Sports betting is more popular than ever. That means more people getting involved in sports betting, particularly with online platforms. Most bettors have dreams of hitting the big bet that will set them up for life.
That said, sports betting is far from easy. The “sharp” bettors work diligently to find an edge each week. For those who are looking to improve their picking ability, there are a few common mistakes that can be avoided going forward.
Changing Bet Size
Whether it be New Jersey sports betting or elsewhere, a few key mistakes can plague any player’s bet slip. A common mistake is the mismanagement of bankroll funds. It can be tempting at any time to alter your bet size to either accentuate wins or mitigate losses. What will more than likely happen is a busted bankroll.
Betting on sporting events is not a get rich quick scheme. It takes time, patience, and a close analysis of team and league trends. Risking too much of your bankroll upfront can feel like the best way to garner a big win but it will more than likely lead to a second deposit sooner rather than later.
Overreacting to Trends
Maybe the single biggest mistake made by sports bettors is overreacting to recent trends. Perhaps a team is on a winning streak or blew out a previous opponent. In sports betting, it is important to identify consistencies and use them to make money. Letting drastic changes like those impact betting decisions will more often than not lead to heartache.
On the other side of the same coin, teams that are coming off a loss have been traditionally undervalued. Teams coming off a big loss will likely have the bulk of the public money going against them. That is a prime chance to get great odds or a favorable line on a particular game.
“The Gambler’s Fallacy”
There is a thing in the gambling world known as the Gambler’s Fallacy. This is a belief that, if something happens more often than what is deemed normal, it will happen with a lower frequency at some point in the future. Maybe a player has been hot, rushing for 100 yards in nine straight games. There is a belief that rushing for less than 100 yards is “due.”
There is no such thing as a bet being due. Every hand, every spin, and every sports wager are independent of the last one. Yes, trends emerge all the time. Things can happen coincidentally all the time, leading bettors to think that after a long enough run, things have to end. Avoid falling for the fallacy that has entrapped far too many bettors.
Making too Many Bets
Especially for those who are just starting out in their sports betting experience, it can become all too common to see a huge slate of sports on a given night and want to get in on as much as possible. The problem there is that it will lead down the path to a reload more often than it will produce a serious win.
Even placing too many bets on the same sport can lead to issues. Try to keep things limited down to a few bets at the most. Not only will those be the most confident picks but, the odds of picking a winner and turning a profit are much higher. There is no guarantee of winning on those bets. Making things exponentially tougher will only create a deficit that is quite difficult to climb out of. As the old saying goes: “Keep it simple, stupid.”
