Are you tired for being an amateur sports bettor who wants to start winning like a pro? Do you have to learn some secret formula or something? Not really, but here are five proven tips that you can try for yourself next time you place a bet:
Asking a professional bettor who they’re betting on, you may be shocked with the answer: it’s not always who they think will win. It’s an important point because winning punters usually just place their money on results which they think are likely, instead of what the odds suggest. These pros accumulate wins over time by watching out for outcomes that bookmakers undervalue. 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 country, their hometown, their idol, etc. Of course, the bookmakers will respond by tweaking their odds as deemed necessary. 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.
Know Before Invest
As you may know, Warren Buffet, one of the most successful stock market investors ever, advises against investing in something you don’t understand. This applies even in sports betting. You want outcomes that are more likely to occur than the implied odds on offer, but before that happens, you need in-depth knowledge in your preferred games.
The Bigger Picture
Sometimes, people get too serious about sports betting that they start obsessing about researching stats and analyzing them before deciding which teams or plays to 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 that you should disregard data, but try looking at the bigger picture instead of fussing about the tinier and usually insignificant details.
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 you feel so bad about losing money that you start to behave irrationally, making you lose even more. In simple terms, as any betting pro would advise, accept that some days will be good and others not so.