According to statistics, around 90% of sports bettors have losses at the end of the year. Still, they continue live betting predictions. And even if they really gamble it all away, then another person steps in their shoes and the wheel never stops.
The Problem Managing Money
Some would argue that most sports bettors lose because they make bad picks but the fact is that betting requires discipline. For example, betting $30 on one sports event and $400 on others is poor money management and will eventually lead to problems and losses. Also, if a player bets 40% of their bankroll on one event, it is also not advisable. All pros know that losing streaks are a regular part of the job which is why they have a strategy for how to handle their bets and money.
A lot of bettors start by doubling their bets after losing but this is not a wise decision as it usually leads to higher losses. Managing money is the most important step in becoming a good sports bettor. The problem is that people often get greedy or after a couple of drinks, start believing a bit too much in them or, in other words, have a fragile ego.
Betting on Wrong Sports
A player has to be knowledgeable about the sport that he follows and bets on. Statistics and data are key factors that help the pros determine the best picks and bets. For example, knowing how the game works and even knowing the players is not enough. A good bettor will follow-up on injuries, any changes to the teams, personal issues within the team and the team chemistry, and a lot more. For example, if you follow South American football qualifications for World Cup or similar, you will find that Peru usually wins at home but they rarely qualify for the World Cup. They win at home against much stronger teams because they are playing at really high altitudes and even though they are accustomed to breathing there, others aren’t. This distinguishes good bettors from mediocre ones that run towards bad decisions.
The best thing you can do is always be critical about your knowledge even if you are really knowledgeable because this will lead to more research and better decision-making. Never assume that you know all of the answers and don’t hesitate to seek assistance.