Top 5 mistakes in betting
The purpose of this article is to remind you what NOT to do when betting. No matter what level you are at betting, everyone has been a beginner at some point and made really common mistakes. To save you some time in your training, we have summarized the first 5 mistakes that people make when betting.
1. Misunderstanding the value
Most bettors, when they see that Man City and Newcastle are playing, will probably conclude that Man City will win and will bet on that. But that doesn’t matter when it comes to making money from betting. The question to be answered is whether Man City’s chances of winning are overestimated. If the odds are 1.30, the bookmaker predicts a 77% chance of Man City winning, which means that there is probably no value in the odds.
[Calculated by dividing the coefficient by 1, ie. 1.30 / 1 = 0.769, which we multiply by 100 to get it in percentages and get 77%.]
Most people rely on what is more likely to happen than on what is overestimated. If there is a discrepancy in your favor, then you must play a certain bet.
Other tips we can give to this point are to register with several bookmakers to always play the highest odds on a bet, as well as to always check the odds of the bet you have made with the closing ones, ie these just before the start of the match. If your odds are higher, you have an advantage over the bookmaker.
2. Non – use of the Bank | Random betting
“I have 200€ in my account, so I will bet 50€ on Man C or even 100€, because yesterday I lost and today I will kill the loss…”
Don’t do that. To become a long-term successful player, the organization and implementation of a bank management strategy are required. Chasing losses or overconfidence for certain bets are a constant danger.
With a consistent bank management strategy, decisions on how much to bet are fixed and there is no risk of reckless betting. It sounds contradictory to many people, but most successful tipsters lose most of their time. They win in the long run because they find value, but in the short run, the results deviate. To be sure that these deviations will not take you out of the game, you must have chosen the right betting bank.
Another piece of advice we can give you on this point is to record your bets and make conclusions and balance sheets every few months.
3. Blind trust
On many sites, their main income is from partnerships with bookmakers, which means that they make a profit from your losses. You will notice them in the aggressive advertisements of bookmakers.
Listen to people whose main income comes from their own bets. And if you play alone, make a deeper analysis of your bets. Do not think that without analysis you will be able to beat the bookmaker, in which the odds are made by people who have been dealing with statistics for years.
4. Unrealistic expectations
I will never forget my first slip in the local bookie with three Champions League matches. Naturally, the luck of the beginner came into force and with BGN 5 I won 30 or so. I said to myself “Now I will win easily”. A few months later I had lost about BGN 500. Anyway, now I earn good money from bets based on 3, 6, and 12 months. Like almost anything, it takes time to become experienced in something.
When I started working with tipsters, I had a similar problem with giving up too early and making ill-considered short-term decisions. I remember a boy whose bets I followed. He has been doing very well for the last 3 years and I decided to buy his predictions for 1 month. Exactly this month I lost about 15% of the bank, I gave it another chance and there was still a small loss. Of course, there was no 3rd month and I even wanted my money back. I checked it after 4-5 months and he had killed the loss from the first two months when I subscribed, and every next one was getting better. Since then, I have learned to be patient and that profits never have a straight line.
5. Using Cash out
The Cash-Out option is aimed at gamblers for entertainment, ie the impenetrable. If you are a standard gambler and play an Accumulator with 10 games every Saturday, in rare cases your slip will look good at the 15th minute, and then the Cash Out option may be a good idea. But to cash your bet earlier, you pay about a 10% premium to the bookmaker, based on what your bet currently costs.
For example, Man City and Liverpool play, you bet 50€ on Over 2.5 goals at 1.80 and in the 70th minute, it is 1-1. The odds in real-time are 1.40 and when you divide the potential profit by the real odds, i.e. 90 / 1.40 = 64€, your bet is evaluated in real-time. But the bookmaker will most likely give you about 60€ for Cash Out, which is a 4€ premium to it from you.
If you manage to eliminate the listed mistakes, I guarantee that you will be ahead of 95% of the other players. Whoever decides can join our community of bettors, where we think long-term and win long-term.
Why don’t you deal with correct score too