Written by 
Arun – October 17, 2024
Online betting has become one of the most popular recreational pastimes of the 21st century, with millions of punters engaging regularly in putting that extra pep into their favourite sporting events by having a flutter.
With the huge rise in online betting punters have become challenged to find the best ways to maximize their opportunities to make a profit from betting on sports. Betiton Sport offers a user-friendly platform that helps bettors navigate their options effectively.
There are many resources out there and lots of advice from industry experts that highlight both the best practices and the pitfalls to avoid when we are engaging in online sports betting and in this piece we are going to be attempting to mark your card from some of those pitfalls that should help with your ability to enjoy sports betting.
Mistake #1: Failing to Manage Your Bankroll when Betting Online
Betting online is a recreational pastime. The first and by far the most important principal is to have and adhere to a manageable bankroll. That is to clearly identify what portion of your disposable income you wish to apportion to bet on sports.
Whatever the amount you decide to set aside per week, month or year for this purpose, this becomes the baseline bankroll that you will use for betting purposes. A successful punter will manage this bankroll effectively, knowing that to do so is the best way to try and engineer a profit.
Why Bankroll Management is Key to Success in Online Betting
Whatever limit you set for that bankroll to be used to bet on sports online, it becomes imperative that you stick rigidly to it.
Failure to set that limit and a lack of discipline in regards to it will undoubtedly lead to spiraling losses and an unhealthy relationship with online betting.
Sports Illustrated’s Gambling 101 series has pointers on effective bankroll management and the use of percentage betting to ensure you get the most value.
Tips to Stay in Control
The most important factor when you bet on sports online is to have control on what you are doing. It’s a must-achieve for successful punters.
- Always set a loss limit for a defined period of time.
- Don’t chase losses.
- Less is more – allow yourself more time to research the bets you make than actual time spent betting.
- Don’t feel the need to bet on every race or game – be selective.
- Keep a record of all your bets and the profit/loss associated with them.
Mistake #2: Ignoring Betting Odds
Online betting odds are designed to outline to punters the likelihood of any given outcome in a sporting event. As we know, sport by its very nature is unpredictable and so there is no certainty attached to any set of odds offered by the best betting sites.
To best enhance your hopes of being a profitable long-term sports bettor, it is important to understand the odds.
Understanding the Value of Betting Odds in Sports Betting
Getting to know the odds is the most important factor if you want to bet on sports online.
Horse racing is one of the most popular sports on which people bet, both online and during a day at the races. Arena Racing Company hosts many of Britain’s best known racecourse and they have a handy guide to understanding betting odds that is worth consulting.
Before you bet on sports, assess the odds first. The odds-compilers at major bookmakers use detailed algorithms to determine the probability of every conceivable outcome, ensuring the odds are deemed as accurate as possible. You must then use you sporting knowledge to find the value within the odds that are offered.
Tips to Use Odds in Your Favor when Betting on Sports
Arguably one of the biggest benefits of the rise in popularity for online sports betting is that we, as punters, are more in control than ever. There are a multitude of options for punters to choose from before betting. As with high street shops, there will be variances in the prices offered from one outlet to the next – in this case that is the betting odds.
Successful punters will make sure they ‘shop around’ – going in search of the best value odds before making their bets.
Mistake #3: Betting on Too Many Sports Events
Any sports fan will attest to the fact that in the modern world, driven by wall-to-wall television coverage and streaming options, there is a massive choice of sporting events that we can watch.
There is therefore a danger that as punters we can be drawn to betting on too many events at once. Less is almost certainly more, in this instance.
A mistake many punters make is to bet on too many sports. Instead, put the focus of your betting analysis on the sports that you know best. Do your homework and increase your knowledge on these sports, thus maximizing your chance of betting successfully on them. Make wise and concise betting choices your aim.
The Dangers of Overloading Your Betting Slip
As noted in this informative guide from The Independent, accumulator bets are very popular with punters, though many betting experts will caution against them, as they are volatile and prone to ending with pure loss.
There is a temptation for punters to see the potential returns from an accumulator bet and shoot for the stars, but in reality, a less high-risk strategy will probably be more rewarding in the long run – even if it takes a little longer to see those profits.
A Focused Approach to Sports Betting
Being more selective with your sports betting is the most likely way to increase your profits. Consider the options below as a means of being more focused.
- Clearly identify the events you want to bet on during a given period of time
- Complete thorough and detailed research on these events
- Identify what you believe to the best betting options on the event
- Shop around and find the best odds on those outcomes
- Pick the best value odds available and make your bets using your bankroll guidelines
Mistake #4: Failing to Do Research
Research is everything to the successful sports punter. There are many sources of online betting tips today, including the opinions of industry experts and tips. While these can be useful, nothing beats doing your own extensive research and settling on the outcomes you believe are most likely. This approach will lead to fulfillment in your sports betting over time.
Why Knowledge is Power in Sports Betting
A quick online search for a term like ‘today betting tips’ will show that there are many sources online willing to offer betting advice.
However, successful punters will dig deeper and conduct their own research on past performances etc. to try and educate their mind before making choices. Lots of stats on past games, races and performances are now accessible, giving punters more information at their fingertips than ever before. Using that knowledge that is widely available is the power that successful sports betting is based on.
Tips for Research-Driven Betting
- Consult past performances.
- Review head-to-head records.
- Be aware of possible injuries/suspensions in team sports.
- Assess the pedigree of the participants.
- Read the views of respected pundits and allow yourself absorb information.
We’ve noted that there are many betting platforms online and, with that, comes lots of betting promotions designed to secure your custom. It is hugely important as a punter to pick through these promotions and choose only the ones best suited to you.
Recognizing and Avoiding Misleading Online Betting Promotions
The terms offered on betting promotions, including sign-up offers, may often look too good to be true. That can very much prove to be the case in theory. For that reason it is important that you read through the fine print to see what restrictions may be attached to the free bets or credits you are getting.
What to Look for in Sports Betting Promotions
- Read the small print
- Are there restrictions on when you can withdraw winnings from free bets
- Are the sign-up offers bet credits or not
- Are there restrictions on what odds you can use the promotional bets on?
Betiton’s Sports Betting: Your Go-To Place for Safe and Secure Online Betting
At Betiton you are assured of a safe and secure environment for sports betting, with a commitment to responsible gambling measures that will help you stay in control of your betting. Customers at Betiton can avail of the expert guides and tools that will help you, the bettor, make informed decisions that will guard you against the pitfalls of poor bankroll management, uninformed betting choices and betting too frequently on too many different events and outcomes.