Five Common Mistakes People Make When Betting Mines Games Tips Online
If you want to be a successful bettor who’s always one step ahead, then you have to familiarize yourself with the most common betting mistakes. Learning about the most common mistakes will help you improve your skills and make you less likely to commit them yourself.
- Chasing Losses Always Results in Chaos
First of all, don’t ever get yourself entangled in chasing losses. I cannot stress this enough! There are many mistakes one can make when gambling online, but none do as much damage as chasing losses.
But, folks who are just starting out might not know what the term chasing losses actually means. Here’s the definition:
Chasing losses represents a gambling problem that occurs when players continue to gamble following a series of massive losses, hoping they’ll win the money back and break even.
In reality, though, that never works out. If you splurge through your gambling bankroll in one night and you’re certain that you’d win if you’d just deposit another hundred bucks, you’re chasing losses.
If you ever find yourself in this situation, take a deep breath and quit gambling for a week or so. Use that time to get back to your senses, understand and accept what happened. You can go back in a few days with a fresh head and a positive mindset.
Never succumb to the pressure of losing a ton of money. Realistically speaking, if you continue depositing more money, chances are you’ll lose a ton more. We tend to make bad decisions when under pressure, especially if there’s money at stake.
One last thing – if you continue to chase losses and can’t stop yourself from splurging through your gambling bankroll, perhaps gambling just isn’t for you. We’re all about promoting safe gambling here and folks who don’t have any sort of self-control should look for another hobby.
- Always Using the Same Online Gambling Platform
Experienced gamblers are all about maximizing their potential profits. One way of ensuring that is to always get the most out of their stakes. By that, I’m referring to always betting on the gambling platforms that offer the highest odds for the desired bet.
This is how gambling platforms work:
- Some specialize in football betting and take the lowest cuts on NFL odds
- Some specialize in slots and have higher RTPs but take bigger cuts on their sports betting section
- Some specialize in martial arts betting and take the lowest cuts on MMA odds
If you only intend to play one type of game (or bet on one sport), then find a bookmaker that has great odds for it and stick with it. If, however, you’re enjoying many types of games and sports, you are better of with several accounts, each specializing in one department.
- Having Unrealistic Expectations Won’t Get You Far
Lots of people think of gambling as a quick way to win extra money. However, gambling is more like a marathon than a sprint. Folks who think they’ll win a ton of cash overnight typically end up with substantial losses.
Balance your expectations. Enjoying yourself on real money gambling sites can be profitable, but only with the right mindset and enough hours put into research and practice. However, most people lose money. Granted, the majority of people who lose money are casual gamblers who don’t put too much thought into their bets.
But, if you’re a gambling enthusiast who’s in it for the profits, you’ll have to be prepared for the long run. Stories of gamblers winning millions in one night tend to be myths. Such cases do exist, but they are so rare that they’re not worth mentioning in this contest.
If you’re all about profits, consistency is what you should be most worried about. Lower your expectations, and don’t think you’ll win big every month. If you can keep winning at a steady pace and make incremental improvements over time, you’ll be satisfied with your profitability!
- Gambling Under the Influence
You can’t gamble under the influence and expect profits. That’s just stupid. Pardon my language, but that’s the truth. Sure, you can gamble under the influence if you’re in Vegas with your pals. That’s alright – guys typically set aside some money for gambling and use the rest to have a good time. There’s nothing wrong with that – you’re just there to have some fun. Wins come as an added bonus.
But, if you’re grinding for profitability and you’re all about tracking your bets, managing your bankroll, and implementing strategy to your gameplay, then gambling under the influence of drugs or alcohol is a big no-no. It will sway you off course, impair your judgment, and make you do all the wrong things. It might be fun, but your budget won’t like it one bit.
- Failing to Understand the Concept Behind Value
Value in sports betting and online gambling is a complex thing. While many people think it’s plain and simple and take it for granted, it’s important to truly know what it stands for and how to enjo it. One thing is to know what value is, and another thing is to know how you can use it to your advantage.
For starters, let’s focus on the very definition of value in gambling:
A value bet is a bet whose likelihood of winning is greater than what the odds suggest. Players who understand what value is will know how to consistently find value bets.
The term value betting represents betting only when the winning potential is greater than what the bookie believes according to the active odds.
When searching for value bets, your task is to find bets which give you an edge over the gambling site. This is commonly referred to as a statistically positive return. If you keep betting on valuable bets, your odds of winning naturally improve.
But, the key here is to balance out bet value, outcome probability, and stake. This is where betting strategies come into play. If you’d like to know more about this, head on over to our betting strategy guide.
Disregarding value or not understanding it is one of the most common mistakes beginners make. So, if you’re a budget-conscious individual who wants to have every bit of edge against the bookies, wrap your head around bet value and use it to your advantage!
Additional Casino Tips
We’re all done with our five crucial online betting mistakes rookies make. But, there’s room for three extra casino tips that should help you win more consistently.
Get the Most out of Your Money with Bonuses
Bonuses might not be ideal for most folks. But, if you’re using a bookmaker whose rollover requirements aren’t too strict, ongoing bonuses might seriously benefit your cause.
Bonuses come in all shapes and sizes. Welcome bonuses are by far the most popular bunch. They are based on your first deposit and are used to incentivize new registrations. For more information on all the different types, check out our guide on online casino bonuses.
Leave Emotions Out of It
There’s no room for emotions when gambling. Be it online or at real casinos in Las Vegas, the fact of the matter is simple – leave emotions out of it. They will cloud your judgment; they will lead you to make bad decisions, and your success will suffer. It’s as simple as that.
When gambling, you want to be as objective as possible. Most casino games are based on numbers – winning probability, house edge, and long-term profitability.
If you add emotions to the equation, you won’t be able to follow your betting strategy and properly manage your bankroll. You will be driven by your gut, and that’s a pretty straightforward path to losing all your money.
Know When to Stop betting
Knowing when to stop betting is essential, not just in a situation when you’re losing but when you’re winning too.
In other words, knowing when to stop and cash out is just as important as knowing when to stop after massive losses. This stuff can easily be resolved with a proper gambling strategy that emphasizes bankroll management.
Online gambling is chock-full of traps. People who are just starting out need to be extra vary because the toothing issues can be ruthless. On the bright side, if you study the most common betting mistakes long enough, you won’t make them yourself. That said, we hope you’ve learned something from this piece.
As always, may the odds be in your favor!