There are several people who continuously lose when betting, but cannot figure out why. Well, maybe they are making far too many mistakes and need to change the way they gamble.
Here is a list of five mistakes to avoid when betting. Maybe they will prevent any persistent losers from going broke.
1) Impulse Betting
One of the most common mistakes, especially amongst the casual gambler, is impulse betting. This tends to occur when you are sitting at home twiddling your thumbs, you log into your betting account and take a look at what sporting events are on. Before you know it, you’ve done a six team accumulator on foreign teams whose names you cannot pronounce.
This will also make it more likely that you will place a bet on a sport you have no knowledge of or do something you don’t understand.
Betting on impulse is when people place a bet just because they want to, or because they are looking for a distraction. When gambling, you need to make sure you are fully clued up on what you are betting on. Gambling on impulse is a sure-fire way of losing money fast.
2) Chasing Losses
Losing a bet can sting a little, especially if it was what you considered to be a ‘dead cert’. It can be tempting, if you lose, to up the stakes for your next bet and try to recoup your losses. The next bet then loses and you double the stakes from that on another bet, with higher odds this time, to try and claw back the losses from both previous bets.
You then become someone that is gambling to win back what you have lost, rather than as a form of entertainment. It can become a slippery slope, leading to empty pockets as well as other problems.
If you lose, you have to accept it and move on. Losing is a part of gambling, you cannot win them all and every punter will go through bad patches. When you start to chase losses, you become irresponsible and reckless with your money.
3) Gambling without a set fund or staking system
When betting, you should always make sure it is done with money you can afford to lose. If you start to place bets with next month’s rent money or what is supposed to be spent on food shopping, you become far too emotionally involved.
This will increase the chances you will bet on something that will provide more profit if winning, rather than the bet that is more likely to come in. It can also tempt you to overstake, placing far too much on a bet that isn’t guaranteed.
If you can’t afford to lose money, don’t gamble. If you are going to gamble, set up a betting bank and keep a record of your wins/losses. Setting yourself a stake limit will also help you to stay within budget and enable you to work out your level stakes profit during a set period.
4) Betting on short priced favourites
If something is an extremely short priced favourite, it is highly likely it will win. The problem is that it doesn’t always win and if it does your profit isn’t going to be that great anyway.
You should always work out the risk and reward before placing a bet. For example – You have £20 to gamble with and you are considering putting it on a 1/20 favourite. This means that if you win, you are £1 in profit but if you lose you will be £20 down. It isn’t worth the risk.
Nothing in this world is guaranteed and short priced favourites can always lose. If you are backing them regularly and one loses, it may see you considerably out of pocket.
5) Getting persuaded by bookie special bets
When you go to a betting website you will be inundated with advertisements for special bets, price boosts and expert predictions. This can lead many people to backing these without really thinking about it.
Let us just step back for a second and really think it through. Why is the site promoting this particular bet? Why are the odds boosted so high? Well, the obvious answer to both of those questions is, the site wants you to place a bet on something they feel has a big chance of losing.
Nobody is going to offer you free money and although some bets of this nature do come in, only back it if you have done your research first and fancy it yourself.