Mistakes happen from time to time and there is nothing we can do about it. It is completely normal. However, betting mistakes can really hit you where it hurts and cost you dearly. You want to do anything you can to protect your wallet from betting mistakes, but we all learn only from our failures.
So, you are ready to make your bet. You have your favorite shirt on, you are in a good mood, you checked the Kentucky Derby odds, and you are ready to start. What should you know in order to avoid wasting your time, energy, and money for nothing? Read on to find out!
1. Betting on Everything
Betting on everything and betting too often is what easily identifies a rookie bettor. This mistake happens over and over again among new players, and will just cost you tons of money while getting you little-to-no-gains. Still, the number of events and markets you can bet on nowadays is just too much and it is understandable why we get swept away easily.
This simple rule of thumb is exactly that – simple, yet it is so hard to follow. It is very common to get into “just one more bet” mentality, and when you’re day, your day probably won’t be too fun. Consider your wagers carefully and approach your betting smart.
2. Chasing Losses
One of the most debilitating and damaging mistakes a bettor can do is to chase losses. Additionally, it is not very easy to rectify this mistake. Keep in mind that your losing streak has been going on for too long, and there is no actual reason to change anytime soon. When this happens, consider taking a break, stop playing, and come back later when you’re ready.
If you’re already down the rabbit hole and you’re thinking about increasing your stake in order to win back what’s lost, just leave. Leave your losses there and don’t try to make up for your mistakes. Keep some money in your wallet unless you want to risk losing it all just because you can’t accept your losses. It is not as easy to do this as it sounds, but try to do it.
3. Being Greedy
In contrast to the last two paragraphs, winning too much can also be a bad thing. Greed can easily eat you up if you’re not cautious. Gamblers usually have two types of problems with greed, they’re either greedy for gambling or greedy for cash. If you have a problem with the latter, then consider learning a thing or two about bankroll management in order to survive in the casino.
Make sure you always have a plan and try to stay as consistent with your stakes as you can. On the other hand, try to adjust your stakes accordingly if you just want to gamble as much as possible. Determine how much you would like to win for the whole day and let that be your guide out of the casino.
4. Involving Emotions
Don’t let your emotions lose your money for no reason. Yes, we all have our favorite sports team, but there’s no reason to lose money on purpose just because you like how they play. Your favorite team should be the winning one when you’re placing bets, and that’s it.
This is a statistic you can easily check. Even seasoned gamblers have worse win percentages simply because they bet emotionally rather than rationally. Leave your sentiment at the door if there’s money involved and try to make some profit.
5. Blaming Everything on Your Luck
You will see this more than often. A player will make a bad bet and then cover up his story because he “had bad luck” that day. This is no excuse. Be honest with yourself and try to avoid poor decisions. This is the only way you can possibly improve in the future. Delusions will lead you to nowhere.
Check whether your bets are really good or not, and analyze whether what you’re doing makes sense. Taking a look at your old wagers is also a good way to see if you have a different perspective on betting now.