The NFL is a billion-dollar industry. While it might not seem as significant on the surface as other factors, the sports betting angle of the sport certainly helps drive it. Millions of people are now into NFL wagering every single season. That helps drive the sport’s popularity.
While the majority of sports betting fans are looking to add to the entertainment value of watching the games, there is no doubt that everybody who wants to bet on the NFL is looking to make a profit.
If you’re diving into NFL wagering at any point this year, here are the five worst mistakes that bettors make. Try to avoid them to save yourself the pain.
Only Picking Favorites
The most important tip to remember when betting on the NFL is that you will not make a significant profit if you are only betting on the favorites. The reality is that the sportsbooks are doing whatever they can to adjust the lines and make sure that the divide between betting on the favorites and the underdogs is as close to 50-percent as possible.
Since the majority of the public bettors will put their money on the favorites and the sportsbooks understand that, they can routinely give the underdogs that much better lines with an understanding that the bulk of the public money could still be on the wrong side ignoring the lines. There is nothing wrong with mixing in favorites once in a while but just make sure that you are banking on them alone to build your bankroll.
Following The Public
We already discussed the general mistakes the public makes in the previous paragraph so it’s no surprise we double down on the importance of not following their lead. The numbers show that the bets with the most public backing usually tend to go the wrong way. It’s usually a good idea to ignore the talk on television, radio and online when evaluating your picks since the public tends to be on the wrong side more often than you might think.
Poor Money Management
Another important tip that the majority of public bettors aren’t really paying close enough attention to is smart money management. That is the key to building up your bankroll.
Bettors will be $723 on one game, then a $50 parlay, then a $223 teaser. If they lose the early games, they’ll bet $1500 to win it back in the afternoon. That’s not a proper way to manage your money.
To start, you need to have a betting unit. Are you a $25 player? A $100 player? A $5000 player? Then break up your picks based on how confident you are in them. Is it a one unit play? A two unit play? Maybe a three unit play? And each unit shouldn’t really be more than 5% of your total bankroll. That way, you are organized and your bankroll is well managed.
The smart handicappers that do this for a living will tell you that the most important aspect of making money by betting on sports is to manage your money appropriately.
Not Following The House
If casual sportsbooks like Bovada are handing out 100-1 odds for something to happen, there is a very good chance that it likely won’t occur. The house is trying to tell you something and you have to listen.
Another big mistake that football betting fans make is that they aren’t paying attention to the house when they should. It’s important to keep an eye on the lines for games and how the house will adjust the numbers based on what they feel the outcome of the game will be.
Also consider the sportsbook. Is it a sharp sportsbook like Bookmaker? If so, you might want to consider following their line moves. That likely means sharp money is betting their lines and they’re adjusting. You can check the Bookmaker or BetOnline review to see who they’re a place for sharps. However, if a sportsbook like Bovada is moving the lines, it’s likely a reaction to public money.
Make sure you pay close attention to those lines and don’t end up betting blind without consideration for the indicators the house can provide.
Beware Of Monday Night Chasing
One of the biggest mistakes that sports bettors make is doubling down with a big bet on Monday Night Football after losing on the weekend. That could become a major problem since you have already lost on Sunday. Now you are doubling down on Monday with the chance to lose even more money.
What’s worse is that you might be betting this game just because. Were you planning on betting Monday Night Football before your loss? Or are you getting sucked in because it’s your last chance to get your money back? Don’t bet with emotion. It’s not your friend in this situation.
Even the bettor that wins on Sunday might be tempted to risk even more money on Monday night chasing one more chance to add to their profits. It’s much smarter to quit while you’re ahead then risking your hard-earned profits chasing even more money.