’re not getting complacent. There’s always more to learn, and there are always ways to improve. Keep working on it, and the sky’s the limit.