Top 10 Betting Mistakes you can easily avoid

The following points are areas of betting where many, both beginners and experienced, punters often get it wrong.

The aim is to highlight these common areas of failure in the hope you can speed up your learning curve towards successful betting.

Read the following tips and start changing how you bet and you may be able to side step many of the pot holes others have fallen into in the past.

1 – Failure to use a betting bankroll

Most gamblers fail to understand that the best method of achieving a healthy and sustained long term profit from sports betting is to set aside a sum of money away from your main finances, solely for the betting on sports.

Whatever method or system you are using, whoever you are following or subscribing to or however your own bets are calculated, you are better off with a “betting bankroll”. The bankroll needs to be independent from your own personal finances and your primary task when betting is to protect your bankroll. The reason is that without it, you cannot place any more bets.

The size of your betting bankroll will of course be dependent upon your own individual circumstances and free money available.

The vast majority of punters fail to use any form of set aside bankroll. They bet randomly with whatever money they have in their pocket at the end of the week or go in too deep with stakes far in excess of their personal safety levels.

A punter with a professional attitude will set aside what he can comfortably afford to invest and then determine the best use he can make of that fixed sum of capital.

With a fixed sum of capital available you now move on to the next reason for failure.

2 – Failure to Stake Correctly

It is vital that you consider your betting bank as capped in amount. You do not have an endless pool of resources to dip into. Betting by its nature carries inherent risks. These risks include periods of low strike rates and long losing runs. Your betting bank and staking should be adapted for the method you use.

You must in advance, prepare yourself for the possibility of a worse than average sequence of losers through adoption of a sufficient number of units in your betting bank.

Correct methodical staking in addition to the mathematical advantage, can also help overcome the risk of emotional reaction to a sequence of unusually positive or negative results.

3 – Chasing Losses

Chasing losses at first sight may appear to be an easy way to guarantee an eventual profit but the true story is that it is a game for fools and statistically will not work.

Chasing losses is a game for the ill-informed who do not want to make the effort to seek value in their bets. Bookmakers have to price up every race. Punters don’t have to play in every race, they can pick the races they want to bet in, and that is the main edge that people fail to understand. If you have had a losing day, by attempting to chasing your losses you give up that advantage and bet in the races that you should not be betting in. You are therefore betting the way bookmakers want you to and not in the way to win.

4 – Lack of Value Appreciation

Appreciation of “value” in a bet is core to long term success.

To profit over a long series of bets you must be betting at odds greater than the true chance of winning your selection have. To do this however over the long term, you need to concentrate on each sport individually and seek the value bet in that sport.

There is value to be had in every sport. The key to it is understanding where that value is. A high odds underdog may be poor value yet a very short priced favourite may be excellent value. Value does not follow that the bigger the price you take the better “value” you have. The value is sometimes clear but more often well-hidden and it takes a trained eye to see that.

Everyone has this ability to find value. It is just a matter of training. You should continually strive to increase value in your bets. Once you have a selection you feel is value do not just take the first acceptable price that comes along. Seek to improve it by shopping around the various bookmakers or try and top the best bookmakers price by looking to the betting exchanges.

Marginal improvements on odds on each bet you make can have a dramatic effect on long term profits.

5 – Greed for instant wealth

Many punters seek the thrill of a life changing bet that will produce huge gains of instant wealth for a small outlay. Bookmakers play on your natural desire and go out of their way to encourage you to bet exotic multiple selection bets that can in one hit, turn a small stake into a large sum.

Professionals however rarely bet in multiples. Most professionals bet singles and steer away from the multiple bets. Bookmakers relentlessly promote a host of multiple bets with exotic names such as Yankee, Lucky 15, and Goliath. The reason they are heavily touted is the profit margin in the bookmaker’s favour increases the more selections you add to your multiple bet.

Say you select any random selection. If you bet this as a single the bookmaker may have a theoretical edge in his favour of 15%. Taking two such selections however and betting them in a double, the bookmakers profit margin rises to about 30%.

Yes, your double can produce a much bigger win from the same stake however over the long term the bookmaker is eating away at your capital at a much faster rate.

It is a waste of time debating which type of multiple bet is ‘best’. Unless your prediction skills are supernatural or you are incredibly lucky, then betting in singles is more often the best option.

6 – Lack of discipline

Lack of Discipline is the big hurdle for punters trying to turn a losing hobby into a winning one. Bookmakers know that. That’s why on every betting site you can bet on numerous kind of sports, exotic markets and football team from all over the globe nobody has heard of before and if that is not enough, you can now bet on computer animated sports, virtual sports.

Bookmakers just believe that it’s a case of punters sitting all day betting on whatever is put in front of them and sadly they are right in many cases. They are simply thrill seeking and don’t care what they bet on, as long as they can bet. There is no methodology at all and many betting office regulars are simply a bunch of headless chickens prepared to pay long term for the warming buzz of the occasional win.

Even more experienced regular gamblers who are savvy enough to turn down bets that they know are stupid always let themselves down by continually bleeding their profits with a fun tenner here and a fun tenner there.

It takes great discipline to NOT bet at times. It takes discipline to walk away from a football game when the price isn’t right. It takes discipline to say no to that small fun bet. It takes discipline to keep your money in your pocket and deny yourself the emotional buzz of placing a bet on the football game that is on TV.

7 – Emotions

Betting is a lonely game. It is also a highly skilled game. Emotions undermines success in many ways. With betting, the laws of market supply and demand, dictate that long term, the one who blindly follow the masses will lose out. Emotion neutralises discipline and long proven successful practices. The result of any isolated Football game has little or no relation to football games just before that or just after that. Each football game should be viewed in isolation from each other. We are all emotional in betting but the players at the top of the tree have this down to a fine art and can control those emotions.

Other punters have long since been conditioned by bookmakers to EXPECT to lose rather than win. They have an in built psychological factor that makes them feel like losers and they have been conditioned to losing by years of doing so. Over 95% of punters are flawed emotionally. Examples of emotive gambling include punters following e.g. a tennis player or football team blindly. The same punter may also follow a tipster blindly as they “hate” the thought of missing out on a winner.

8 – The Grass is Greener

The grass is rarely greener on the other Side. Many punters change approaches and betting methods so quickly that they don’t give any method a true test. If they find a system that works they don’t continue after a few bad results. They always feel the” grass is greener on the other side”, and that any betting system they hear about must be better than the one currently using or testing. They want the next Big “new idea ” or “method “.

They have no long-term consistency in their betting and are constantly tinkering with what wasn’t broke or moving on in search of the holy grail before a full evaluation of what they are currently examining has been completed.

It’s the same with betting. You will do far better long term if you can make a concentrated effort of learning and research in one key area rather than flitting from this to that.

Learn to trust yourself and constantly switching methods and changing systems is a certain road to be an unprofitable sports bettor.

9 – Laziness

Most punters are lazy. They have religiously followed a doctrine of poor planning and lack of research. They refuse to study and spend hours looking at how they can win at betting. They refuse to invest in the game and invest in their own learning. You simply can’t get away with that in the hardest job of all, winning money at betting. If it was that easy, then millions would do it. You must either invest in your betting, or pay someone to do just that.

Natural human tendency is to try and get away with the least amount of effort. Lazy punters are cannon fodder for the bookmakers. They make little or no effort in their selection process nor make an effort to extract maximum returns from their bets. Those who put the most work in are the more likely to succeed.

10 – Stupidity!

Amazingly most punters fail to learn from their mistakes. They continue for years making the same basic errors time and time again.

Strive to improve your betting performance by continually learning from the mistakes and weakness is your game.