Are you done with losing money and keen on winning like a professional as an amateur sports bettor? Do you have to learn some secret formula or something? Maybe not, but these proven tips may help you on your next best:
Knowing the Odds
Ask a professional sports punter who they’re betting on and you may be surprised that it’s not the one they think will win. This is important to mention because successful punters typically just place their bets on outcomes they think will occur, instead of what the odds seem to show. These pros accumulate wins over time by watching out for outcomes that bookmakers undervalue. This could mean betting on the underdog or on the favorite, but still only when the odds are right.
Mind Before Heart
Many people base their bets on emotions rather than on an objective appraisal of the likely results. They may bet for their sports idol or maybe for their city or country. In these scenarios, bookmakers will naturally respond by adjusting their odds accordingly. What this means is that the odds-on favorite to win could be chosen simply because they are popular rather than how the bookmaker assesses their odds of winning. So if you’re already emotionally invested in your favorite team, forget it and take it slow when betting on any outcome.
Know Before Invest
Warren Buffet, one of the world’s most successful stock market investors, says you should never invest in anything that you don’t understand. This applies even in sports betting. You’re after results that are more likely to happen than what the odds are saying, so before that even becomes possible, you need adequate knowledge in your desired games .
The Bigger Picture
Sometimes, people get too serious about sports betting that they start obsessing about researching stats and analyzing them before deciding which teams or plays to bet on. According to a study by the Journal of the Association for Psychological Science (APS), you can actually harm your chances of winning if you do that. Not that you should forget about the data, but make sure you look at the bigger picture rather than being swallowed by the smaller and often insignificant factors.
Finally, it’s important to accept the reality that you will lose many games, even if you think you’ve gotten so good at the trade. Everyone hates to lose, but being consumed by your losses can put you at the center of a psychological phenomenon known as the sunk cost fallacy. It’s when you feel so bad about losing money that you start to behave irrationally, making you lose even more. In other words, like the pros do it, accept that there will be good days and bad days.
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