If it were easy to make a significant amount of money by betting on sports then there would be a lot more millionaires in North America right now. The reality is that making a substantial profit through sports betting isn’t easy. That's especially the case for those that don’t have that much experience doing it. There are a number of obvious mistakes that rookie bettors can make. What's important to note is that hey are easy to avoid once they are aware of them. Here is a look at the common mistakes made by novice sports bettors.
Changing Unit Sizes
Money management is arguably the most important element of making a profit by betting on sports. The problem is that most novice bettors don’t realize that until it is too late. The smart thing to do is establish a preferred wager amount (betting unit) for all bets based on the size of your bankroll. Typically, the ideal number is probably 10-12%. For example, if you have a $500 bankroll then your ideal bet would probably be somewhere around $50. If your bankroll increases to $600 then your ideal bet would probably be somewhere around $60 and so on.
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Some bettors will risk too much or too little based on extenuating circumstances like a win streak, losing streak or simply the idea that a play can’t lose but no matter what bettors should maintain a consistent number to bet proportionate to their bankroll.
Overreacting To Recent Trends
One of the biggest mistakes that rookie bettors make is overreacting to a trend. For example, if the Kansas City Royals won five games in a row. Some might think that they are “hot” and should be able to extend their win streak when they visit the Tampa Bay Rays. However, the reality is the fact that they haves strung together five straight wins could very well mean they are more likely to lose their next game especially when you consider they are on the road.
Novice bettors tend to overreact to recent trends and that is one mistake that you should make sure you avoid.
Too Many Options
Another problem that newer sports bettors tend to run in to is that they have too many options. For example, if there were 14 games on the schedule for an NFL Sunday. then they could be distracted by the fact that there are so many options to bet on rather than simply focusing on one or two key plays that they like. It’s much smarter to focus in on the one or two plays that you feel have the best chance to win so make sure you narrow your options when it comes to picking winners.
Missing Out On The Best Line
The final mistake that most rookie bettors make is not shopping around enough. You have to find the best possible line for your play. For example, Sportsbook A might have the New England Patriots listed at -3.5 against the New York Jets. Meanwhile, Sportsbook B has them at -2.5. This is a substantial difference because if New England won by a field goal then the bet would be considered a winner or a loser based on where the player made it.
Far too often, novice sports bettors make the mistake of settling for whatever the line is according to their sportsbook. Instead, they should be shopping around for the best option. It isn’t easy to make a substantial margin of profit betting on sports. However, you can really help your chances if you can avoid these common rookie mistakes.