The Seven Deadly Sins of Sports Betting
1. Not knowing what it takes to be a winner.
Breaking even requires at least 52.38% winners. Experienced professionals recognize that at least half of all point spread decisions are determined by coincidence, an incidental hit of good or bad luck, respect, fear and the chance factor. Be content with at least 60% winners and be thankful for something more than that.
2. Being undisciplined in managing your money.
Allowing losses to disappoint or stop you leading to unwise actions. Irrational management of money will not get you anywhere. The principle of law of averages is not applicable in sports wagering. Avoid betting more than double your regular game no matter how tempting the game may seem. Attempting for revenge is not a good move. Approach the handicapping activity as you would view a 12-round bout. Winning will not happen in each round but it's the final decision that will stand. Set-up a sound pattern of play.
3. Lacking patience.
Not being able to maximize any advantage, both in the point spread analysis and the current updated assessment of the teams. Locate the best costs on every game. If you only have one source at your disposal, you are a liability. Don't exaggerate injury updates, specifically those with regards to high-profile players. Aside from that, good teams often adjust while the opponent tends to develop some over-confidence.
4. Failing to set priorities.
Not allowing proper and wise identification of the most crucial handicapping factor; the inclination to put more focus on non-significant items or unconfirmed claims. Compare the essential strengths and weaknesses of the two teams. Evaluate the match-ups considering what each team needs to do to beat the other. Think about whatever psychological factors existing to give a team the crucial edge. The activity of handicapping is not that complicated.
5. Unknowingly adhering to some baseless technical development or falling for reverse statistical repetitions.
Technical developments are useful only when it reflects the essence of the identity, nature and team work of the team.
6. Betting with your heart, not your head.
Establishing emotional bonds with your favorite teams. Don't exaggerate on the latest games or a good television performance; they have little impact with a fair, wise inquiry. Such performances are commonly remote attempts and may deviate from a more practical analysis. Few teams are actually good as they appear in winning, or as bad when losing. Don't concentrate on the flashy characteristics of a team.
7. Falling for tips, wired games and other nonsense.
Tips are rare, and there isn't probably one wired game that you can find in your entire life. Throughout the season various rumors are traveling, often created by those desiring to control point spreads for their personal interests. If you are not affected by such rumors and stick to tested handicapping fundamentals, you're way ahead.
While there are of course more, these should be remembered when getting involved in sports betting.