We’ve made a lot of articles about betting mistakes, but there is a special type of mistake that can completely knock your bankroll into negatives, those are fatal betting mistakes!
These are mistakes anyone can make and things you should keep your eyes peeled for because these mistakes can be fatal and surprising, leaving you shocked and confused.
Being Influenced by Betting Odds
This is an interesting one because betting odds should be part of your staking analysis, but the bookmakers know how to also put you off your betting decisions.
If the betting price is far too big you might just miss a golden opportunity to make some money and if the price is too short you might end up backing up the loser.
For example, you might have a pick already and check the odds with the bookmakers and see there were big odds such as 20/1 and then, of course, make the presumption that your initial decision was completely wrong and that this pick may not have a chance of winning at all.
While this can sometimes be true, there is a lot of missed opportunity here if you’re purely influenced by the betting odds, its a fatal way to lose some great profits and keep you chasing small winnings.
Backing The Team You Support
You may support your local football team or one of your friend’s horses but that doesn’t mean you should always back them!
The judgement and decisions you will make just because you support them might make you lose your hard-earned cash!
Instead, you should try and make a split between supporting and backing. You’re in this for a profit and the if the team isn’t performing well don’t just conclude it to luck, instead acknowledge it and create a profitable opportunity for yourself.
All or Nothing
We know winning £20 on a bet might not be life-changing money and that can put people off staking sensibly. The truth is it’s hard to find winners and whilst following a Tipster helps you win more often, inevitably you’re going to be slowly accumulating profits if you want to see anything substantial.
Going in with risky stakes and betting more than 5% of your bankroll as a beginner is the most fatal mistake you can make. You always need to make sure you are protected even if you’re so sure you’re onto a winner.
As you slowly build up your betting bank you’ll be able to slightly increase your stakes and make more, this accumulation will help you increase profits, but if you’re thinking about being a millionaire in a few weeks, no chance!
Too Many Sports, Too Many Events!
Too many events and sports can cause a system overload! It’s important to focus on one event at a time so that you can fully reflect on what really happened. If you have a staking plan and list the events and their outcomes you can start to see patterns and trends. If you’re betting on 5 different sports at 20 different events then you have a higher chance of losing all your money because you don’t understand the bigger picture.
Take some time to understand the matchups, teams and events one at a time, this way you can really get a full understanding of the matchups and players and have a higher chance of winning.
Not only that but if you have so much choice it is so difficult to choose. You may spend more time choosing what to bet on next and completely miss out on what you’re here for, making money!
Statistics and Analytics Are Everything
As humans, we can get complacent and make quick and biased judgements without knowing it. A typical mistake is at the Casino Roulette Wheel, you’ve just watched the past 5 people bet on red and it is black every time, it might be tempting to bet red on the 6th go because it has been black 5 times, but actually, it is more likely to be black again. We see this in our favourite sports too, many of us have beliefs about different teams and players which might have been true years ago but things have changed since then.
Statistic and Analysis are the facts, up to date and based on various things that the human brain isn’t capable of thinking of on the spot.
Get the facts to back your buying decisions because if you just stick to your beliefs you’ll be trapped in the same spiral which could end up with you losing a lot of money.
Don’t follow the Hype Train
At all costs avoid the hype, following like a sheep is only going to lead you into danger, the Superbowl is on TV or the biggest match in history is about to take place, the dopamine in your brain is exploding and you definitely are not going to miss out on the biggest games in history right?
The problem is, big games don’t mean big money. Whilst the event might be extremely entertaining, it may not be extremely profitable. The odds are probably the same as you usually bet with, so don’t think you’re missing out or get pulled into bets that make no sense, think logically and if you are too emotionally invested, don’t bet or if you have to, just bet small because it’s not worth it.
You’re Not Invincible
We see this time and time again, not just with Sports Betting but with Stock Trading too. You win big, perhaps you just won 10 times consecutively and you’re feeling invincible. Just made 2 grand this week? You can, sure enough, lose it in an hour too!
Just because you’ve won big, doesn’t mean you’ve got a crystal ball and nothing can stop you, unfortunately. If anything its an opportunity to retain your profits and slowly keep building knowing that you are less likely to be pulled back by a losing spree which you should always be prepared for.
Stick with bets you know and with sensible amounts, even if you keep winning, this is not an opportunity to double down or go all out on a bet you’re so sure of.
Those are our top fatal betting mistakes, avoid them at all costs and keep your eyes peeled because they can catch anyone off guard!
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