Why You Make Them and How You Can Stop!
With the rapid explosion of betting available on the internet there are major chances for sports betting enthusiasts to take much greater profits than was previously available. However with these profits available there are also some major pitfalls that you must be weary of falling into which will be discussed here.
One of the most common mistakes that practically all gamblers will make at one point in time. The cause of this mistake lies in greed and eagerness to turn a higher profit. Gamblers see a bet as a sure thing and will then back it for more than the bet limit of their bankroll (i.e 5%, 10% etc.). To avoid making these mistakes, find a proper bankroll system and stick with it. Stick to the rules and you will be safe.
2) Chasing Losses
As a direct consequence of over-betting, or just resulting from a bad run of results (which will happen from time to time) some bettors will become psychologically rattled and may feel cheated. The result of this feeling is for them to vow to get their money back again by increasing their stake to match the amount previously lost. If the run then continues losses and stakes will start to spiral out of control and the entire
bankroll will soon be blown.
3) Using Your Own Money
Now obviously unless you are a professional gambler and have a number of backers you will always be using your own money, that is not what this means. What this means is that you should always keep gambling money separate from your general life money. Doing this will make sure that you have clearly defined limits and will never accidentally spend some grocery money on a bet! It is also a psychological factor that will help you to succeed, as having your money separate will cause your mind to treat it more seriously.
4) Long Term Is Different From Short Term
Obviously when you run any business venture you will like to make long term profits and not concentrate on short term gains. This is because all business people know that in the short term profits can vary drastically but in the long run everything will tend to even out and if you are using a proven system just stick to it and you will profit in the long run.
5) Not Keeping Records
It is vital that you keep a detailed record of all of your bets. It becomes easier to forget wins/losses over a long period of time but if you record them all down it will be much easier. It will also make it much easier when you come back to judge the profitability of the system you happen to be using at the time.