In gambling, the many must lose in order that the few may win.
-George Bernard Shaw (Is this you?)
Top 8 mistakes sports bettors make:
1. Not shopping for odds.
Competing Sportsbooks offer odds that can vary from a half, to as
high as 2+ points. Many games are decided by very small margins against the spread.
Increasing your winning percentage by as little as 1%-2% can dramatically increase
your profits at the end of a season.
2. Weigh recent events or trends too heavily:
a) We have instant access to everything, whether radio, TV or on-line.
Events are already built into the line.
Rare exceptions can be made if you get information before others,
but that’s not going to happen very often.
b) Trend handicappers lose.
Trends either even out over time or are built into the line.
3. Bet on a feeling:
Emotion should be reserved until game time.
As difficult as this sounds, I often advise never to wager on your home town team.
Most tend to over value their abilities.
This one is tough for many, and the only one I admit I’ve broken on occasion.
4. Parlay or Tease:
These bets tie two or more together with hopes for bigger payouts.
a) A parlay includes multiple bets. You have to win each to collect.
b) A teaser includes multiple bets with adjusted point spreads.
The gambler gets points in their favor, but again needs to win all bets to cover.
There are two factors that make these wagers inadvisable.
a) Sportsbooks take out a greater percentage, making long term ROI more difficult.
b) Unexpected outcomes occur frequently.
You only need to win 53% of your games to show a profit.
Lose only one with these exotic bets and you lose everything.
Sportsbooks love to take action on parlays and teasers.
5. Bet more than 10% of your bankroll:
I don’t care how good you are. You will have losing streaks.
You can always increase your wagers as your bankroll grows.
6. Increase bet size after a big loss:
Time to check into gamblers anonymous.
7. Borrow to wager:
You’ve probably already been to gamblers anonymous and it didn’t help.
8. Believe self-proclaimed handicapper’s results without research:
Some claim to have winning percentages as high as 80%.
You would have a greater chance of getting eaten by a shark on your
way to pick up the newspaper.
There are a few that make money every year, but probably less than 1%.
Good Luck This Weekend.
Best Selling Book #1
(also available at Amazon and ITunes)
Book #2 will be available July 15th, 2016