Despite the abundance of betting resources, most bettors still fall into some traps that set them up for failure in betting. In this article, we take a look at some fundamental mistakes bettors make that hinders their success.
Not Understanding Cognitive Bias
Many at times we assume that we control all of our thoughts and actions. But psychologists and behavioral economists know better about certain biases that make that assumption untrue.
One of such biases that apply to betting is confirmation bias – which states that we are drawn to the evidence that suggests the bet we are making is the right one while disregarding every other evidence that proves otherwise. Anchoring is another bias that affects bettors – we tend to rely on the first piece of information offered to us. This tendency is terrible because things could change drastically within short moments.
Not thinking objectively could cloud bettor’s judgments and lead to betting decisions that are not based on critical thinking, but instead of shallow opinions.
Even though Bettors may not be able to control cognitive biases, failing to acknowledge them is a terrible mistake.
Not Understanding the Concept of Value
Most bettors think the value is choosing a team on a long winning streak against another team who have been losing games, that is not precisely correct.
Value has to do with having an understanding of what betting odds is all about, which involves you making your probable estimations, and turning them into odds which you would check against the bookmakers’. Value is, therefore, the use of data like expected goals and previous results to form a closer prediction than what the bookmaker is offering. It is more than just an opinion.
Choosing the Wrong Bookmaker
Just like in other industries, bettors are being offered the services of an almost unlimited number of bookmakers. But, all bookmakers are not the same, and bettors could easily choose the wrong ones.
Most bookmakers offer free bets, but what many bettors don’t know is that to provide these free bets, the bookmakers would have to increase their margins which automatically affects the odds being offered to you. These types of bookmakers usually lure unsuspecting bettors with smart marketing campaigns, but they would never allow you to win to a certain degree. If you continue to earn week-in, week-out, these bookmakers would limit your account or even close it down completely.
Don’t fall the trap of choosing a bookmaker because they are offering you free bets.
Betting without a Staking Method
If you want to be successful as a Bettor, you need to have the edge over the bookmaker. That edge could be your knowledge of key team absentees in a soccer game, the weather in an NFL match, or any other potential change the bookmaker would be unaware of when setting their odds.
According to Pinnacle Betting, staking method is a method of calculating the appropriate amount of money to place on a bet for consistent profit making as part of a betting strategy.
Although there is nothing wrong with putting all your money at once in a bet, if you fail to manage your money while betting, you could end up with no money left to bet, regardless of the amount of money you started betting with. Putting so much on a bet never guarantees a consistent profit.
Focusing on losses
One of the biggest reasons why bettors fail in betting is a cognitive bias called – loss aversion. Loss aversion is simply the preference for avoiding losing situations over a potential gain.
This cognitive bias is made more relevant by the misconception that competent bettors don’t lose money betting. This is just untrue, good bettors do lose money, but they may not lose as often as bad bettors, and they usually use a staking method to avoid losing all their money.
No matter how good your method is, the unpredictability of games’ outcomes means you could be on the losing side once in a while. Thinking about losses is one mistake bettors should avoid at all cost.
Betting has to be deliberate if you want to make money out of it. If you are betting just for entertainment purposes, then you can bet at any time when it is convenient for you. However, as a Bettor with profit in mind, you should only bet when you have made your calculations and are convinced that you have an edge.
With the easy access to betting tips, online betting, and mobile betting, it is incredibly easy to place a bet. However, bettors who want to make money have to avoid all these temptations and focus on betting only when they are ready to bet.
Good Bettors avoid placing bets on games because they are on TV or because a betting app has sent them a notification about enormous odds on certain games, they bet when they intend to.