What Not To Do When Betting on Sports

When it comes to sports betting, there are many different strategies that can work for punters, but this does not necessarily mean there is a formula that will win every time. It is impossible to be able to know which bets will win, though there are certainly ways of betting smartly.

Do Not Always Go For Long Odds

Whilst it can feel amazing to win large amounts of money from one bet, it is important to not exclusively place longshot bets. The probability of winning bets with long odds are small, and the chances are that they will not win frequently. It can become frustrating to keep trying bets with long odds, so sometimes it is better to place bets with shorter odds and try to build up winnings from smaller payouts.

Do Not Overload Parlays

It can be tempting to place multiple bets into a parlay, because the odds of each singular bet is multiplied against the other to create longer odds. The downside is that all bets must win for the parlay to pay out. That is why it is really risky to try to create parlays with 10 or more bets. Even if the odds on each bet are short, which suggests they have a good chance of winning, there is no guarantee that every single bet will win.

Rather than overloading parlays with bets, try to use smaller parlays of 3 or 4 individual bets. You can also consider placing a number of smaller parlays rather than one big one.

Do Not Bet Blind

It goes without saying that with the proper research, you will have a better chance of winning. The odds offered are usually calculated by taking many things into consideration such as the statistics of the players, teams or contestants. To bet successfully, it is important to do as much research as possible. For example, in regards to a football match, if there are two teams who are evenly matched but both teams score a lot of goals, it may be easier to predict how many goals the teams will score at the end of the game rather than try to predict which team will win.

Do Not Always Trust the Favourite

When odds are shorter, this means that on paper the bet has a good chance of winning. However, there are no guarantees so you should try to assess whether the short odds are really worth betting on. When placing a small stake on a bet with odds that are between 1.10-1.50, the returns if the bet wins will not be massive. With bigger stakes, it is possible to create larger winnings, which may tempt some to believe it can be a solid strategy. There is no way of knowing if the favourites will win, and whilst it may work sometimes, it should not be used as a way of making money. It takes just one loss for you to lose a lot of money very quickly.

Do Not Chase Losses

This is one of the most important things to avoid. When on a losing streak, it can be tempting to try betting more money to try to recoup your losses. However, this can become an endless process and it is easy to lose control and bet more than you can afford.

There are ways to avoid chasing losses, such as setting time limits or having a strict plan for a budget, both of which will stop you from throwing money at bets you would not normally place.

Hold Onto Your Winnings

Just as chasing losses can be extremely destructive, placing bets for the sake of it can be equally dangerous. If you win big, it can be tempting to try and extend the winning streak with some random bets on various sports.

These bets have a far lower chance of winning and it is an easy way to lose all the money that was won. The way to avoid placing unnecessary bets is to take a short break after a big win or to set yourself a win limit after which you will stop playing.

Consider the Cashout

With a lot of sports betting, live bets are available. Live betting can be hugely exciting and it is a great way to make use of your knowledge about the sport being played. Live bets and bets that were placed before a game may have cashout options and it is important to know when to use this feature. When winning, the cashout will offer you a portion of their maximum potential winnings, and when losing it will offer a portion of the original stake.

It can be tempting to avoid using the cash out option in the hope that your bet will win at the end of the game. However, cashing out whilst ahead will avoid any last minute upsets. If you are losing, you should also consider the cash out option as a way to cut your losses. Whilst it does not bring a huge amount back, in the long run it can save quite a bit if you know when to accept defeat.