What Sports betting mistakes you need to avoid?
Below are some of the myths of sports betting to be avoid in order to improve your chances of becoming a profitable bettor. To have fun and win in sports betting, putting certain myths to bed is essential.
Fake News
As sports betting has started to become more and more mainstream, the line between it and other pop culture matters has blurred. More people are betting, more bets are being placed, and more sports outlets are covering betting topics. In general, sports betting has quickly gone from something taboo done by a small crowd, to a mainstream activity that tons of normal, everyday people partake in. The same problems that are presented to people interested in pop culture and news media have seeped into sports betting with the line being blurred, however. Not everyone who has a voice knows what they’re talking about. Information is a dime a dozen, and fake news is everywhere. Sports betting is now no different. Unfortunately, false information is just a few mouse clicks away.
Waiting Until the Last to Bet
You don’t have to look far in today’s day in age to find last-second, up-to-the-minute advice about anything from weather to injuries. Aside from isolated scenarios and the over/under bet, it’s astounding how little impact these elements play. Factors like weather (again, barring a scenario like two feet of snow in Denver) rarely affect the true outcome of a game. No matter the sport, both teams are always playing in the same elements. So, there’s no reason to wait around until the last second for information that’s mostly meaningless. As a general rule of thumb, the earlier the bet is placed, the better the value for the bettor. It can realistically be the difference between winning and losing. Think of betting early like a coupon for sports betting.
I’m Just an Unlucky Bettor
No. Sure, everyone catches a bad beat from time to time. Some maybe more often than others. But, odds are odds, and over time, they will play themselves out.
Las Vegas sportsbooks made a record $248 million off of sports bettors last year. Sportsbooks are in business for a reason. The bettor is going to lose, and lose often. So, you are not destined to be a loser for life if you caught a couple of bad beats. Keep in mind, the best sports bettors in the world win only about 55% of the time. Unless you’re one of the best in the world, expect to win less than that. Go in with the mindset of winning less than 55% of the time, and maybe the luck won’t seem so bad.
I Should Bet it and Forget it
Sports betting does not end when the initial bet is placed. Hedging, the act of placing bets on a different outcome subsequent to an original bet to create a situation where there is a guaranteed profit, should always be in play. Would you rather have a chance at a $100 profit or a guaranteed $60 profit? This is a realistic question that could easily arise when considering hedging. To take it even further, towards the end of a futures bet or a single-game bet, hedging could mean risking $5 or $10 to guarantee a $90 to $100 profit, regardless of outcome. Betting it is great, but absolutely do not forget it.
Odds Change with the Volume of Bets Placed
The myth of volume bets being a bad thing, or actually changing your odds, is an easy one to debunk. Two games, 10 games, or 20 games could be bet on. It does not matter. The odds will always remain the same. The odds will be identical whether $100 is bet on one game, or spread out over 20 games with equal lines. Volume betting is not a bad thing at all, as long as you have the money for it. In fact, betting on multiple games is a good way to reduce your risk/reward, rather than putting all the money on one game. If money is not an issue, then bet away!
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