1. Lack of information. I mean information that is more than what your local newspaper and ESPN provides. Many people seem to think they are the experts just cause they know the starting eleven of a soccer team. You should be sourcing for information from good sources. You should be looking for reliable information and statistics which are freely available on the internet. These are examples of good websites to gather good information. www.bettingadvice.com www.bettingexpert.com
2. Not keeping a Betting Record. Like any good business, you should be keeping a record of all your bets so that they can be analyzed every single week or month. You will know what are the type of bets that caused you to lose money. What are the leagues that are most unpredictable. This will help you to adjust your betting strategies in the long run.
3.Letting your emotions get the better of you. Just lost five bets in a row? How about risking it all on the next match to recoup? This is a surefire way to bankrupt your bankroll. Control your emotions and never ever raise your stakes even on a losing streak. Take a break and stop for a couple of days to clear your head.
4. Consistently taking the away team. Statistics have shown that home teams will win more than 50 percent of the time. Home team has many advantages including support from home fans, refereeing decisions, familiarity with the pitch, no need to travel long distances before match, players accustomed to the weather, etc. It only makes sense to avoid taking the away team unless you have very strong reasons or information to do so.
5. Betting just because you are watching the match. Too many people fall prey to this. Now, of course it’s alright to have a wager or two to make watching a game more exciting but you must be very clear whether you are betting to make money or just for entertainment. If you are betting to make money, avoid betting on a game just because you are watching it. Bet only on a game where you have good information and when the odds are favorable to you.
6. Poor money management. Not having a money management system or a poor money management system is a sure-fire way to losing money. Some people like to bet 50 dollars on one game and 500 on another just cause they have absolute faith in the 500 dollar game. The recommended system of match staking is a flat staking system. Always bet a fix amount until your bankroll increases to a certain level. Then increase the staking amount. Also, don’t ever double your bet stakes in the hope of recouping a lost bet.
7. Believing in ‘sure-win’ game or get rich schemes. I have seen too many gamblers throwing good money away betting huge sums of money on games they believe are ‘sure-win’. Always remember this: There is no ‘sure-win’ game in this world. (repeat this to yourself 20 times)
8. Believing in ‘100 percent winning picks’ or get rich schemes. Very similar to previous point. Don’t believe those websites that tell you they have a sure win system or a sure win tip. There are no ‘100 percent winning picks’ in this world. (repeat this to yourself 20 times)
9. Not understanding the sports you are betting on. Just like any business or even the stock market, you must be sure you understand the fundamentals before you go into it, especially when large sums of money are at stake. I have seen too many aunties throw away money betting on soccer when they don’t even understand an offside rule. Bet only on sports where you have an interest and you can do research on.
10. Not knowing when to stop. If you have been consistently losing money month after month, it is proof to you that sports betting is not the thing for you. You may treat it as a leisure but it’s definitely not making money for you or helping you to get rich. Don’t delude yourself to say that it’s just a matter of bad luck. You may run into a streak of bad luck, but bad luck will even itself out over a period of two to three months. If after six months, you still find yourself consistently losing, it’s time to stop and put your energy elsewhere. Sports Betting is clearly not for you.