If you like watching sports, you can seriously add to the excitement by making bets on the results. Unfortunately, many would-be sports gamblers make some fundamental errors that cost them a lot of money.
If you’re interested in sports gambling, take a look at these 6 sports betting tips. With these tips, you can avoid some of the common pitfalls that could decimate your bankroll before you’ve even begun.
1. Take the Time to Learn the Lingo
Any kind of betting can quickly get extremely confusing when you don’t understand the terminology. You also need to understand the basics of how odds work.
Of course, you can certainly just bet without really knowing what you’re doing and still win big. But this isn’t a very viable strategy in the long term. Blind luck will only carry you so far. Not understanding the terminology will eventually lead to you making a poor decision.
There are plenty of websites out there that can explain the ins and outs of betting vocabulary, so take the time to learn what’s what before you make any serious bets.
You don’t necessarily need to do hours of study before you start having fun and betting, but be prepared to have Google open in another tab to look up any concepts you don’t understand.
2. Bankroll Management
Many sports gambling beginners make the fatal mistake of not considering their bankroll management. Proper bankroll management makes it much easier to avoid things getting out of hand.
At the start of a sporting season, you should pick out a certain amount of cash to be your bankroll. This should never be more than you can afford to lose. A healthy way to think about your bankroll is to consider that money “lost” at the beginning of the season.
When you think in these terms, you’ll avoid getting into financial trouble due to your sports gambling. Once you have determined a bankroll size, you should split the bankroll into “units.”
For example, on a $200 bankroll, you might consider $10 to be a single unit. When you think in terms of units rather than cash, it’s easier to think about the amount of cash you’ve won or lost over the course of a sporting season.
3. Don’t Bet While Intoxicated
One of the most critical tips you’ll ever read is this one – never bet on sports while you’re intoxicated. Some of the most devastating losses in betting history happened because the player was foolish enough to wager while they were drunk.
Even the most responsible gambler can take some insane risks after they’ve had a few drinks. If you want to actually make money on sports gambling, you should avoid making bets while drinking.
Of course, part of the fun of watching sports for many people is having a few drinks with your friends. If this is your intention, make sure you place all of your bets before you open the first bottle.
4. Be Wary of The Gambler’s Fallacy
Many gamblers fall victim to what’s known as the gambler’s fallacy. This is when you think you’re more likely to win after several subsequent losses. In fact, losing a bet will have no impact on the probability of your next bet.
Many gamblers fall into the trap of thinking, “there’s no way I can lose 10 times in a row,” but that fact is that the odds will be the same whether you’re on a winning or a losing streak.
Unfortunately, the human mind is highly susceptible to falling for this fallacy, so you need to make a conscious effort not to think in these terms.
5. Don’t Chase Losses
Another critical mistake you can make is to “chase” losses. This is when you lose a bet and then immediately try to win your money back via another bet. This can lead to a chain that can be devastating to your bankroll.
One thing you need to understand as a beginner gambler is that even professional gamblers don’t win every single time. In fact, it’s possible to make a living from sports gambling by only winning 55% of your bets.
Keep this in mind the next time you feel tempted to chase a loss. Before you start betting on a game, you should consider how many “units” from your bankroll your willing to lose. Once you’ve determined this, you should never go over that amount.
The longer you get into the habit of doing this, the easier it will be not to make any stupid decisions in the future. On the other hand, if you get into the habit of chasing losses and doubling down early on in your gambling career, you’re setting yourself up for some serious losses.
6. Shop Around for the Best Odds
When you’re new to sports gambling, it’s easy to fall into the habit of only placing bets at one specific website. Once people find a website they like, they tend to get into the habit of using it.
While this is a good idea with many sites, it might actually cost you money with sports gambling. This is because gambling sites often give different odds. The smart move is to frequently shop around when you place a bet to look for the best odds.
Another advantage to doing this is that gambling sites often offer a welcome bonus for new players. By trying out new sites, you also get the chance to take advantage of some exciting bonus offers. If you need help finding an appropriate site, consider checking out Gambling.org.
After These Sports Betting Tips, You’re Ready to Play
These sports betting tips should help you to about some of the common sports gambling pitfalls. Now all you need to do is find the right site to place your first bets on. Take a look around to find one that suits you best.
When you first start playing, you shouldn’t make any huge bets. The smart move is to start with a small bankroll and learn from your mistakes.