Many people don’t know where to start when they’re betting on sports for the first time. Whether it’s your favourite horse race or a football game, this article will give you six beginner-level tips that will help you make better decisions while betting online.
Here is a list of common betting tips for beginners. Hopefully, this article will help you avoid making costly errors when placing bets on football games or any other type of sport.
Betting On The Favourite
If you’re new to betting, the first tip is figuring out what type of bet you want to make. Do you want to bet on a favourite or an underdog?
For example, if your team has a 90% chance of winning and playing against another team with a 10% chance of winning, it’s most likely in your best interest to place your money on the favourite.
However, depending on the sport, picking the favourite isn’t easy. Remember, frequently horse racing betting odds reflect how much money has been placed on a horse and do not always reflect the probability of the horse actually winning.
In horse racing, the favourites win about 59% of the time when running in flat races. The figure is broadly the same for football games in top leagues.
Bettors tend to bet too much after a win. Overconfidence is a big problem; it can lead to making mistakes such as increasing the size of wagers after recent success.
A bettor who doesn’t keep track of the amount they have won or lost will be especially vulnerable to overconfidence.
It’s human nature to remember the wins and quickly forget the losses. But you should keep track of all your bets, so you know where your money is going.
The Gambler’s Fallacy
The gambler’s fallacy occurs when a person believes that a random event is less likely or more likely to happen based on the outcome of a previous event.
A person who believes in a gambler’s fallacy may assume that because they won the last three horse races, they are due to lose. In reality, each race is stand alone and your pick has the same chance of winning regardless of any previous outcomes.
The reason why this type of thinking happens is typically attributed to people overestimating small samples and not understanding statistical probability distributions.
Furthermore, bettors can also have distorted or exaggerated memories, making these types of fallacies more common among them than other groups.
Not Understanding Odds
The higher the odds, the more money you could win for a successful bet. Conversely, low odds mean less money is returned.
Understanding odds is the first step to understanding betting. If you are not sure what they mean, it’s best to ask or look up information about them online before making a bet.
Don’t bet on an event just because the odds are big. There are a few exceptions, but generally, big odds mean significant risk.
Don’t Overestimate Your Own Judgement
It’s a common mistake for beginners to overestimate their judgement. They often think they know what will happen next when, in reality, no one can predict the future.
The internet is full of sports statistics; use this data to make smarter bets and don’t make decisions based on personal feelings or hunches.
You must do your research about a team or horse before betting. Stats can give surprising insights which could prove profitable to those willing to take the time to assess the data.
Never Gamble When Bored
Gambling and betting when feeling bored is a huge mistake. You will make poor decisions that’ll lead to you losing more than you should.
Instead of gambling when bored, do one of the following activities!
-Go for a walk
-Read a book
-Go see a movie with friends
-Take up an old hobby again (arts & crafts)
-Cook a nice meal
-Phone a friend you haven’t spoken to in a while
All the above activities are a much better option than gambling when you are bored!
These six beginner-level betting tips we’ve provided can be a great starting point for anyone interested in sports betting.