GHOST BETTING TIPS

7 Common Sports Betting Mistakes And How To Avoid Them

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In sports betting, mistakes cost you money.

Make too many and they will start to really add up.

This guide will show the most common sports betting mistakes you are making right now and help you avoid them.

Become a serious sports investor and don’t fall into the traps that so many others have done in the past.

Betting Too Much Too Soon

This sports betting mistake is common among beginners.

When they find a profitable sports betting strategy, they get too excited and go all guns blazing.

If you are new to sports betting, pay attention.

You must realize that you need to be playing the long game.

Think of it like this. Would you rather:

  • Make mistakes betting small and have longevity; or
  • Make mistakes betting big and not recover from the losses.

The answer is pretty obvious.

As long as sports continue to be played, sports betting will be around.

The market is growing and will continue to do so, so keep a level head.

The beginning of your sports betting career is where you’re prone to making the most mistakes.

It’s just a matter of time before you make your first.

However, at this early stage, they don’t have to have a huge impact.

Start slowly so you can pick up on your mistakes early and remove them from your strategy.

Sports Betting For Beginners

If you're new to sports betting, you need to read this before going any further.

Sports Betting For Beginners

If you're new to sports betting, you need to read this before going any further.

Setting The Bar Too High

This is for any of you reading this article that thinks you can make a few bets and be set for life.

This also goes for anyone thinking they can win at least 4 out of every 5 bets you place.

Here’s what we have to say to you:

WAKE UP!

You are setting the bar way too high for yourself.

Luckily for you, we are saving you from making a huge mistake.

Not even the best sports bettors in the world win this much. Instead, they win between 55-60% of their bets.

And they’re the best ON PLANET EARTH!

This also means that if you think you can start winning this much straight away, you’re still setting unrealistic expectations.

Sports betting is a grind. There will be highs and there will be lows. Nevertheless, with a well-thought-out strategy, you may end up being profitable.

If you think you’re going to end up like this guy after a few bets, it’s time to forget it right now.

Set realistic expectations. That way, the awesome days will feel earned and losing days won’t hurt as much.

Don't set the bar too high

Chasing Losses

We have talked about this in previous articles but that does not take away it’s importance.

Many sports betting mistakes are made by people chasing losses.

Honestly, it’s one of the worst you could make.

Some of you may have even rolled your eyes at this point, yet it happens time and time again.

Picture this.

It’s late in the day.

The games have finished.

You’ve just lost a few bets.

All you now want is to make a small profit, even if it’s just +0.01 unit.

You spot a bet you wouldn’t normally make.

You decide to bet bigger than usual to make up for your previous losses.

Now, two things could happen; either you win or you lose.

If you win, you feel relieved and don’t learn from your horrible mistake, leaving you open to doing it again.

If, but more importantly, when you lose, you feel distraught, probably sick, that you lost again, but this time you have nothing.

It’s going to take a very long time to recover.

Stop chasing losses and stick to your strategy, even if you do have a bad day.

Poor Bankroll Management

It’s time to take responsibility. No more excuses.

If you:

  • Make frequent deposits into your betting account; or
  • Make daily/weekly withdrawals from your betting account; or
  • Don’t keep your sports betting money separate from your life money; or
  • Don’t understand the concepts of units or percentage betting;

You have poor bankroll management.

It’s as simple as that.

Poor bankroll management leaves so many sports bettors without a plan.

Those without a plan often bet too much on a ‘sure thing’ or bet too little on a clear value bet.

If you’re serious about sports betting, you must employ a strict bankroll management strategy.

It must be in place before you even place a single bet.

An Introduction To
Bankroll Management

Never miss value or bet too much again.

An Introduction To
Bankroll Management

Never miss value or bet too much again.

Using The Wrong Data

As the saying goes:

Garbage in, garbage out.

Here’s the deal.

The only way to profit from sports betting is through data-driven strategies.

If it’s not data-driven, it won’t be profitable long-term.

The facts don’t lie.

However, not all data is good data.

Spend too much time looking into meaningless statistics and you’ll be going down a rabbit hole.

If the Houston Astros always win at home if their pitcher throws the first pitch within the hour your post arrives on a Saturday, it does not make a bet on the Astros a data-driven bet.

While this coincidence may seem really cool for you, it’s not going to consistently make you money.

You’re far better off just looking at where the Astros always win when they’re at home on a Saturday.

It’s also important to check that the data you’re using is accurate.

Just because your source claims that it’s accurate doesn’t automatically make it accurate. People make sports betting mistakes.

It’s just human nature.

It’s not difficult to type 24.334% instead of 24.344%.

While the difference is small on paper, it can have a large impact on your betting strategy.

Do the research yourself and double, heck, triple-check the data to make sure it’s relevant and accurate.

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Save your friends from falling into the same traps

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Save your friends from falling into the same traps

Not Checking Your Bet Slip

Ooh.

This sports betting mistake really hurts.

Picture this scenario.

You bet on the Golden State Warriors to beat the Toronto Raptors by more than 1.5 points and cover the spread.

The Warriors are down 1 with 20 seconds to go.

After the final time out, the ball inbounds.

With 1.3 seconds on the clock, a 3-pointer goes up.

It bounces around the rim for a few times – AND IT STICKS!

The ball falls down through the net and the game is over.

Always double-check your bet slip

You’re delighted.

You’ve just won your bet in the most dramatic fashion and can’t wait to cash in on your bet.

You hand your slip over to the cashier but instead of hearing “Congratulations”, you hear “I’m sorry, this isn’t a winning bet.”

If you don't check your bet slip, you can easily lose money

Huh?

Are you sure?

You check your slip.

Instead of backing the Saints, you bet against them.

How did this happen?

The answer: it’s a loud, busy night and the agent behind the desk misheard you and took your bet as laying the Saints.

You didn’t check your bet slip and it cost you.

This happens all the time in traditional casinos but can also happen when betting online too.

Fortunately, this is an easy mistake to avoid.

In an interview with Forbes, Jay Kornegay, Vice President of Race and Sports Operations for Westgate SuperBook, said this:

Always grab a sheet or look at the boards and use the number to the left of the team rather than trying to wager on the team name.

Always check you bet after you’ve made it. If you notice something wrong, contact an official immediately.

Thinking You Don’t Need To Put In The Work

Some people think professional sports betting is easy.

They assume all you need to do is look at the matches, think about it for 5 seconds and place your bets.

This couldn’t be further from the truth.

Sure, if you’re making a bet here and there to make the weekend games a bit more exciting, then there’s no need to worry about.

However, if you’re reading this, you’re probably not looking to be a recreational sports bettor.

Full-time profitable sports betting requires going into the lab and putting in some serious work.

You must be willing to spend lots of your time looking at the finest details to gain an edge.

How much time?

As long as it takes.

It can be a few more minutes, it can be hours, it can be days.

Just like anything, you only get out what you put in.

Think about the athletes themselves.

If they didn’t spend countless hours practising every single day, they wouldn’t be where they are now.

The bottom line:

Put in the time and effort to be successful.

Conclusion

I’s never nice talking about mistakes but it’s important you are aware of them.

If you have found that you have made or keep making these mistakes, don’t be disheartened.

You’re taking an important step in your sports investing career and making a turn for the better.

Which mistake are you going to stop making?

Leave a comment or let us know on Twitter.

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Our goal is to grow this sport investing community to a point where we make betting companies take note.

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