This is why sports bettors lose.
– Sports bettors don’t lose just because sportsbooks have an advantage.
– Sports bettors often lose because they bet too often.
Why Sports Bettors Lose
So, there’s a saying that you never see a poor bookie. Bookmakers, aka ‘the house,’ continue to win and that’s why they stay in business. Still, there are bettors out there that make their living betting on sports.
Some believe that the odds are always stacked in favor of the books. That’s not always the case. Do bookies have an advantage over their clients? Yes, but it’s not simply because the odds are always in the books’ favor. There’s more to why sports bettors lose more often than they win.
Yes, bookmakers do set odds and lines. They typically set odds so that they can collect a percentage off of every bet. That is the cost of doing business with a sportsbook. It’s the bookie’s commission.
But, that still doesn’t explain why the average sports bettor loses money. It happens for reasons that are completely controlled by the gambler himself. In this post, we examine these errors and how it might be possible to avoid them.
This list of mistakes is not exhaustive, but these are the most common reasons why the average bettor loses more money than he wins.
MUST READ: BETTING THE NBA PLAYOFFS – COMMON MISTAKES
Poor Money Management
When it comes to sports betting, there aren’t many things you can be sure of, but one thing is certain. Things won’t always turn out the way you want them to.
If you manage your money well, you won’t have many issues. The main reason why sports bettors lose money is they don’t handle their money effectively. Even successful bettors who had a knack for selecting winners have failed simply because they had poor money management skills.
Some of the errors bettors make include betting recklessly after a big, chasing losses, and taking too many big risks. At some point, every bettor might make one of these mistakes. Those who manage them better have the best chance of success.
Sports Bettors & Sound Banking Strategy
To put it simply, a bettor’s banking strategy entails having a pool of funds designated just for betting. Then, there are a set of rules for how that money is to be used.
Too many bettors do not do this. They bet with whatever money they have and have no clear rules as to how to use it. Now, if you bet just for fun and can afford to lose, you probably won’t have any issues.
If you are betting with your rent money, that’s a problem. If you bet $50 here and another $100 there, over time you are going to end up bankrupt.
Managing your bankroll is actually fairly easy. Only bet 1 to 5 percent of your bankroll on a single wager. Maintain discipline and you will have a greater chance at betting success.
Sports Bettors Bet for the Wrong Reasons
On any given day or night, there are numerous sports betting opportunities. There are different markets in each sport that add to an almost endless amount of possible bets.
Depending upon the type of bet being placed, there are also a number of different strategies that bettors could employ. There are many different ways to skin a cat, so to speak. The bottom line for bettors is to simply place bets when there is value. All wagers should be supported by reasonable arguments.
Unfortunately, a lot of gamblers make bad decisions while placing bets. They might base their decision entirely on probabilities or on factors like sentiment or emotion. Often, they bet on favorites or popular teams just because they are favorites and popular teams. These types of decisions lead to bettors dealing with betting losing streaks.
Keep it simple and always bet with your head and never with your heart. Betting entirely on emotion or even entirely on the odds are both bad betting tactics. Do the research and make a solid betting decision based on value. Do that and you will protect your bankroll.
Betting Too Much
Just like placing too many bets, inexperienced bettors will often wager too much on one bet. If you follow sound money management principles, you will know that betting more than 5 percent of your bankroll is something you should not do.
If you’re a $100 per game bettor and all of a sudden you’re dropping $500 on a game, you will end up on the wrong side of the action. The worst thing that happens in that case is a bettor wins. Then, he thinks he can do it again.
Bettors will also frequently bet on too many sports. There are times during the year when you could bet on the NFL, college football, the NBA, NHL, and even college basketball. Throw in tennis, MMA, and some NASCAR and the betting board at your sportsbook is loaded.
If you don’t know much about tennis, why bet on it? You will do yourself a disservice by trying to bet on a sport you know nothing about. If you really like a bet, you might buy college basketball picks if you are betting on NCAAB.
During college football and/or college basketball season, there are so many games on a given day. With 363 college basketball teams, there can be weekends with over 100 games. Some bettors want to bet on a large number of games. This is a bad strategy as well. It might sound like a great idea, but you are better off focusing on one or two really strong bets.