For almost as long as sports have existed, people have bet on them. Today, sports betting is absolutely booming. According to data on the website of consumer and market data company Statista, the industry boasted a market size of more than 24 billion USD in 2024. Sports betting is so popular now that it’s become a valid competitor to other forms of gambling, such as casino gambling.
Are you new to sports betting? If so, it’s almost inevitable you’ll make some mistakes. But here are some common ones that beginners make and how you can avoid them to increase your chances of winning.
Not knowing enough about the sport you’re betting on
The rules of some sports, say boxing, are straightforward. The rules of others, such as American football, are a lot more complex. Bettors are often so eager to start betting and try to win a bundle of easy cash that they don’t learn enough about the sport they’re betting on. They then make bad decisions and even worse bets. Make sure you’re familiar with the sport you’re betting on to tilt the odds more in your favor.
Ignoring research and analysis
Studying the data and reading all the analysis is crucial to make informed decisions. If you’re betting on the college football lines but not actually studying the form of the teams playing, that’s a big mistake. Stats such as player form, injuries, head-to-head form and more all give potential clues about how a team or individual could perform on the day.
Sometimes this mistake is just a question of not having enough time to deep-dive into researching a team or individual or not being aware of all the resources out there to do it. There are plenty of sports apps, blogs and podcasts now that can help you keep up to speed on what’s happening. You can even tailor the feed of some so you can see the stories that matter most to you.
Always backing a team
A quarterback might be experiencing a run of bad form, but you hang on in there waiting for them to start throwing well again. A team defense might be leaky as anything, but you hold on, hoping they’ll tighten up. All the while, you’re losing stake after stake after stake.
You may be a big fan of a college football team, an NFL team or an NBA team and have supported them since you were a child, but you don’t have to back them every single game. If you are, you’re letting your loyalty to the team cloud your judgment.
The better approach is to study the stats and analysis and bet on the team you think will win or lose. Yes, support your team, but don’t back them if the stats are screaming that it would be a bad idea. Don’t just back a team because your mates are doing so, either.
Chasing losses
People do this in the mistaken belief that if they place a bigger bet or make a riskier bet, they can win back the money they’ve lost. This is an absolute sports betting no-no because it means emotions are driving the decision. Often, it causes further financial setbacks.
To avoid this, create a budget and stick to it. Once you’ve used your budget, simply call it a day. Don’t forget to take breaks when sports betting as well.
Betting on too many games at once
When betting on team sports, such as soccer, NFL football or NBA basketball, it’s tempting to bet on more than one game. This forces you to spread yourself too thin. It’s harder to follow all the events at once and conduct any real analysis of what went wrong or right with your bet.
Focusing on quality instead of quantity is the way around this. Choose one event and really drill down into it. The more you can focus on it, the better the chance you’ll give yourself of a favorable outcome from your bet.
Not shopping for the best odds
There’s a lot of competition between sports betting companies, and experienced bettors know to look for the best odds and betting lines to get the best out of their betting. One sportsbook may place the favorite in an MMA event at -150, whereas another might place them at -160. This gives you an opportunity to earn more money from your stake if the underdog comes through.
All it takes is a bit of research into sports betting companies online and a glance at the odds they’re offering for the event. Then open an account with the one giving the best returns. It’s fine to open an account with more than one service provider.
Sports betting is entertaining, but it’s easy to make mistakes when you’re starting out. Following the tips above to improve your sports betting. Other things to avoid include holding unrealistic expectations of sports betting and overreacting to recent trends.
