By Grant Tingley
Sports betting, just like any kind of gambling, is a risky endeavor that must be approached with caution. It’s full of pitfalls that can be hard to avoid, even for the most patient or experienced of gamblers. Below are just a few of the major traps that sports bettors can get caught up in.
Trying to get rich quick
The main temptation when it comes to any kind of gambling is trying to hit the jackpot. The same applies to sports, where someone might be tempted to bet on something with insanely high odds in the hopes of hitting it and getting a major payout.
This mostly comes in the form of parlays. Just as there are always stories about somebody who wins thousands of dollars on a scratch-off or hits the jackpot on a slot machine, there are also stories about a sports bettor who hits on an improbable parlay and rakes in tons of dough. This, of course, is very rare, but it doesn’t stop people from taking a chance in the hopes that they will be one of those people. It’s the reason people partake in any type of gambling; however miniscule it is, there is always a chance that they will hit the jackpot.
BIG BET: one bettor parlayed Cameron Champ to win the 3M Open and the Atlanta Braves to win the World Series.
— DraftKings Sportsbook (@DKSportsbook) November 3, 2021
$5 ➡️ $30,125 pic.twitter.com/KroCMe5aE0
Overthinking
Overthinking is something that plagues many people in several aspects of life, and that includes sports betting. If a bet seems obvious, bettors may worry that it seems too obvious. Contradicting arguments regarding a bet can also complicate a decision for a bettor.
Second-guessing can cause a bettor to change his or her bet or refrain from making a bet, only to see that original bet win. Some bets seem obvious because they are obvious, and people will have differing opinions on everything, including bets. Sometimes, a person’s first instinct is the best one.
It can be hard not to fall into one of these traps, and it’s bound to happen at some point. But if a bettor can limit these kinds of mistakes, it will likely be better for him or her in the long run. Bet smarter, not harder.
Chasing losses
Sometimes, sports betting is about patience. As with anything else in life, there will be good days and there will be bad days. The key is not to compound those bad days and make them worse. This can come in the form of “chasing,” or trying to make up for, losses.
After losing money gambling, it can be difficult to resist the urge to try to make the money back right away. But this can lead to making desperate bets that end up exacerbating the losses. It’s better to be patient and calm and continue to approach bets the same way. Sure, it can be a tough night’s sleep after a bad betting day, but it’s better to just take the losses and hope to bounce back the next day than to fall into a hole that’s almost impossible to climb out of.
Picture Credit: Google Creative Commons Licenses, Shutterstock
