The American Gaming Association did some research in 2023 and found that nearly half of all American adults (49%) participated in some form of gambling and 20% of them placed a sports bet.
While I’m all on board for everyone trying to win some money, there is a strong chance that 9 out of 10 people reading this are losing money right now betting on sports.
And it’s not like I’m trying to call anyone out, it’s just that I understand very well how hard it is for most people to win money sports betting.
You and I know that the odds are already against us, even before we place the first bet, but the possibility to win still exists and that’s what we chase.
One of the biggest issues for sports bettors is that so many people make the mistake of not using all the advantages that they have or should know about.
This is why having a sports betting strategy is such an important part of sports betting, but we’re not talking about strategies here, we’re focusing on the mistakes bettors are making and what to do instead.
Take a look at these most common mistakes and see how many of them you might be making:
1. Not Betting With Legal Sportsbooks
I want to begin with this as the first mistake because I think it’s the foundation on which every sports bettor starts and it’s one of the most important decisions you’ll make, besides setting a budget.
A 2022 report from the American Gaming Association found that illegal and unregulated sportsbooks are robbing state and local governments of more than 13 billion dollars in taxes every year because they are based outside the US.
But it doesn’t stop there. Using an illegal sportsbook can lead to a variety of problems for sports bettors.
It is important to understand that illegal sportsbooks operate outside the regulations and oversight of legitimate gambling authorities such as:
This means that there is no guarantee of fair play or transparency in the betting process.
Without proper regulation, illegal sportsbooks may engage in unethical practices such as manipulating odds, withholding winnings, or even refusing to pay out altogether, when you win.
Illegal sportsbooks have no obligation to protect your data and may even sell it to third parties without your consent.
This puts your sensitive information at risk of being misused or stolen, potentially leading to identity theft or financial fraud.
All of which puts you at a significant disadvantage and increases the likelihood of losing money.
Here are some striking stats from the American Gaming Association about illegal sports betting:
- More than 50% of sports bettors who bet with illegal operators believed they were betting legally.
- But more than 76% of sports bettors say that it’s important to bet with a legal operator. Read it again.
- And still, 25% of sports bettors use illegal sportsbooks in states where sports betting is legal.
I can understand why this is still the case for the most unaware sports bettors and it’s because more websites online are recommending illegal sportsbooks to US customers.
The other problem with this is from other sports bettors who are trying to avoid paying any taxes at all on their winnings, which is a big mistake.
It may not seem like it in the beginning but in the end, you never really get an advantage with an illegal sportsbook.
It’s only a matter of time before you get the short end of the stick or something happens that causes your account to close and you lose your money, with no one in sight to help you get it back.
2. Not Having a Game Plan
Having a game plan when sports betting means having a well-thought-out strategy and approach to your betting activities.
It involves setting clear goals, establishing a budget, and determining the types of bets you will make.
A game plan helps you avoid impulsive and emotional decisions that can lead to losses. It allows you to make informed and calculated decisions based on research, analysis, and statistical data.
To have a game plan, you should start by defining your objectives. Are you betting for fun or to make a profit?
Understanding your goals will help you set realistic expectations and guide your betting strategy.
3. Not Setting A Budget
Not setting a budget and ignoring the importance of bankroll management is a common mistake made by many sports bettors.
Without a budget, you are more likely to overspend and lose more money than you probably want to lose.
Setting a budget prevents you from getting carried away with your betting activities in a way that affects your life.
Bankroll management involves setting aside a specific amount of money, known as the bankroll, exclusively for betting purposes.
Ignoring the importance of it can lead to reckless betting behavior and significant financial losses.
Without a betting budget, you may be tempted to chase losses by increasing your bets or making impulsive decisions, which can quickly deplete your funds and put you in a difficult financial situation.
You want to establish a clear and realistic budget for your betting activities and determine how much money you are willing to allocate for betting and stick to that amount strictly.
Treat your bankroll as a separate entity from personal finances and not mix the two, create a separate bank account if you have to, and be disciplined about sticking to it.
Something important to also keep in mind is to never bet more than 1-5% of your budget on one bet.
For example, if your budget is $100 you really shouldn’t be betting more than $1-$5 on a single bet.
4. Not taking advantage of promotions or bonuses
Sportsbooks are always offering promotions and bonuses to attract new customers and keep existing ones.
These promotions can provide bettors with additional value and increase their chances of making a profit.
However, some bettors overlook or ignore these offers, which can be a missed opportunity that could potentially boost their winnings.
One reason why bettors may not take advantage of promotions or bonuses is a lack of awareness.
Sportsbooks often advertise their promotions on places, such as their website, social media, or email newsletters.
However, if bettors are not actively following or checking these places, they may miss out on valuable offers.
Another reason why bettors may not utilize promotions or bonuses is a misunderstanding of the terms and conditions.
Some promotions may come with specific requirements or restrictions, such as minimum bet amounts, wagering requirements, or limited betting markets (think moneyline or point spreads).
To solve the mistake of not taking advantage of promotions or bonuses, you should actively seek out and stay informed about the offers available at the sportsbooks you want to use.
You can do this by regularly checking the sportsbook’s website, following their social media accounts, and subscribing to their newsletters.
Take the time to read and understand the terms and conditions associated with each promotion to ensure you can fully benefit from the offer.
5. Not Knowing The Odds
In sports betting, odds are measurements of the likelihood of an event happening. But even with strong odds it doesn’t mean that an event always happens in the way the odds favor.
For example, a basketball team might be heavily favored to win a game, but sometimes even heavily favored teams lose.
But most often the odds are a close representation of what happens in real games.
Understanding the odds on your bets is important because they determine the potential payout and the likelihood of you winning.
Many bettors fail to grasp the concept of odds and end up making uninformed betting decisions.
To solve this mistake, you should take the time to learn about different types of odds, such as American odds because that is the most common type of odds used in the US.
You should understand how to interpret these odds and calculate the potential winnings which will help you make bets with more favorable odds.
You also want to compare the odds offered by different sportsbooks.
Each sportsbook may have slightly different odds for the same event, so finding the best one can significantly increase the potential profits you get when you win.
One of the best odds comparison websites and tools that will help you quickly identify sportsbooks offering the most favorable odds is OddsJam.
I personally use OddsJam to find positive expected value bets. I think they have built a great product and saying that their customer service is top-notch is an understatement.
You really have to see it for yourself to believe it and I don’t think that you could work with any group of people who are more professional and helpful.
6. Not Tracking Your Bets
If you’re not keeping a record of your bets, you are essentially gambling blindly without any way to analyze your performance or learn from your mistakes.
Tracking your bets is important for several reasons.
It allows you to evaluate your betting strategy. By recording details such as the type of bet, the odds, the stake, and the outcome, you can analyze which strategies are working for you and which ones are not.
This data can help you identify patterns and focus on areas where you have an edge while avoiding bets where you consistently lose.
When you track your bets you have a clear picture of your overall profitability, so you can assess whether you are making money or losing money in the long run.
This data can help you adjust your betting strategy and manage your betting budget more effectively.
To solve the mistake of not tracking your bets, start by creating a simple spreadsheet or using a dedicated betting tracker app.
I want something more automated to do this, so I use Pikkit. It syncs with all of the places I am betting and as soon as I make a bet it tracks it then once the bet is settled it lets me know whether it won or lost.
Pikkit also shows me information regarding my bets so I know whether I am making money over a week, month, or over time.
So you get to see how much money you are losing or winning in one place, which I think is great.
7. Betting More Than You Can Afford To Lose
This occurs when bettors wager an amount of money that exceeds their financial capabilities. A mistake that is often driven by the desire to make quick profits or recover previous losses.
One of the main reasons why betting more than you can afford to lose is a mistake is the inherent risk involved in sports betting.
No matter how knowledgeable or skilled you are, there is always a level of uncertainty in the outcome of sporting events.
Even the most successful bettors experience losing streaks and no bet is ever really a safe bet.
To avoid this mistake, have a dedicated bankroll for your betting activities and stick to it.
A bankroll or budget is a predetermined amount of money set aside solely for betting purposes. It should be an amount that you are comfortable losing without negatively impacting your financial stability or daily life.
You should also only be betting 1-5% of your total budget on a single bet. See #3 above.
8. Betting on too many games or events at once
It is easy to get caught up in the excitement of multiple games simultaneously and wanting to place bets on all of them.
However, this approach can lead to a lack of focus and a dilution of your betting strategy.
By spreading your attention and resources across too many games, you may not be able to thoroughly research each one and make the best bets, ultimately resulting in losses.
Another reason why betting on too many games at once can be detrimental is the potential for emotional decision-making.
When you have money riding on multiple games at the same time, it can be challenging to remain objective and make rational decisions.
Emotions can cloud your judgment and lead to impulsive betting based on personal biases or gut feelings.
This can significantly impact your ability to make logical and strategic bets, increasing the likelihood of making mistakes and losing money.
Making too many bets is really a path leading to nowhere good and your budget will be all used up before you even know it.
To avoid this mistake, it is important to exercise discipline and select a limited number of games or events to bet on.
Quality over quantity should be your guiding principle.
You want to narrow down your focus to allocate more time and effort on only a few games.
One of the greatest benefits you’ll get from this besides winning money is that you won’t become overwhelmed.
You’ll still have the ability to enjoy the game you bet on, which is a lot harder to do when you have money spread out on multiple games and you’re worried about losing it all.
9. Always betting on their favorite team or player
Many people have a strong emotional connection to their favorite team or player, which can cloud their judgment when it comes to making rational betting decisions.
It is important to understand that betting based solely on personal bias or loyalty can lead to financial losses in the long run, especially when the odds are not in your team’s favor.
By ignoring the odds and other relevant factors, bettors are essentially gambling on their emotions rather than making informed decisions based on objective analysis and data.
This can be a costly mistake that can be avoided with a more disciplined and analytical approach to sports betting.
To avoid the mistake of betting on your favorite team or player without considering the odds or other factors try to adopt a more disciplined and analytical approach.
This involves doing your research, analyzing statistics, shopping for the best odds, and considering all relevant factors whether or not your team or player actually has a chance of winning before making a betting decision.
Detach yourself from personal bias and emotions and make your decisions based on objective analysis and data as this will stop you from potentially losing money less often.
10. Not being disciplined and sticking to a betting strategy
Many bettors fail to realize the importance of discipline in their betting approach.
Without discipline, it becomes easy to make impulsive and emotionally driven decisions, which often result in poor betting choices.
A betting strategy outlines the rules and guidelines that you would follow when placing your bets. It includes factors such as:
- Bankroll management (your budget)
- Bet sizing – The amount to bet based on your budget (usually 1-5%)
- Types of bets to place
To overcome this mistake, understand the value of having a well-defined betting strategy and the importance of sticking to it consistently.
By having a strategy in place, you’re able to avoid making impulsive decisions based on emotions or short-term fluctuations in your results.
A well-thought-out strategy provides a framework for making more objective and calculated betting decisions, which increases your chances of long-term success.
11. Focusing on short-term results instead of long-term profitability
It is natural to want immediate success and see immediate returns on your bets.
However, this short-sighted approach can often lead to poor decision-making and ultimately result in losing money in the long run.
It’s important to understand that success in sports betting is not determined by a single bet or a single day of betting, but rather by consistently making profitable bets over a longer period of time.
One of the main reasons why focusing too much on short-term results is detrimental to long-term profitability is the inherent variance in sports betting.
Even the most skilled and knowledgeable bettors can experience short-term losing streaks due to factors beyond their control, such as unexpected injuries, coaches, or referee decisions.
When you focus only on short-term results, you may become discouraged and abandon your strategies prematurely, missing out on potential long-term profitability, and losing a lot of money.
To overcome this mistake, you should shift your focus from individual bets to a larger sample size.
Instead of evaluating your success or failure based on the outcome of a single bet, you should analyze your overall performance over a significant number of bets.
This will provide a more accurate representation of your profitability and help identify any patterns or trends that can be used to make more winning bets in the future.
12. Chasing losses
Trying to win back money that was lost is a common mistake that many sports bettors make, I have been here myself.
When you experience a losing streak, you might feel the need to recoup your losses quickly, which will cause you to bet more money than you usually would.
This can lead to impulsive decision-making and irrational betting behavior.
One reason why bettors chase losses is the belief in the concept of a ‘sure thing’ or a ‘lock.’ They may convince themselves that a particular bet is guaranteed to win and place a larger wager in an attempt to make up for previous losses.
Chasing losses can also be fueled by emotions such as:
- Frustration
- Anger
- Desperation
Losing money can be disheartening, and bettors may feel the need to take bigger risks to regain their confidence or prove themselves right.
The truth is, that there are no guarantees in sports betting, and every wager carries a certain level of risk.
Instead of chasing losses maintain your discipline and strategic approach. This involves:
- Setting a budget for each bet
- Sticking to a predetermined betting strategy
- Avoiding impulsive decisions based on emotions or the desire to recover losses quickly
Emotional decision-making rarely leads to favorable outcomes in sports betting so don’t be that person betting more money than you should and can’t afford to lose.
13. Playing Alone
While it may seem convenient to bet in secret and on your own, involving family or friends can actually help you enjoy sports betting a lot more.
When you play with others, you have the opportunity to discuss strategies, share ideas, and learn from each other’s experiences.
This collaborative approach can lead to better decision-making, increase your chances of success in sports betting, and help you have more fun betting.
In addition to being more fun, playing with family or friends can also make sports betting safer. When you have others involved, they can act as a support system and help you stay accountable.
They can provide a different perspective and help you avoid impulsive or irrational decisions.
Having someone to bounce ideas off of and challenge your thinking can prevent you from making costly mistakes.
It’s always beneficial to have a trusted group of individuals who can provide guidance and keep you on track, which is a great benefit to playing with others.
To solve this mistake, consider reaching out to family or friends who might have an interest in sports betting.
Start by discussing your goals, strategies, and expectations. Create a supportive and open environment where everyone feels comfortable sharing their insights and opinions.
Set up regular meetings, calls, messages, or online discussions to review past bets, analyze upcoming matches, and exchange ideas.
I honestly think that this is a great approach to sports betting because it creates that sense of support and community, which is something we all love.
14. Borrowing Money To Bet on Sports
Borrowing money to bet on sports is a risky decision that can lead to serious financial consequences. It is strongly advised against for several reasons.
When you borrow money to bet, you are essentially gambling with borrowed funds, which will add more pressure and stress to your life.
This can cloud your judgment and lead to impulsive and irrational betting decisions.
Borrowing money to bet on sports can also create a cycle of debt that is difficult to break free from.
If you lose the bets and are unable to repay the borrowed funds, you may find yourself in a precarious financial situation.
This can lead to further borrowing or even resorting to other desperate measures to repay the debt.
It’s important to prioritize your financial stability and avoid unnecessary risks that can jeopardize your financial well-being.
Instead of borrowing money to bet on sports, only wager what you can afford to lose. Set a budget for your sports betting activities and stick to it.
Treat sports betting as a form of entertainment rather than a means to make quick money.
If you find yourself in a situation where you are tempted to borrow money for sports betting, it may be a sign of a gambling problem.
Gambling addiction can have severe consequences on your personal and financial life. If you believe you have a gambling problem, try to seek help from professionals or support groups specialized in gambling addiction.
Doing this can be the difference between you losing $1000 vs $100,000
15. Not knowing when to stop betting and walk away
One of the main reasons why bettors struggle to walk away from sports betting when it stops being enjoyable and healthy for them is due to a lack of discipline, self-control, and honesty with themselves.
Another factor that contributes to the difficulty of not knowing when to stop betting is the phenomenon known as the gambler’s fallacy.
This is the belief that previous outcomes will influence future outcomes, even though each event is independent and random.
For example, if you have experienced a series of losses, you may be tempted to continue betting on the same bets in the hopes of eventually winning.
But the truth is that each bet has its own odds and should be evaluated independently and recognizing this can help you make rational decisions and prevent you from falling into the trap of chasing losses.
To overcome the challenge of not knowing when to stop betting and walk away, it is helpful to establish a set of rules or guidelines that you can follow.
These rules should include factors such as a maximum loss limit, a maximum win limit, and a time limit for each betting session.
Setting these boundaries in advance and sticking to them, will help prevent you from getting caught up in the moment and turning a blind eye when sports betting is not beneficial for you anymore.
Having clear limits and sticking to them, regardless of whether you are winning or losing is very important and can help you maintain a responsible and enjoyable betting experience.
Sports betting is fun, but it’s not so fun when we’re losing more money than we want to lose. Avoid making these mistakes and continue enjoying sports betting, while you watch your favorite sports.
Just bet responsibly!