- Failure to Keep Records
This the most common betting mistake made by bettors. When you maintain proper and accurate records you can better understand what works well and what isn’t working out. At the very least maintain basic records which include details like
- The date and the venue of the game
- What player or team or horse did you bet on
- What was the kind of bet that was made
- How much was stake of the bet and of course
- The final result.
Additional information too can be useful in the future. You can even add any notes that might help you identify future opportunities or risks. Then study this information.
- Failure to Establish a Bankroll
A bankroll is basically a fund set aside for the purpose of wagering. The size of this bankroll depends upon individual circumstances. Another factor on which it depends is the availability of disposable cash. Never ever use your retirement money or educational funds for the purpose of wagering. This puts them at great risk. Avoid drawing on credit cards or any kind of loans or home equity to finance your bets. After determining this amount, keep track of it in your records
If you are betting for money have clear and reasonable goals. They will help you track your progress and will also help you determine how much to wager and more importantly when to stop
- Mismanagement of Funds
It is unwise to bet your bankroll on a single tip. Avoid wild wagers. Be methodical and also invest some thought in your wager as there are many ways to go about it.
- Chasing after Losses
Don’t be the kind of bettor who starts treating cash lost as money to be recouped. This will lead you to bet more even when the odds are working against you. This can be very dangerous. You may spiral downward. It is wise to accept the losses as part of game of wager and know when to stop. If you bet wisely you can eventually recover your losses and be more successful in the long run.
- Failure to Correct Bad Habits
The records you keep are not for time-pass. You need to understand them and undertake a proper study of your records. Observe your records carefully and slowly some patterns will begin to emerge. These patterns can be very useful to revise your betting strategy. To be a successful bettor you should be able to learn from your previous mistakes and avoid them in the future. Be disciplined and bet smart. If you are betting only to make money then don’t get emotional and avoid being greedy. Identify any bad habits that you have and correct them before they turn into problems.