Pointers for More Successful Sports Betting
Are you an amateur sports bettor who just wants to stop losing money and start winning like the pros? Do you need to learn a secret formula to do that? Maybe not, but these proven tips may help you on your next best:
Checking the Odds
Ask a professional sports punter who they’re betting on and you may be surprised that it’s not the one they think will win. It’s an important point because winning punters usually just place their money on results which they think are likely, instead of what the odds suggest. These pros stack up their wins over time by looking out for results underestimated by bookmakers. This could mean betting on the underdog or on the favorite, but still only when the odds are right.
Mind Before Heart
Many people bet for emotional reasons instead of an objective assessment of the probable result. They may bet for their sports idol or maybe for their city or country. Of course, the bookmakers will respond by tweaking their odds as deemed necessary. This means the odds-on favorite to win may be picked more because of popularity, instead of what the bookmaker actually thinks of their chances of winning. So if you already have an emotional investment on your team, forget it and be careful when betting on any result.
As you may know, Warren Buffet, one of the most successful stock market investors ever, advises against investing in something you don’t understand. This is true even for sports bettors. You want results that are more likely that what the odds tell you, so you have to be knowledgeable enough in your chosen games before that happens.
The Bigger Picture
There are times when people get so engrossed in sports betting that they tend to be obsessed with statistics and having to analyze them before deciding which players or teams they should bet on. Based on a Journal of the Association for Psychological Science (APS) study, doing that could actually reduce your chances of winning. Not to say that you should ignore the data, but experts advise looking at the overall picture instead of being overwhelmed with small and usually irrelevant factors.
Finally, no matter how great you become as a sport bettor, accept the reality that you will lose many games. We all hate losing, but if you let your losses eat you, you may just end up in the middle of a psychological phenomenon called the sunk cost fallacy. It’s when losing money affects you so much that you begin to behave irrationally, leading to even more losses. In short, as any pro punter would tell you, embrace both the good and bad days.