All bettors look for an opportunity to make some money on a hunch. If you want to join the group of the fortunate, here is a list of common pitfalls of beginning bettors to consider.
1. Not managing your money properly.
Bankroll or money management is crucial for sport bettors of every experience level. You need to set a budget for how much you are ready to spend on your betting and determine the size of your sport betting unit – the maximum amount you’ll wager on any event. More experienced bettors don’t usually risk too much in a single bet, but beginners are more likely to make irresponsible decisions with their bankroll, like, for instance, overreacting to a winning or losing streak. So, let’s say, if your betting budget is 10000 dollars, do not wager more than 1000 dollars at once. Placing too much in a single bet and radically deviating from your typical betting unit is one of the main reasons why inexperienced bettors go broke.
Bankroll management should prevent you from chasing losses and from betting too much when you appear to be on a winning streak.
2. Chasing big payouts.
It often happens that payouts get really high on some certain result. A novice bettor may think that the payoff will be twice as big. Unfortunately, the outcome will be just the opposite. Bookies never raise the payouts without getting all the information about players or teams. So, chasing big payouts is definitely a mistake.
3. Placing too many wagers.
Many bettors grow overconfident when they go on a hot streak or win several bets. Instead of waiting for the right opportunity to get some money down, they start betting on a wide range of sports or on every single event in one sport. None of these approaches is perfect.