Guest post written by Paul Micelli
Have you ever wondered why some sports bettors have that unbelievable run of bad luck that sees them losing large chunks of their bankrolls? Although good fortune has a certain influence on the outcome of any sporting event, most failed gamblers simply fall into the habit of repeating the same mistakes over and over again. The following list highlights the most common ways in which reckless punters consistently lose money.
1 – Exceeding your Limits
Too many sports bettors fall into the trap of betting more than they can realistically afford to lose. Bankroll management is rarely considered and before long, losses are being chased with the rent money, the shopping budget and cash put aside for bills. When gamblers place wagers under duress, the outcome is nearly always disastrous.
2 – Changing Bet Sizes
Progressively increasing the size of bets to recover losses is another sure-fire way to finish the day with nothing but fluff in your pockets. Doubling up every time a selection loses will soon eat away your bankroll and it is always better to actually reduce stakes when things aren’t going your way.
3 – Following Hunches
Just because you feel that special vibe over a particular selection, it doesn’t necessarily mean you’re backing a guaranteed winner. Maintain your discipline and never wager heavily just because a horse or a team looks ‘due’ to give a performance.
4 – Chasing Big Money
Yankees and 33/1 outsiders will inevitably pay more if they come in but the odds will always be against you when you chase big money. Consistent profits are easier to find if bettors stick to single selections instead of making speculative wagers on unrealistic propositions.
5 – Betting when Tired
Gambling requires a fresh mind and a determined outlook. Placing bets immediately after an evening on the tiles or a succession of night shifts will usually see you underperform because of low energy levels and the inability to think clearly.
6 – Following Tipsters
Just because a tipster makes his living from suggesting potential bets, it’s much more likely that he’s earning better money from his employers or subscribers than he will be from his selections. Never gamble on the knowledge of another person.
7 – Lack of Research
There is an abundance of excellent reading material by seasoned sports bettors who make consistent profits. They won’t be able to give you winning tips, but you’ll learn to think and act like a pro.
8 – Showing Off
Just because your friends are in the bookies, you don’t need to splash your cash around like you’re a millionaire. Placing big bets won’t impress anyone and will only serve to shrink your bankroll further.
9 – Knowing When to Stop
Walking away from gambling for a while doesn’t make you a quitter or a wimp. It means you’ve shown a professional attitude and in many cases, a short break from betting is all that’s needed. Carrying on until you’re completely broke is foolish and a guaranteed way to end up in the poorhouse.
10 – Superstition
If your horoscope says it’s going to be a great day for you and you’ve taken your trusty lucky charm down to the bookmakers with you, there’s no way on earth you can lose, right? Wrong! Superstition is for witches, fools and broke gamblers.