Far back 1906, the 80/20 rule which describes the unequal distribution of wealth was created by an Italian economist, Vilfredo Pareto. He observed that 80% of the wealth is owned by 20% of the people. Thus, the Pareto principle.
This principle applies to sports betting as well. This is to say, only 20% or less bettors end up successful in the long run while the remaining 80% fail.
Chance is, you have been in that 80% group and lost money in few or several occasion betting. Let’s consider 5 crucial but most ignored reasons why a large percentage of sports bettors lose. Explore them and figure out ways you can improve your winning chances.
Ignorance
This typically means lack of in-depth knowledge. In this case, it is lack of the betting knowledge needed to make the right betting selection on a particular matchup event.
There’s a world of difference between knowing names of football clubs in a particular league and few of their players and having the informed knowledge required to wager money on their games. Many bettors have lost money due to such misguided thought.
As a bettor, you need to research and analyze appropriately prior to your bets. Circumstances like teams head to head stats, player injuries, match importance, and current form should be considered. Then, you can apply the right betting strategy in order to stand a good chance of winning.
Money Management
This has send most bettors parking earlier than they thought. Believe it or not, there’s a slight difference between a bettor who can predict the winner of a match and one who wins money in the long run – money management strategy.
For example, it is foolhardy to bet N1000 on one game and bet N10,000 on another. If you’re going to do that you suddenly need to have ten times better knowledge with your 2nd bet. Believe me, you don’t!
While it is possible to win a few games where you have staked bigger, this strategy will come back and bite you over the long run. Bettors often make the mistake of increasing their spend after a win or loss and this mostly makes no logical sense. You need to understand your betting bank and be disciplined about spending only the percentage of it that your staking plan suggests. And do it consistently!
Betting On One Too Many Televised Games
Many bettors are too quick to place their money on live games. There is an extra excitement and feel of involvement that comes with betting on live games, regardless of how confident you feel about your bets. However, you are no more likely to win betting on a live game than one that’s played later tonight or tomorrow so, if you’re tempted only by the excitement, the amount you stake on such games should be much smaller than your standard bet amount.
Casino Betting
This is a pitfall that can easily trap gamblers and where the percentages always favour the house. Unlike sports betting, where knowledge and expertise are factors in whether you win or lose, you can’t shift the odds in your favour in a casino.
A good number of online bookies have added online casino betting, which is colourful and enticing, but don’t get sidetracked by such gambling alternatives if you bet on particular sports and are quite good at it. Stick to what you know and don’t spend significant money on other gambling options you do not understand quite so well.
Betting On The Wrong Events
Football and basketball receive the highest share of bets because they are the most popular sports to watch. However, these two sports have been shown to be the toughest from which to generate long-term profits.
The sport-of-choice among professional sports bettors is baseball, with hockey also being slightly more profitable for bettors than basketball & football. You, therefore, need to acknowledge that you do not have to enjoy the sport you are betting on in order to win; that deriving value from your betting is what matters in the long run.
Find out what you are good at rather than throwing away hard-earned money on what everyone else is betting on!
Also read – why you lost bets and how to curtail it.
Leave a Reply