Don’t make these common mistakes when placing your first sports bet

It’s fun to put a little cash on your favourite player or team to make even more cash. But knowing the various sports wagers and the meaning of the different symbols or numbers is vital, though often overwhelming, especially for beginners.

However, there’s no need to worry. It’s simply about knowing the basics, reading the market, and analysing games.

To earn some extra bucks, try to avoid these common mistakes when placing your first sports bet:

Not researching / betting under the influence

Even a little research can make a difference, and much more so when concrete research is carried out on the betting line and previous results before betting. 

You don’t want to bet when under the influence of alcohol or drugs. You’re going to have a bad experience if you aren’t mentally and physically okay to make the best decisions.

When you don’t shop betting lines

Betting sites make it very easy to shop betting lines. Ensure you shop the different betting lines to get the best value for your wager.

To make a significant betting profit, create and fund accounts in more than one online sportsbook. After choosing your bets, check the available wager lines on all sportsbooks you’re working with. 

Then, compare the lines on all sites to have the right baseline. Place the bet once you find the sportsbook offering the best one.

You don’t use a bankroll management plan

Don’t bet without a bankroll management plan. The idea is to have a particular plan without depleting your betting bankroll.

A bankroll plan offers a strategic measure of the amount you should bet on a given wager, and it helps to stretch your bankroll further. 

Check to learn more about bankroll management plans and other ways to navigate sports bets.

Not limiting your bets

You shouldn’t bet on everything under the sun. Narrow your focus and bet on sports you’re conversant with.

As a beginner, start by choosing a sport you know very well, and expand from it as you acquire experience.

Failing to cash out

Try to cash out your winning bet tickets. Your winning bet ticket doesn’t equal cash until you cash it out. 

Not cashing out immediately it’s available might make you prone to losing your winnings, or forgetting the pleasure brought by your winning wager.

Betting always

Too much of anything is bad. While it’s entertaining to bet on your sports or team, the idea is to bet when you have some certainty.

You might want to wait for the appropriate wagers to pop up before betting. Always go for quality and not quantity in sports betting.

Betting on unsafe betting sites

Don’t make the mistake of betting on an untrustworthy online sportsbook.

It’s bad to bet on a site without doing your research. Avoid any site with questionable cashout, transaction records and odds.

Always do thorough research on the best betting sites in Canada. These will have been properly vetted for authenticity.

Betting emotionally 

Many people, especially beginners, allow their emotions to control them when betting. In particular, it’s unwise to bet against your favourite team or player, or even bet against a home team when it’s a big underdog. 

In other words, don’t bet on a team because you love them, or against a team because you dislike them. If you find your emotions overruling common sense, then it’s time to take a break.

Always make calculated bets while following the statistics and the team’s form. The No.1 killer of investment return is emotion.

Don’t bet on credit or what you can’t afford to lose

It’s a common rookie mistake to bet on credit, owing to high expectations on a game. However, you should postpone the bet until you have available cash. Never borrow to bet, because you might end up paying interest on the cash you’re borrowing. 

There’s no sure bet. Betting on credit might cost you more! The number one rule of thumb in betting is not to bet with money you can’t afford to lose.

Chasing losses

If you lose a bet, take a few seconds to let it slide. Don’t rush and make another bet to recover your money. You may continue to burn your fingers. Rather, take a breather, and then research other games that look promising.

Final analysis

While sports betting can be fun, losses are a key component in any wager. However, you mustn’t complicate things by making rash and uneducated decisions. Knowing and avoiding the mistakes listed here will help ensure betting remains fun. 

When you know the basics, bet with your head, manage your expectations and bankroll, do not overly bet on favourites, and aren’t intoxicated, you’re more likely to minimize your losses and make some extra cash. 



About Joel Levy 2574 Articles
Editor-In-Chief at Toronto Guardian. Photographer and Writer for Toronto Guardian and Joel Levy Photography