Every bettor, from time to time, will ask themselves why they are losing money at sports betting.
Look, losing is a part of gambling. You can’t escape it. But losing all the time is more because of bad habits rather than bad luck.
You are not unlucky, just undisciplined, and that’s why you are tired of losing your bets.
In this blog post, I will show you the reasons for your bad streaks, and how to change your day-to-day approach.
Reason #1: Missing promotions
One of the most overlooked features of sports betting is the value of their sportsbooks’ promotion campaigns.
Sure, I understand that many come with several rollovers that make the bonus exchange a little tedious, but overall, it’s free money available.
Like coach John Calipari used to say, “I love it when it’s free 99 and not $1.99”.
Learn how to claim sports betting bonuses and use them in your favor. Don’t rely solely on bonuses, but incorporate them in a way where you can use them to your advantage.
Top Betting Sites With Juicy Bonuses
Advice: Always look around for new and existing promotions. Don’t be afraid to use them.
Reason # 2: Impulsive Betting
Making life decisions with emotions running hard is the wrong way to do things, and sports betting is no different.
Say you just had a bad beat and are now behind in your betting efforts of the day. Impulsive betting will kick in and tell you to place another bet to even out.
Chasing losses is part of the emotional betting you must avoid at all costs.
Advice: Don’t chase losses. Stick with your original betting plan during the day and live with the consequences of your research.
Reason #3: Lack of research
I just said it’s a good idea to stick with the plan and live with the consequences of your research. However, to do so, you must take time to do your investigation.
Drop any bias that you might have about a team or a player. Do your research as objectively as possible and follow the results.
Most people wake up and bet on whatever they feel like. That’s a terrible strategy. Study teams, trends, and players’ health before placing a bet. Also, consider the best sports to bet on.
Advice: Don’t be lazy. Do your due diligence.
Reason #4: Poor money management
You already know this, but you will never improve your betting efforts if you don’t set a budget.
Put aside how much money you will gamble daily, weekly, and monthly. Also, separate your winnings from your original bankroll.
If you are satisfied with your winnings, you can increase your original budget by adding a percentage.
Do this periodically, set levels, and try to get to them. Once you have reached a new level, you can wager more without killing your original bankroll.
Advice: Set budget levels. Learn about bankroll management.
Reason #5: Not having a long-term goal
You will keep losing at sports betting if you don’t have a long-term goal. You should aim to double your budget within a year. To do that, you will need a long-term plan.
Let’s say you start with a $2,000 budget every month. By the end of the year, you should be able to afford a $4,000 monthly betting budget without touching the original bankroll.
That starting bankroll will save you if you suffer bad beats or a losing streak. But it’s all part of a long-term plan that will help you increase your chances of winning in time.
Advice: Set an achievable yearly plan.
Reason #6: Failing to shop for the best number
Another rookie mistake is playing at only one sportsbook. Remember, you must research the market looking for the best number available.
You need accounts on several sportsbooks and more than just one brand. You might see value in a sports betting site where you don’t have an account. You need 3-4 accounts to jump from one to the other, looking for the best price.
Take this into consideration when creating your monthly and yearly budgets. But also, each time you open a new betting account, you will be eligible for a first-time deposit bonus. That’s another benefit.
Advice: Shop lines before placing a bet. Learn about line shopping.
Reason #7: Leaning on parlays
Look, I love parlays. The proposition of winning big with a small investment is tenting enough to play them.
The problem is leaning too much on them. That’s another massive mistake.
Sure, play parlays once a week, but the way to make money in this business is to bet sides, props, and totals. You invest, you win or lose, and you live with it.
Another massive mistake is to play parlays with four legs or more. That’s just giving the sportsbook all the leverage to areas where they have a massive advantage.
Reduce the number of parlays you play. If you place one, make sure it has at most three legs.
Advice: Don’t fall in love with parlays. But if you like them, bet at the best parlay betting sites.
How To Deal With Losing A Sports Bet
Like most things in life, success in sports betting is about discipline. You won’t be successful if you take it lightly and without the proper care.
Focus on a goal and try to reach it using a path where research, solid bankroll management, and discipline are your cornerstones.
The fact that you are reading this article means you want to change your betting behavior, and that’s a good start.
Changing the way you approach the game is a significant first step.
What To Do Next?
Before you start winning at sports betting, you must stop hurting your chances with undisciplined and dumb mistakes.
Why do I keep losing at sports betting? Because you didn’t follow the path marked above to stop your missteps.
Sports betting is fun and profitable, but you must take it seriously to be successful. Find time to do your homework, learn how to manage your bankroll, and avoid emotional bets.
Soon, you’ll find yourself on the right track to becoming a lucrative sports bettor.
Read Our Review Of The Best Sports Betting Sites