Have you ever wondered how the Sports Betting “smart money” became the smart money? Do you wonder what the smart money does differently than the amateurs? The biggest difference between professional gamblers and the amateurs is that the pros don’t make stupid mistakes. Once you eliminate the stupid mistakes, you’ll be well on your way to making money like the pros.
1. Making Decisions Based on Emotions The number one reason people lose money betting on sports is because they make decisions based on emotions rather than being objective. The biggest example of this is people who bet on their home team favorite no matter what. It’s not unusual for the local line to be 3 points different than the lines at the online sports books.
2. Not Shopping Around for the Best Line People very often stick with their favorite bookie no matter what. Recently a friend of mine bet on the Steelers with his bookie even though his local bookie had the Steelers favored by 3 points while the vegas line was even. Don’t be loyal to your bookie if he’s not giving you the best odds.
3. Betting On Games Just Because They’re on TV How many times do you bet on a game because it’s on television and not because you have an edge? You should never bet for entertainment value. If you don’t have a clear edge, don’t bet.
4. Betting on Teams You Know Nothing About Sports betting is a competition. You are competing against the “smart money” whenever you place a bet on any game. If you really think you know more about East Wichita State than the “smart money” then go ahead and bet on them. If not, then stick to betting on teams you know.
5. Betting Too Much Money on Too Few Games This is probably the reason why most people get into money problems betting on games. The amateurs bet a large percentage of the money they can afford to lose on a small number of games each week. The pros spread their risk between many games in which they know they have an edge.
So there you have it, the 5 biggest mistakes made by amateur sports bettors. How many of these mistakes have you made in the past, or are you still making now? Just like the teams you’re betting on, the gambler that makes the least amount of mistakes will win more often than not.