5 Newbie Betting Mistakes and How to Avoid Them
Online sportsbooks make millions from easily avoidable mistakes.
And many of these errors are not restricted to new bettors. If you fail to take advantage of the benefits, you are giving money to the house that could have been in your bankroll. Mistakes then snowball, that reduced bankroll leaves smaller stakes for your next winning bet.
This page highlights the most common newbie betting mistakes at online sportsbooks and shows you how easy it is to avoid them.
In other words, how to stop leaking your betting bankroll, fast.
Not Getting the Best Odds for EVERY Bet
I can’t put this any more plainly.
Only a mug would bet without checking the odds at different sportsbooks.
This shows up in the spreads, Moneyline bets and in the form of cash bonuses, reduced vig lines and cashback / points promotions.
Even when the edges are small (or cashback seems minimal), the effect on your bankroll at the end of the season gets magnified. That extra boost means your next bets can be bigger, compounding your returns.
It’s not necessary to use odds comparison sites. Simply having three or four accounts and cycling through them before you place your weekend bets can avoid taking an inferior line.
Shop around and let those small boosts snowball into a bigger betting bankroll.
Sports Betting with Incomplete Information
One classic mistake novice gamblers make is placing a bet without knowing the full facts.
This example from European soccer demonstrates this type of sports betting error. After following Italian side Lazio in Serie A, you know they are in solid form.
Midweek they have a European tie away to a team from Latvia you have never heard of before. You go ahead and back Lazio on that basis, assuming they’ll win, as you’ve never heard of the other team.
If you know nothing about one of the teams, don’t place that bet! You are essentially betting blind. Within five minutes you can find out exactly how the “unknown” team are performing. Whether they are fully fit or are decimated by injuries, have a suspension, or are in good/bad form at home etc.
You should also look at the upcoming fixtures for Lazio. If they have an important Serie A match at the weekend, would they send a full-strength squad to face minor opposition?
Finally, if Lazio has already won enough points to qualify for the knockout stages, it would make sense to send a 2nd tier squad to rest their star players.
A little bit of time spent looking at all angles of a bet will benefit you in the long run.
It is easy to see how the same logic can apply to the NFL, NBA, NHL and other major sports.
To sum up, betting without basic research is a common sports betting mistake which costs significant money over time.
Sports Betting Mistakes: Too Much Parlay Betting
Ever wonder why the sportsbooks push parlays so hard in their promotions?
It turns out they make a lot of money from these wagers.
Parlay bets are enticing as they offer a large return for a small stake. But savvy bettors should be wary as they are the most profitable for the bookmakers.
Here is how the math works:
Every time you place a bet the sportsbook will make a 5% margin, so you’ll only receive 95% of what you should receive back without the margin. This can vary, though let’s keep the math simple for this example.
A 3-team parley will compound this house edge. Three 95% returns mean you’ll give the house 86% on average (0.95*0.95*0.95). The same numbers for a 10-team parley give the house a 40% edge. By the time you get to 20 teams, you are giving away accumulator just 64%.
The more selections you have, the worse it is for you.
If you see an offer for parlay or accumulator bets promising double points or cashback, add the numbers in your head to make sure the edge you are giving away balances the benefits.
Sports Betting Mistakes #3: Accidentally Voiding Bonuses (those Terms and Conditions)
It’s easy to click that button accepting the terms and conditions at a sportsbook without reading them.
But this can end up costing money, especially when it comes to welcome bonuses or ongoing promotions.
Many of the terms associated with bonuses are there to prevent fraud and abuse. Without those terms, it might not be possible to offer bonuses at all. There are three common traps which new players might not be aware of, which can cost money (or worse, void your bonus completely).
- Bonuses are time limited: You need to meet the wagering requirement fast. 30 days is typical, though some sportsbooks will allow as little as a week.
- Minimum Odds: Taking strong favorites to meet your wagering requirements will often not count towards your play-through. Some books offer the lower of money risked and money won instead.
- Bonus Abuse Terms: Taking both sides of a match, betting on markets which are expressly prohibited, and wagering on live dealer casino games are examples of terms to be aware of.
For more information on this tricky area, see my detailed guide to tricks and traps in sportsbook bonuses. (LINK)
Not Taking Advantage of Sportsbook Offers
Even after doing your research, sticking with single wagers and making sure you are not breaking the terms and conditions, you can still leave money on the table when betting on sports.
If you’d placed the same bet with another online sportsbook (even with slightly worse odds), you’d have got yourself a free bet on the next match, which is worth more.
Or you place a bet on the over of a football match, two sportsbooks are offering the same odds. But one offers money back if a specific event happens (for example, a named player scores the first touchdown).
It pays to check the promotions and compare the value of them with the lines offered.
Once you get into the habit of doing this, you will quickly see which sportsbooks feature which types of promotion.
Bonus Sports Betting Mistake: Gambling at The Casino
You’ve had a good day, made a nice profit and you feel lucky. You go to the sites casino and decide to play some of your winnings at the roulette table.
Don’t do it! You’ve worked hard, done your research, and won a nice bet. Staying away from games where there is a built-in house edge is an easy method of locking up your wins and keeping that bankroll intact for the next match.
Note: Poker is one area of the casino where you can beat the house edge as you are playing against other players. Don’t fool yourself about how soft the games are compared to those in your local casino. Some online players have millions of hands under their belt already.