The opportunity to profit from sports betting online has never been greater, but even with the necessary tools and betting systems that are proven to create a profit, many people still end up losing money. This article looks at some of the most common mistakes people make that can turn the potential of profit into regular losses:
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This is a classic mistake that nearly all Gamblers make in their eagerness to make money. You have a great method, that will statistically prove profitable, but there comes a run when the right conditions seem to dry up. Eventually, you get itchy feet and start to manufacture bets that don’t match your strict requirements, forgetting that it was these strict requirements that determined your profitability. The inevitable happens, the profits turn to losses and in the worst case scenario your betting bank is blown! How do you avoid this? Simple, stick to the rules and be patient!
2. Chasing loses
As a consequence of the above, or just during a bad run of results (which statistically is always going to happen) we will find the classic mistake of chasing losses. After a loss, instead of taking it on the chin and sticking to the plan, the gambler will feel cheated and psychologically hurt by the result, vowing to win the money back on the next bet and increasing the amount bet in order to do so. Of course, if the next bet loses the same happens and before you know it stakes and losses have spiralled out of control. How do you avoid this? Simple, again just stick to the rules and be patient!
3, Using your own money
Any money used for gambling should always be viewed as a speculative investment in the same way as stocks and shares are, the money used must be totally separate from your own money and must be money that you can afford to lose. If you do not keep a separate bank of money for betting, your psychological attachment to it will cloud your betting judgement and can contribute to your failure.
4 Taking a short term view
Just as no one would decide the merits of a stock market investment on the basis of one day or one hours price movements, the same should be observed when betting for profit. It should be viewed as a long term plan and the outcome of individual bets and daily or weekly results should always only be assessed in the context of the long term profitability of the method being used.
5 Not keeping records
You must keep records of all your bets, it becomes all to easy to forget the losses and remember only the winners if you do not have accurate records. With accurate records you will be able to view the performance of any system in your betting portfolio over time and deal with any performance issues that this may highlight.
Most of the mistakes mentioned above can be avoided by looking closely at the “psychology” of betting. No matter how good any system is you will not win all of the time. The way in which you handle your losses and manage your money will be the determining factor in deciding your success.