Are you an amateur sports bettor who just wants to stop losing money and start winning like the pros? Do you have to practice some magic trick? Maybe not, but these proven tips may help you on your next best:
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. This is important because winning punters generally bet on results that they think are highly probable, rather than what the odds are saying. 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 Over Emotions
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. Note that bookmakers will respond to this and tweak their odds as needed. 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 you’re so impassioned by your favorite team, forget them and be cautious when you bet on whatever outcome.
Warren Buffet, one of the world’s most successful stock market investors, says you should never invest in anything that you don’t understand. This applies even in sports betting. You’re after results that are more likely to happen than what the odds are saying, so before that even becomes possible, you need adequate knowledge in your desired games .
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. As per the outcome of a study conducted by the Journal of the Association for Psychological Science (APS), your chances of winning could actually decrease if you did that. 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.
Lastly, regardless of how great you become at sports betting, accept the fact that you will lose a lot of games. Nobody likes losing money, but allowing yourself to be consumed by the frustration of losing can lead to 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 other words, like the pros do it, accept that there will be good days and bad days.