Sports betting is one of the most popular types of gambling. In fact, more than 200 million people around the world bet on different sporting events. In the United States, sports betting wasn’t legalized until 2018, but the market is expected to rake in an annual revenue of $6.03 billion by 2023. If you’re planning to try your luck, here are five pitfalls you need to avoid:
1. Don’t bet on just any sports book.
Before placing your bets, make sure that you choose a good and trustworthy sportsbook, preferably one that has a good user rating and with bonus structures that allow you to win more. But how do you know if a sports book is good enough? Here are some things that you need to consider:
- How fast does it provide payouts?
- Does it honor the wagers placed?
- What kind of security measures does it have in place?
- Does it have a good customer service?
- What kind of bonuses does it offer?
2. Don’t bet while drunk.
This doesn’t need to be said because it’s obvious, right? Doing anything under the influence is always a bad idea. But betting while drunk and losing money in the process happens way too often to a lot of folks. After all, alcohol impairs your judgment and may make you more emotional while placing your bets, preventing you from staying objective.
2. Don’t bet based on emotions.
Speaking of emotions, betting based on your feelings is one of the biggest mistakes you can make. Just because you like a team or a player doesn’t mean that they’ll help you win big bucks. You need to look at the odds, the statistics, and the hard facts. Make sure to bet as objectively as you can so that you can avoid losing.
4. Don’t bet on sports you’re not familiar with.
Sports betting is not as random as other types of gambling. You’re not relying on a spinning wheel or a deck of cards to determine your chances. You can use facts and statistics to form an objective opinion about the teams or players that are participating in the sporting event.
However, it’s harder to understand the statistics if you’re not familiar with a sport. How can you know if a team or a player is good enough if you don’t understand what game they’re playing? Increase your chances of winning by either betting on sports you’re familiar with or learning about the sport before betting on it.
5. Don’t chase your losses.
In any bet, the worst thing you can do is to chase your losses by betting bigger each time. For a lot of people, chasing losses is like digging themselves deeper into debt and financial ruin. If you’re currently on a losing streak, take a step back and recoup before trying your luck again. Take this time to reacquaint yourself with facts and statistics so you have a better chance of winning the next time you place a bet.
Betting is always tricky—you can never be 100% sure that you’re going to win. But you can always increase your chances, especially when it comes to sports betting, by avoiding these five pitfalls.