Top 5 Biggest Betting Mistakes That Will Cost You Money!
When betting professionally online, we want to make sure that we maximise each bet, not letting the bookmakers to have any additional edge.
Here is a look at 5 common football betting mistakes that are costing you money and you should avoid.
1. Not taking best odds
2. Betting on Accumulators
3. Betting on high margin markets the bookmakers love (i.e. First Goalscorer)
4. Betting on the most efficient leagues like the Premier League
5. Not keeping a trading diary
Always bet on the best odds!
When you’re a new punter and don’t have any account restrictions, there is no excuse for not taking the best available price (odds). By shopping around and always taking the best available price, you will reduce your expected loss significantly.
The bookmakers constantly compete on price and will often differ on early prices, reducing the combined market overround to a very low %.
Stop betting on Accumulators
If you aren’t beating the market (and 95% of bettors won't), betting on multiple selections in a single bet will increase the expected return of the bookmaker with every additional leg you add to your bet. Only bet on singles unless you are consistently beating the market closing line.
Avoid high margin markets
Go to any bookmaker website and you will often see near the top of the page promotions for high margin markets. Typical example is Betfred’s Double Delight & Hatrick Heaven for their Goalscorer markets.
The bookies make a huge % from these markets because of the overround and will do anything to encourage you to bet into them.
The best thing to do, avoid them at all costs unless there is a coup with a defender starting up front and the bookie has yet to change the price!
Find and bet on a niche market
Just like in the financial markets, there are huge investment groups (Syndicates) betting into the most liquid football matches. Because of this expertise and liquidity, the prices on a Saturday afternoon for major leagues like the Premier League are extremely efficient and almost impossible to beat at any scale.
Try betting into lower leagues or bet early in the week to improve your chance of getting a price that beats the price at kick off.
Record and analyse your results
The human brain has many flaws, one of them is accurate recollection of performance. We tend to remember our big wins but not our losses! The only way to know if you are a good bettor is to record all of your bets and analyse your results.
A simple spreadsheet will allow you to do this effectively, without much effort or time.
If you apply all of these changes to your betting, we guarantee you will lose less money over the long term.
If you are serious about your betting and want to generate a second income or even a full time career, click HERE sign up for our betting course.