Betting may seem like a straightforward activity, especially for someone who is just starting out. Take some money, choose whatever seems most appropriate, and wait until the game is finished. That’s the attitude of most new bettors, and it’s a wrong one to have. There are many mistakes new bettors make, so it was hard compiling a list with only five of them, but we believe this one covers the most critical points. Even experienced bettors sometimes make mistakes, so don’t worry about it as long as you’re constantly working on improving your betting habits.
Not Taking Time to Learn the Betting Platform
To start the list, we’ll begin with something that may seem like a trivial thing, but it’s very common. Bettors would find an attractive promotion, sign up, and make a bet, but they would end up disappointed because they didn’t take enough time to read the rules of the promotion or those of the platform. There are a lot of betting platforms out there, from big-name brands to smaller, less-known ones. Either way, it’s equally important to choose a legit platform as it is to take time and read all the terms, and get used to the interface. Read their blog, follow their social media pages, stay informed, and grab the best promotions while keeping the chances of failure due to poor understanding at a minimum.
Not Managing the Bankroll Properly
Bankroll management, yes, you’ve heard it a hundred times already, but stick with it. It’s the single most important thing you’ll read on this list. Only bet money you can afford to lose. Period. It’s that simple. Once you start taking from the pile you didn’t intend to use for betting, the whole thing can form into a snowball. So, do yourself a favor: keep your betting money separate, like socks from laundry. If you’re a new bettor, this is the most valuable betting habit you can adopt. A flat-betting system is encouraged. Use 2-5% of the total bankroll on each game, and stick to the same unit size. It’s common for novice bettors to increase their unit size after a series of losses. It’s not smart.
Placing Too Many Wagers
It’s a common pitfall, betting on every sport under the sun just because you watch them all. If your betting slip is like a smorgasbord of random sports and leagues, it’s not a good thing. It doesn’t always matter what you personally like, what sports you enjoy watching, or what team you support. Bet diversification sounds smart, but most often it can be the opposite. Instead, focus on one sport you know best. Preferably, bettors should focus on larger, better-known markets because they are more liquid and more stable.
Betting Out of Boredom
Riding high from the weekend’s unexpected windfall, Monday rolls around, and suddenly you’re feeling like a seasoned pro, brimming with confidence, only to find that there’s nothing worth betting on. So, what do you do? Well, naturally, you drift into those lesser-known leagues, scrolling past teams whose names you can’t even pronounce. And then, without a second thought, you’re placing bets on games you wouldn’t even watch if they were on at the pub. That’s a totally wrong approach, and a common pitfall for new bettors. Even though numbers on the screen may feel virtual, the money in your pocket is real.
Not Looking the Broader Picture
Falling victim to the latest trends is a common mistake new bettors make. Look at the broader picture and use a large sample size to make decisions. They’re golden for spotting the rare edge you might have over the sportsbooks, yet it’s wild how bettors still cling to a team’s performance over just the last few games. Think about it. It’s easy to spot five wins in a row and make a conclusion the team is a safe bet. Wrong. Here’s the twist – sometimes the team coming off a loss is undervalued. Why not lean into that? Buy on the bad, sell on the good. It’s a classic case of betting jujitsu. But some bettors go all in on trends that have nothing to do with actual betting. If we have to make comparisons, that would be like trying to win poker by memorizing chess strategies.