Sports Betting – 5 Things to Avoid When Placing a Bet

sports betting

Sports betting is one of the fastest growing forms of wagering, and is now available for many types of events. While sports betting offers an exciting and fun way to make some money, it’s important for bettors to keep several things in mind when placing bets.

Understand the odds

There are a few different ways to place a bet, but they all start with deciding what you want to bet on. Clicking on a game or event brings up all available bets, and each bet will display its odds and potential payoff. A good rule of thumb is that the higher the probability of an outcome, the lower the payout. For example, a bet on the team that is expected to win will have much better odds than a bet on a player or total to score a goal.

Know Your Odds

Sportsbooks set the odds for each bet based on their assessment of what will happen during a game or event. The higher the likelihood of an outcome, the lower the risk, and therefore the lower the payout. Knowing your odds and understanding them is a key component of successful sports betting.

Don’t Chase Losses

A common mistake that bettors make is trying to get even after a losing bet. This can lead to poor decision making and increased risk, which will inevitably result in more losses. Instead, a smart betor will analyze the reason behind their loss and learn from it.

Don’t Overestimate Your Skills

Many people assume that they are able to consistently bet on sports because of their superior knowledge of teams and players. However, this is rarely the case. Even the most experienced sports bettors will experience hot and cold streaks.

Don’t Bet with Your Heart

While it may be tempting to place a bet on a team that you’ve been rooting for since you were a child, this is a big mistake. Betting with your heart can lead to bad decisions and a quick bankroll depletion. Besides, no emotion can help you assess the unique circumstances of a game.

Avoid the Jargon

There are a lot of terms used in the world of sports betting, and it’s important to understand them before placing a bet. Here are some of the most popular:

Spread bets, also known as point spreads, are designed to make evenly matched games more interesting by adding points for a stronger team. In order to cover a spread, the favored team must win by more than the number set by the oddsmakers, while an underdog can either win by more points or lose by less. A bet with no point spread is considered a push, meaning neither side wins or loses. Props, or proposition bets, are a type of non-standard bet that is offered by some sportsbooks. They can be anything from an over/under on how many strikeouts a pitcher will have to a player or team-specific prop like how many catches a receiver will have. Props generally come with a lower probability than standard bets but can provide significant payouts.