With football less than two weeks away, I thought it would be appropriate to examine some of the pitfalls that a lot of sports betting enthusiasts fall into. These are the most common mistakes I have seen repeated year after year by almost all people betting on sports which is why the old adage “the house always wins” is true.
1. Betting too many games:
A lot of novice gamblers feel the need to have a lot of action riding on a given Saturday or Sunday. With so many games being televised on cable and satellite, some gamblers figure since they’re going to watch the game, why not throw some money on it? To be successful, you have to pick your spots and only bet the games that you feel 100% confident in. Action junkies get sucked in and end up gambling on games just for the sake of gambling instead of betting games that they feel gives them an edge over the online bookies.
2. Chasing losses:
This is the BIGGEST mistake a gambler can make by far!!! You have to adhere to a strict money management system that you implement at the beginning of the year. I bet a small amount of games each week so I wager 5% of bankroll on EVERY game I play, never more, never less. Professional gamblers never risk more than 5% of their betting bankroll on a given game. I advise betting the same amount on each game but some handicappers find it beneficial to rate games. If you’re going to use this method, which I advise against, you should rate your plays between 1 and 5%. If you hit a losing streak, you should actually lower your bet size instead of considerably raising it to get back what you lost. In the end, you will be broke if you continue to chase losses with big bets and more action. Stay disciplined and stick to your money management guidelines.
3. Betting Hunches:
A lot of novice gamblers will get a feeling about a game and then go out and make a big bet. What this person has failed to do is research the game from a professional handicapping standpoint. For me sports betting is an investment, not a gamble. I use my intellect and instincts to beat the number. It takes hard work to beat the odds but if you put in the time evaluating all the factors that will go into deciding the outcome of the game you like, you’ll end up on the right side. Using your instincts is a key component but without intellectual evidence to support your reasoning, you’re setting yourself up for failure.
4. Betting your favorite team no matter what:
I truly advise most bettors who have a true love for a specific team never to bet on or against them. Sometimes your emotional attachment will cloud your judgment because you want your favorite team to win. The truth however is that there will be times when the opponent of your favorite team is the right side of the ball game. You have to be 100% objective in your handicapping and betting on your favorite team just because you like them can be a dangerous route to draining a bankroll. On the flip side, who wants to bet against their favorite team? Do you want to root against them? I know I don’t so just stay away from your favorite team all together when it comes to wagering. There are way too many games that offer value week in and week out.
See live NFL Odds every week of the NFL Lines season. Make sure to visit our sports betting forum on a daily basis. Also check out updated 2011 Super Bowl Odds.
About Uncle Jay
