There are a number of elementary mistakes than seem to be consistently repeated by countless in the betting world. Here are the eleven most common ones:
Is your betting all over the place? Are you betting $5 in one event and then $500 on the next.
If so, your betting is out of control.
The fact is you should be betting within a certain stake range, and there are very few reasons to step outside it.
Pretty simple, but if you are only using the one bookmaker with uncompetitive odds then over time you are losing out.
Say you rate something a team an 80% chance of winning, and you look around and the best odds you can find is $1.20. Many will place that bet – but you shouldn’t. The fair price is $1.25, anything less and you are being ripped off. Find a better price and you are laughing. Shortly we will add a feature to show you how to calculate the correct value.
It only human nature to back favourites. However as a general rule often there is little value in the favourites – the bookies make a large percentage of their profits by laying favourites.
You have the courage to back your judgement to find the upsets from time to time.
Often we win on a certain team, especially if we win big; we tend to look towards backing them over and over again. For example I had a number of successful bets of Juan del Potro (tennis) back in his early days when he was ranked around 100. As he started shooting up the ranking I felt very proud that I picked him to be a star before most. Only problem is that I started to overrate him and back him in too many matches – often when he was unlikely to win or poor value.
Betting on martial arts when you have never seen a fight? Be honest with yourself – if you have little knowledge on what you’re betting on your heading for trouble!
We all get hot tips. Do you know the reason behind the tip? Why was it given to you?
I have given out plenty of tips in the Winning Post and other places every week, but with each I generally provide a rationale which I consider to be far more important. Look at the rationale behind the tips, if you don’t agree with the rationale don’t follow the tip.
The most successful punters generally have a strategy or guidelines on how they go about their betting. At the very least you should have a rough idea of what you can or won’t bet on.
But far too often I have seen people blow it all away by placing large bets at the last minute on a whim. This can be very dangerous!
Don’t become overconfident if you get on a winning streak, plus on the flip side don’t go chasing your losses!
Probably one of the biggest mistakes out there – as it’s not an obvious one.
People love multi’s because the rewards are big – but so too are the risks.
Don’t get too greedy!
I will have an in depth look at this in an upcoming article, stay tuned.
Few punters go back and look at their betting results. Many might have a rough idea of how they are doing, but if you take a look at the figures you might be shocked to discover you’re not doing as well as you think you are. You can look through your history with most online bookies; make sure you look at it! Even better - open and maintain an excel file to track all of your bets!
We all make mistakes from time to time.
You most learn from them. Don’t be a fool and repeat the same mistake over and over!