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Top Betting Mistakes

Published on: 03/12/2016

Successful sports betting requires more than just the ability to predict the correct outcome of an event. It also requires a discipline and awareness to avoid potentially costly mistakes. It does not matter how good a strategy is, if a punter fails to adhere to an established structure, they could soon find themselves out of pocket. Here are some common mistakes that can be easily avoided.

Not Keeping a Betting Log

If you place a bet, you are doing it with the ultimate goal of making money. Over the long term, you will never be able to tell what method works best for you, if you do not keep a record of all your bets.

As a minimum, you should record the following:

You should also add notes to explain other factors that may have affected the outcome such as injuries and red cards etc. The idea is to gather enough information to spot betting trends and to identify your personal strengths and weaknesses.

Not Establishing a Bankroll

Unless you are lucky enough to have unlimited funds, you should always set aside an amount of money for your gambling activities. This should be an amount of money that you can comfortably separate from your normal household finances. Of course, the size of your bankroll will depend on your own personal circumstances but it must be an amount that you are prepared to write off - after all, there are no guarantees with gambling.

If you have savings for a retirement fund or for any other important project in your life, do not use it for gambling. And never use loans or credit cards to fund your gambling venture.

Once you have established your bankroll, you can then allocate how much you will invest over a particular time scale. Treating your betting as a business will help you to remain focussed on finding the best wagers with the best value in order to yield a return. And by keeping a log of all your bets, you will be able to set financial objectives and monitor your progress.

Not Managing Your Bankroll

Having a bankroll is no good if you blow it all on one bet. Successful gamblers assess the probability of each bet on an individual basis and allocate their funds accordingly. A bankroll should allow you to place many different bets across a range of markets with the ultimate goal of producing an overall positive yield. Some bets will win and some will lose but the goal is to place the right bets and the right prices so that a profit is achieved.

The most successful gamblers rarely go for big wins. Instead, they are methodical and make many very small returns gradually over a long period.

Chasing Your Losses

If you want to gamble successfully, you need to learn to accept that losses come with the territory. Losing is completely normal and your losses can even help you to improve your strategy. You will soon discover which losses were caused by your lack of adherence to strategy and which were completely unavoidable.

One thing you should never do, is start treating your losses as money that you must win back. Once you have analysed your loss, you should just move on. Don’t start chasing lost money, it will lead you into making poor choices based on false motives.

Not Learning from Mistakes

As you begin to study your betting logs, certain patterns may start to appear that can be used to tweak your strategy. Whatever sport you follow, this will be the case. You will notice certain types of bet that yield better results than other and certain markets that offer better value. By focusing on your successful practices and ditching your costly ones, you will soon learn to improve your overall performance.

The most successful punters always learn from their mistakes and take advantage of their successes. They always use their head not their heart, and they are never greedy.

So, if you maintain your discipline and bet in a logical and methodical way, you will boost chances of joining that exclusive club of profitable gamblers.

Published on: 03/12/2016 © Bet Bind