What mistakes people make the most while placing bets?

Today we would like to tell you about ways of avoiding mistakes when it comes to placing bets...

Table of contents:
  • People mistakes while placing bets
  • What forms of betting should you avoid?
  • Multiple betting, a parlay
  • Betting live
  • What else should we avoid?
  • Do not fall into confirmation bias
  • Do not double stakes
Posted by Tom
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People mistakes while placing bets

Today we would like to tell you about ways of avoiding mistakes when it comes to placing bets. Each and every bettor had to start somewhere. No wonder most of us lost a lot in the early days of betting. It is because we didn’t know how to calculate the risk and how to choose the right bet. So how to make sure that nothing like that will ever happen again?

Read also: How to fight a gambling addiction?

The following article will provide you with some essential information regarding the most common mistakes bettors make. What’s more, we will also show you how to distinguish types of bets that are least profitable and how to make the most out of bets you find. In addition to that, we will give you some extra advice that will help you in your future betting.

What forms of betting should you avoid?

There are several methods that people should avoid but unfortunately they are not only very often applied, but they are at the same time one of the most popular types of bets in a given bookmakers. The short list of types of bets you should avoid consists of parlay, live bets, favourite bets, scorecasts, or fast coupons. But what makes these things a bad bet?

Multiple betting, a parlay

Parlay is when instead of placing a double or treble, you decide to place a multiple bet that is composed of at least four different results. In case of football, it means that you create one coupon for four different matches. Although parlay can boast with huge ratios that are generally over 20.0 (it means that for every $10, you can earn $200), the probability of winning such bet is very low. In many cases parlays have less than 10% for it to be successful. The more items we add, the lesser chances we have.

Read also: How to deal with losing while betting?

A lot of players claim that if they place a bet on teams that are almost 100% certain to win, they will win. Football as well as any other sports discipline have its own rules and even if Real Madrid is playing against weaker team, there can be a surprising draw. In that case, one unfortunate bet can get rid of quite huge reward.

That is why preparing a parlay is very similar to trying to win in a lottery. If you are looking for a jackpot returns, then in fact multiple bets can be the best option for you. If; however, you are more interested in keeping some money, then avoid those type of bets because of:

Some time ago the most popular betting sport was horse racing, especially in Great Britain. However, nowadays other disciplines become more and more popular, making horse racing of lesser interest. Although the popularity was steadily dropping, bookmakers were still doing everything they could to make people interested in betting to the point it was possible to place a bet minutes before the race started, on the stadium, and collected a reward just after the race ended.

1. Bigger ratio means bigger risk

The more bets you place in one coupon, the better chances that it won’t end in the way you assume it will. Always remember that one bad choice can ruin a multiple bet.

2. Bookmakers are limiting your profits

If you decide on placing several coupons with multiple bets, then there is a chance that bookmakers will limit your income. In case you got lucky, the bookmakers will limit the profits to a certain amount. In some cases it is approximately $50.000, but in other cases it is less.

Of course it doesn’t mean that parlays are bad in every case. If you happen to find several bets with value, then there is nothing bad in trying to make a profitable coupon. However, it’s easier to say than do it, especially when it comes to beginners. The key to success is to find value.

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Betting live

Live bets are, next to parlays, the most popular way of betting, since its introduction. It basically allow you to participate in various types of betting in the events that take place at the same moment. However, in most cases the values of ratios are a bit lowered. It is because finding value in there is almost impossible. Bookmakers are great in preparing live ratios, and that is why you have got only several seconds to place a bet with attractive ratio.

Read also: How to fight a gambling addiction?

What’s more, live betting is one of the best ways of presenting how bookmakers control their clients. The growth in popularity of live bets is the main reason why some bookmakers introduced the possibility to watch the event live.

Another disadvantage of participating in live bets is the fact that in many cases there are huge delays between the ongoing event and the bookmaker, who is accepting bets. Contrary to the bets placed before an event, which are accepted instantly. The delay can be up to 10 seconds or even more. Unfortunately, every week there are bettors who scream in anger because of the fact that their coupons are rejected. Forget about placing a bet immediately after the goal is scored. Bookmakers have got procedures that automatically close markets after an important occurrence like for example a goal, a red card, or any other penalty.

Does it mean that live betting is always a bad idea? Not necessarily, since there are some cases, when live bets make sense. If there are ratios that present value before the match starts and they do not disappear after several first minutes, then it is a go. This is the most often met in case of “under” bets. Although it sounds like a good idea, there are many issues that make live bets not the best idea.

What else should we avoid?

Do not place bets on your favourite team! Although it is obvious that placing bets on your favourite team is a bad idea, a lot of fans have a tendency to overestimate the possibilities of their team. Loyalty and faith will make bad decisions. Besides that, you should also avoid placing bets on the team that your team is playing against. It would be wrong to support an opponent during a match. That is why the best would be to avoid matches, when your team plays.

Another problem can be caused by quick coupons. Very often there are special offers, where bookmakers prepare a coupon for you. Because of that, you don’t have to spend time on analysing teams and statistics – you just pick the one that seems to be right. However, in many cases such coupons are the easiest way to lose your money.

Do not fall into confirmation bias

A lot of people wrongly assume that they were right and despite of unsuccessful bet, they ignore the fact that something was wrong in their method or in their bet. This is one of the most often mistakes people do while betting. Instead of searching for statistics and analyse potential events, they tend to place a bet and then look for things that will confirm their decision. That is why we should always take a closer look at events we are about to bet.

Do not double stakes

A lot of people think that just like in roulettes, we can double stake every time we lose. Unfortunately, in many cases such ideas are wrong because eventually, you will come to the situation, where you will have to decide whether you place a bet with all money you have left or you leave, being behind quite a lot. What’s more, some bookmakers put restrictions that can limit your stakes. Because of that, they will block your method.