Avoid These Costly Mistakes When Sports Betting – 2024 Guide

Sometimes what we don’t do is every bit as powerful as what we do — so is the case with sports betting.

Look, the Internet is rife with gambling advice and tips to win big. But there’s much less dialogue about wagering mistakes, despite them being just as important. Welp, we’re here to change that.

We want to share with you five things NOT to do when it comes to betting on sports. We learned each of these the hard way (losing loads of money at the sportsbook) so you don’t have to suffer the same fate. Let’s dive right in:

  1. Failing To Prepare

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Folks, let us let you in on a secret: sports betting is hard. If it were easy, bettors would constantly beat the bookies, and eventually, the bookies would have to shut down. Of course, that’s not the case and “the house” wins more often than not.

Now, that shouldn’t deter you from betting. It’s certainly possible to outsmart bookies, however, to do so, you’ll need to study up. A lot. Before plopping any money on a bet, you must research it deeply — the teams, players, matchups, recent performances, stats, plus more. Let these finding dictate your betting pick, not your emotion (e.g. I hate this team so I’m betting against them).

The great Ben Franklin said it best, “by failing to prepare, you are preparing to fail.” The United States’ founding father probably didn’t use that in the context of betting, but hey, it’s applicable nonetheless!

  1. Not Managing Your Money

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Believe it or not, there’s some accounting involved with sports wagering. Yes, you need to keep close tabs on your betting bankroll and how each wager is affecting it. If you don’t, your gambling funds can quickly dissipate.

Depending on your bankroll, money-management tips will vary widely. But one cardinal rule no matter the budget is to never “over risk” on a single bet. Per wager, you probably shouldn’t gamble more than 5 percent of your existing bankroll.

Temptations will surely be strong to do so, especially when you lose. When that happens, bettors tend to “chase” what they’ve given up by upping the ante, and hopefully, gaining back their losses in one fell swoop. Last-ditch efforts like these usually leave bettors in only a bigger hole so don’t deviate from your bank management rules.

  1. Picking Just Any Sportsbook To Bet On

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Sports betting has never been more accessible than it is today — laws have been loosened, land-based casinos are more widespread, and offshore online sportsbooks are abundant. According to Canadasportsbetting.ca, options to gamble at are rampant, which makes picking the right bookie all that more important.

Take online betting sites, for example. The parity between the best sportsbooks and not-so-good sportsbooks is the size of the Grand Canyon. They differ widely in terms of sign-up promotions, sportsbook menu, payment methods, betting line quality, customer service, among many other factors.

Given that, don’t rush this decision. Really ask yourself — what do I care most about as a bettor? Whatever your answer is, let that guide your sportsbook choice. Say you’re most concerned about earning hefty bonuses. Welp, in that case, pick an online bookie that’s offering a killer deal for merely registering an account with them.

  1. Following The Crowd

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This rule of thumb piggybacks off the first one, but it’s making betting decisions based on other’s opinion. That includes “smart” money, betting gurus that charge you money for picks, or just that random guy you talk with at the sportsbook.

Avoid the noise — no matter how loud it gets. Sports are unpredictable and no one truly knows what’s going to happen. Trust your research over others because you have no idea how justified outsiders’ insight is or isn’t.

  1. Having Unrealistic Expectations

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There is no such thing as get-rich-quick schemes — whether that’s investing in stocks, buying cryptocurrency, multi-level-marketing, and yes, sports betting.

Get this, if you’re betting only sports wagers with -110 betting lines such as spreads or over/unders, you’d have to win 52.4 percent of the time just to break even. Therefore, a win-loss percentage of a meager 55% percent would be considered a strong success. Keep that top of mind because losing 45 percent of the time might not seem profitable, but statistically, it sure is.

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