Common Mistakes to avoid in football betting
Betting might possibly be the most lucrative segment in the world. But not many know that the market size of the sports betting industry is likely to grow to a whopping $144.44 Billion by 2024, as per calculations from 2017. Certainly, only less than 33.33% are the retail players in the market, while the balance majority has been dominated by the so-called bigger players who make a living out of sports betting.
Football is one of the top 5 richest sports in the world. But when it comes to betting, the beautiful game might just topple any other sporting event on this globe.
Research reports have revealed that 70% of the sports betting relates to footballing events — which is massive. This is certainly due to the huge fandom of the sport in Europe and South America.
With so many betting websites operating in every nook and corner of the world and bettors working round the clock in anticipation of turning the odds into their favour, it is absolutely necessary to be educated enough on the matter. No wonder all the betting companies have to display the “Gamble Responsibly” tag on their websites.
Today we try to look at the top few mistakes that the football bettors usually make in day to day life. Also, we would try to tackle the most important concept of how these mistakes could be avoided — which could really change fortunes for amateur as well as professional bettors worldwide.
Choosing the superior side and ignoring the statistics
This is the most common mistake made by the betting world. Sometimes, it may not be a very silly error but a forced opinion by the bookmakers. Most of the betting companies have a standard mechanism which displays odds in the favour of the superior side and against the inferior one.
This can have dual impacts. A non-informed gambler would look at the odds and blindly invest in the team with the higher odds (lesser payout) as this increases the probability of him converting his money into easy profits. Whereas, another bettor would look at the higher payout by placing a bet on the inferior side and just go all-in.
Well, like every other market in this world, Betting too has the same principal — the flow of money from one pocket to another. This is what happens as the two aforementioned non-informed gamblers lose their money to each other, while the only party which wins is the betting company.
This is why blindly choosing the superior side or supporting the odds is a huge mistake in the betting world. A lot of luck may be involved for sure, but most of the times a result can be predicted ‘to the T’ by analyzing the statistics in football like recent form, previous meetings and some tactical data.
Forming an opinion on which footballing side to bet on might be a tough task after analyzing all sorts of statistics which are scattered over the web. But every problem has a solution in this new digital era.
Mighty Tips is one of the websites where experts and analysts combine their efforts to provide the betting market with predictions on a daily basis. It saves bettors the hassle of accumulating facts and figures from different websites by getting them together under one roof for easy access.
This saves a lot of time in addition to rightly educating the bettors in making informed decisions and avoiding the mistake of ignoring facts related to the football match.
Desperate bets to make up lost gambles
At the end of the day, both football and betting are a game. Every game always has equal odds of winning as well as losing — that’s exactly why it is called a game. The biggest two mistakes that a rookie bettor makes is firstly believing that he is never going to lose money on a single bet; And secondly, trying to recoup the losses by betting aggressively or rather desperately in the following days.
A smart bettor will always have a mix of games with varying risk components involved. This is a simple concept of risk management. By managing his risk by spreading his money over bets with different odds, he increases his net winnings.
For a simple example, if a bettor places 15 bets in a day with a spread of 2:1, he is simply putting his money into 10 safe bets and 5 risky bets. In this manner, even if he goes on to lose some money on safe bets, even 2 of the risky bets with higher odds can sky-rocket his net earnings.
Eventually, if you do things right and gamble responsibly, losses do even out, thus making you profitable in the long term.
Not looking for the best odds in the market
Though indirectly, but betting can always be called a financial industry due to many of its attributes. One of the biggest attribute being the fact that even a small difference in the fraction/decimal of an odd can result into huge disparities in gains and losses.
This is a mistake made by both rookie as well as professional bettors worldwide. As previously mentioned, there are thousands of online bookmakers actively operating 24/7 worldwide. Each of these ventures have different parameters while deciding the odds for every game.
It is obviously important to stick to one single bookmaker but a common mistake made by the bettors is failing to check for better odds in the market. A better odd has the capability of earning more profits.
There are also various other factors involved in choosing the right bookmaker, because at the end of the day, you not only choose the best odd, you also choose the bookmaker. Factors involved could be the ease of payments and withdrawals, an amazing user interface or the response time when the game is live.
A list of parameters which should be used for choosing the right bookmaker can be found here.
Betting done ‘just for fun’ usually turns out to be a nightmare where bettors end up paying for the fun involved. But the real players in the market are aware that betting is an art and such above mentioned mistakes should always be avoided to build an empire out of it.
Nevertheless, the motto for rookie and professional bettors remains the same — Gamble Responsibly.
