Avoid These 7 Mistakes for Long-term Sports Betting Success
At some point, everyone is new to sports betting. The sharpest gamblers in the world were once new to the game and had to learn the hard way how to become a successful long-term bettor. Sports betting can be thrilling, rewarding and most of all fun, but it’s important to understand the risks that come with wagering on outcomes.
With the sports betting audience growing larger, we’re here to make sure everyone from recreational bettors to hardened gambling veterans maintain an enjoyable experience. We believe sports betting is and should be a form of entertainment. Although the goal is to profit off our bets, we can’t win them all and it’s crucial to have fun despite inevitable losses.
RELATED: Three Things to Know Before Betting on Sports
That’s where we come in. By using the power of our cutting-edge predictive analytics, we help you find every chance in your bets to turn a profit. It’s easy to miss the important nuances and small factors that can mean the difference between a winning bet and a losing one. Our goal at Dimers is to streamline that experience for you so that you never miss an advantage to gain over the sportsbooks.
How to Bet on Sports
If you do plan to get involved in sports betting, be sure to take advantage of the exclusive signup bonuses offered by each book available in your state. For example, DraftKings is giving new users $150 dollars in bonus bets for placing just a $5 wager. At BetMGM, you can get up to $1,000 back if your first bet loses.
You can use our Best Sportsbooks page to see every book that you can get access to, as well as the details of every promotion you can use.
Avoid these 7 mistakes when betting on sports
1) Not setting a limit
Simple and straightforward and the number one rule in gambling of any kind. This means both your bankroll and a daily limit. Decide how much money you can afford to gamble and stick to it. Profitable bettors can increase their bankroll over time. Tracking wins and losses is a key part of maintaining your limit and monitoring how much you’re actually up or down over time.
2) Chasing losses
As gamblers, sometimes our bets are hot and sometimes they are cold. Bad days are inevitable in the sports betting arena. If you have a down day or two, remember Rule #1! Stick to your daily limit and don’t make a risky bet or double down to recoup your losses, which brings us to our next mistake…
3) Varying bet size too much
Setting a unit size appropriate to your means is critical. At 1-3% of your total bankroll, units help manage your cash flow and ensure you don’t lose in significant chunks. It’s fine to bet more than a single unit on a bet that your data backs up, but dropping 10-unit mega plays is a good way to drain your account.
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4) Betting with emotion over data
This is a big one. It takes research and patience to become a profitable sports bettor. Simply betting on what you *think* will happen is not enough. You need to back up your gut feeling with numbers and statistics to support your wager.
Similarly, it’s okay to throw a small bet on your favorite team to win the championship. Betting off our fandom is a big part of what makes it fun. But it’s okay to fade your guys if the data doesn’t back it up.
Data is our love language at Dimers. Our predictive analytics model runs thousands of simulations for every game, identifies the Best Bets available at the best price and offers insights into hit probability and more. Best Props, Game Predictions, Key Trends and more, all at your disposal.
5) Not knowing when to pass on a bet
You might be in love with a play. It might be your favorite play of all time, and you spent all morning researching it and realizing it’s the lock of the century. You go to place the bet and … the line has moved. The odds have shifted. Your beautiful, perfect bet is now practically unplayable. If the reward doesn’t justify the risk, save your money for another day.
6) Relying only on player stats and trends
You might be scratching your head at this one.
“Hey Dimers, didn’t you just say to use statistics to back up your bets?”
Yes, valued user, we did! But stats on the surface aren’t always the whole story.
Maybe Gerrit Cole has cashed the over on his strike out props in five straight games, but tonight (hypothetically) he faces the hottest-hitting offense in the league. A basketball player on a scoring streak could be stymied by the league’s best perimeter defense. Back up your numbers with numbers!
We also heard you like old memes.
7) Unrealistic expectations
The sharpest bettors in the world typically see a win rate of about 55-58%. Any sports bettor hitting at 60% would be thrilled with the results. You will not and cannot win all your bets. Some of your perfect calls will lose because of injuries, game script, ejections…you name it. Hope for the best, prepare for the worst, and don’t be afraid to take a break and reevaluate your strategy if things aren’t working out. Above all, remember to keep things fun, and walk away when they’re not.
There’s no perfect strategy to betting on sports, but using this advice and avoiding these critical mistakes will help you win in the long run. Good luck!
Looking for an extra edge in your bets? Our predictive analytics model runs thousands of simulations for every game, identifies the Best Bets available at the best price and offers insights into hit probability and more. Take advantage of our completely free tools for MLB, NBA, MLS, Golf and beyond.
