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Betting mistakes you can’t afford

Comment: 0 July 27th, 2011 by: admin

Everybody makes mistakes, it’s a common fact. Another is that in sports betting, every mistake costs money; and thinking otherwise is a potentially huge gaffe in itself.

On a larger scale, arrogance and overconfidence are two oversights that are really no different from flushing your entire bankroll down the toilet.

In sports betting, insignificant oversights are never insignificant; oversimplifying them could bring expensive consequences.

Other top-notch ways of foolishly draining away your cash and possibly security via sports betting include:

• Betting what you can’t lose

  You’d think this was simple enough to understand, if it weren’t for the massive amounts of people losing money and security by doing the opposite.

  Your betting money is also called an investment: something that can grow or disappear depending on situations you can’t control.   So, when allotting your bankroll, leave enough for bills, mortgages and other mandatory payments.

• Splurging on one game

  Spending massive cash on one game is putting your money on wishful thinking.  It’s no different from throwing your cash upwards and hoping it all falls back to you: while not impossible, it is foolish, and risky.

  Use a set amount for every game (e.g., 5% of total bankroll) and stick to that amount, win or lose.

• Randomly wagering on multiple games

  Might as well use the dartboard system.

  If you’re putting your money on the line, do your homework: study the matches, check the numbers, and get a grasp on each probability level.  Create a hodgepodge of unsubstantial wagers and you risk losing your bankroll.

• Chasing your money

  You can’t win every bet.  Also, you can’t always win back what you lost, and chasing after it may make you lose more – in worst-case scenarios, more than you can afford.

  Avoid the urge to increase your next bet size or your bankroll just because you want to get back what you lost. If you want to play safe, pack up and fight another day.  Even expert bettors experience down time; no need to overreact or try to overturn an extremely common incident.  Cut your losses instead of chasing them.

• Betting for your life

  The riskiest and dumbest behaviour a bettor can develop.  Also known as desperation betting, this is the delusional attitude that betting is a worthy last resort to your financial needs: rent, tuition, debts, etc.  The risks are too high, and the consequences maybe catastrophic.

  Understand: sports betting is a potentially lucrative recreation, but never a solution.