With games being cancelled across the world in the majority of sports, it isn’t the best time to be placing bets, yet it is times like these where we have a chance to take a break and to reflect on our performance as bettors in order to improve once everything is back to normal.
It is a great time to re-evaluate your strategy and betting practices. So with that being said, to make sure we’re in the best mentality going forward here are the worst betting practices, listing what not to do once games are back to normal.
Chasing Betting Losses
Whilst you may have not had the best start to the year in 2020, once things are back to normal, it isn’t worth starting to chase losses. In times like these, there is often panic and we don’t always make the best decisions. We recommend to take this time out to refresh your mind and start afresh. All losses are in the past so it’s ok to mentally reset the playing field and start again.
Betting Naively
There will now be a lot of free time for people to start speculating. People may share their future stakes with you, their plans, ideas and rumours amongst your communities. Whilst it is good to listen, a very sure way to lose your money is to start betting in things you don’t understand. When things go back to normal you might find that some sports start back up sooner than others. If you’re not experienced in those sports and haven’t been following them closely before, it is not worth betting as you’ll most likely lose your money!
Betting with Bad Odds
Odds vary from bookmaker to bookmaker but the difference between 20% and 15% is substantial and adds up over time. If you’re not getting the best odds then you’re not getting the best returns on your stakes. It doesn’t make sense to stake with bad odds, so avoid the desperation and look for the best prices.
Betting what you can’t afford to lose
Positive thinking is great but it won’t help you win. It is the strategy, calculated risks and educated guesses that will help you make a profit and give you an edge. That means you need to be prepared to lose every stake you place. If you can’t afford to lose it, then it isn’t worth the risk. Losing a bet shouldn’t be a serious problem, financially and mentally. Only risk what you can afford to lose!
Changing your Betting Strategy when you lose money
If you’ve lost money you still need to stick to your betting strategy. Your strategy should have room for losses and for bad runs. Everyone goes on losing streaks so you need to make sure you’re not always readjusting your strategy and start betting your entire pot in a desperate attempt to win back what you’ve lost as you can easily get wiped out.
Our suggestion is to stick to your strategy and your monthly bankroll. You should only be upping your stakes when you’ve won consecutively for a good amount of time. Not when you’re losing.
Overall don’t be greedy. Keep your bets realistic and don’t overbet. A good mindset to keep is to not look for stuff to bet on but to look out for good value bets that give you an edge.
