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Do you do these 5 sports betting mistakes? | VOdds

Sports betting is somewhat a complicated activity. In this industry, mistakes are inevitable and these slip-ups will definitely cost you some money. Don’t let these mistakes hinder you from experiencing the joy of betting though. Just make your failures as part of your learning process.

Don’t think that these mistakes will be avoided as soon as you gain some experiences though. Always remember that even the most successful sports bettors still commit their own errors. If each fault you make is a new one, then that’s a sign that you’re making progress.

With this, here are five of some of the most common sports betting mistakes you should be aware of:

Do you place bets without doing enough research?

The basic foundation of a successful sports betting is research. When it comes to sports betting, you can never do too much research. Every bet you make should always be well-thought of and thoroughly researched in order to come up with better judgment. When you do research, even beginners could immediately get themselves up to speed in order for them to make better-informed decisions when betting on sports.

Do you bet on sports you aren’t knowledgeable or familiar with?

Of course betting on more than one sport can help you maximise your chances of winning. However, it’s important to first master one sport before adding another so that you’ll be able to familiarise yourself well with its terms, rules, and etc. Bettors, especially beginners, need to focus on one sport first especially to avoid confusion. Placing bets on sports you aren’t well-acquainted with can most likely be the cause of failures.

Do you always rely on the information you get from others?

Every sports bettors hopes to find reliable sources of inside information to help them get the advantage over sportsbooks.  This mistake can cause you to falter in making a good judgment since you’ll be accepting inside information without examining the source. You can never be too sure if your information is reliable and accurate.

Before you accept information from others, take a minute to consider why they are sharing this info with you. Though there are great betting communities out there with many skilled and knowledgeable bettors, always be wary about the information you receive even if some data are just too tempting to resist.

Do you have unrealistic expectations?

It’s important to have a realistic mindset when it comes to sports betting. If you’re doing it with the hope of earning a massive amount of money in just a short period of time, you’re already doing it wrong. Yes, you can earn money through betting on sports. However, it takes patience and a lot of hard work before you can be a successful punter.

Sports betting is not easy. Even professional punters still lose their wagers every now and then. Very few people are able to make an insane amount of money. It is best if you go into sports betting with the intention of having fun while also being aware to you could win or lose money in the process.

Are you using the right betting site?

The easiest and the most convenient way to place bets these days is over the internet. However, it’s essential for every bettor to use the right betting site in order to make profitable bets. A lot of punters usually make the mistake of just creating an account with the first site they can find.

Most sites are reasonably good and safe to use. There are also a few unreliable sites on the internet though. It’s risky to register in an unfamiliar site when you have no idea whether they’re reputable or trustworthy.  With this, you should consider placing your bets on a reliable sportsbooks aggregator like the VOdds sports trading platform to ensure safe, one-of-a-kind, and pleasant betting transactions.

Always take in mind that learning from your mistakes is the best way to avoid them in the future! Experience a next level sports betting when you register with VOdds! You can log in now if you already have an account.

Is following your gut instinct a good or bad idea? | VOdds

Earning money from betting on sports can be quite complicated. There are a lot of factors to be considered in order to achieve a profitable winning rate. An extensive knowledge and understanding in sports and betting is extremely important. The ability to analyse and interpret information and statistics also plays a large part, as well following strategies.

Sports betting requires patience, dedication, and discipline. The mistake majority of sports bettors make is they don’t necessarily take the time to research and plan their bets. Instead, they simply rely on their ‘gut feeling.’ Most punters might have already done this at some point and probably had some earnings as the outcome.

Trusting your gut can sometimes be a good thing. However, it doesn’t mean it’s always a reasonable strategy to follow in the long run. In this article, VOdds discussed whether following your gut instinct is a good or bad idea in sports betting.

Intuition vs Data

Intuition plays a big role in our lives, and data can definitely be as transformative. When it comes to sports betting, intuition definitely helps but it won’t always be the case. The problem with hunches is while they may appear rational at first; most do not correspond accurately with mathematical or statistical outcome.

Instinct can be a powerful tool. There is little to no doubt that your gut feeling will sometimes lead you in the right direction when you’re on the verge of decision-making. There are also a few occasions where bettors won through following their instinct. Even some of the best sports bettors will sometimes ignore information and analysis, and follow their hunch instead.

Following your hunches isn’t a bad idea, but some bettors often put too much faith in their intuition.  However, following this approach to sports betting doesn’t always work. It may just be pure luck or possibly a natural talent for predicting outcomes.

Skills always trump luck. Bettors should base their intuition with accurate information as well as other betting tactics. Data from accurate and reliable sources should be one of the most important factors to consider when it comes to deciding where to place your bets.  Consequently, there are certain things that are needed in order to become a profitable sports bettor.

A combination of data, analysis, and sports knowledge are needed to make a rational and well-thought of decisions. Logic will tell you that instinct shouldn’t be relied on in circumstances like these, but intuition shouldn’t be erased from the picture. However, your instinct is something that you should neither disregard nor put too much of your trust in.

There is no right or wrong way in betting on sports. No strategy or system can guarantee you success. With all things considered, it can be said that there’s nothing wrong with following your gut instinct and including that in your decision-making.

Trusting your hunches is actually based on a combination of your experience, research, and how knowledgeable you are in the field. Nevertheless, the best way to make a decision is learning how to combine your instincts with information. You can never go wrong with that.

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Why Patience is a virtue for successful betting | VOdds

Understanding the characteristics needed to become a successful bettor is just as important as having an access to accurate information and betting with the right bookmaker. Bettors often feel that placing a lot of bets immediately will increase their chances of winning. However, a successful sports betting relies on countless of factors. One of the most important things that will help you become a profitable bettor is to have patience.

Patience always corresponds with discipline. These two are special abilities that take a lot of time to master but it’s not impossible. One of the major problem of bettors is they tend to bet impulsively, which shows a lack of patience and discipline.

Why do bettors need to have this trait?

First, having patience means having the ability to accept or tolerate problems, failures, mistakes, or even losing without getting anxious or discouraged. Winning doesn’t come in quickly. It takes time, a lot of money, and sacrifices before the hard-earned success is achieved.

With patience, you’ll be able to see the bigger picture. You will be able to think more clearly as well as observe and analyse information and statistics properly. Only a few people who bet thoughtlessly achieve success. Having patience gives you an edge in a way that it will make you more aware of the risks of the bets you will place.

In betting, slip-ups and failures are inevitable and it takes a right and positive mind to acknowledge that these do happen. However, failures shouldn’t be your basis in whether or not you’ll be successful in your next bet. Apply patience with betting strategies and you might just find yourself at the top of the list of the most successful sports bettors.

With patience and discipline comes great and hard-earned money. Bet on the best online sports odds in the market at VOdds now and take your betting into the next level!

Why you should constantly improve your betting

Arms Race: Why you should constantly improve your betting | VOdds

Some betting strategies are famous and well-understood enough to be known by almost every bettor out there. VOdds sports trading platform understands that there are punters who are flexible enough to advance further beyond the status quo and excel over other bettors in the field, while there is also a significant number of people who are ideologically rigid and are comfortable with the old methods of how they place stakes. Here is why the punter should not settle with traditional methods of betting.

A parallel in biology

Bats and insects have evolved tactics and counter-tactics during the course of their long history of predator-prey relationship.

Bats evolved a echolocation to effectively detect and catch their food which are mostly insects, notably moths. To counter this advance method of catching prey, moths have evolved more sensitive organs to detect echolocation waves from bats, allowing them to develop more mature behaviours of evasion.

Now, some moths started to evolve ultrasonic clicks that are loud enough to confuse and counter the bat’s echolocation calls.

In order to catch up with the moths’ advance mode of evasion, bats began to develop lower or higher frequency echolocation that are out of range of the moths’ hearing ability.

In turn, the moths developed an ability to hear higher and lower frequencies of echolocation sounds, warning themselves of the impending danger.

Why you should step up your game

The arms races are pretty common in the wild, especially among animals with a predator-prey relationship. If the bats preserved the frequency of their echolocation while the moths stepped up their tactics on detection and evasion, the bats would be left with no food to feed themselves.

In the same way, if moths do not develop their hearing abilities while the bats are already using higher or lower frequency waves, their whole species will become one large buffet for the predators.

Just like bats and moths, sports bettors and bookies alike are ever developing more advanced strategies to step up their game. New methods born and die in each generation of punters and those who stick with the same mannerisms are left out from the tides.

Look for newer betting methods

There has been a time when bettors are left to their guts to decide which decision to make on betting. In the development of different strategies and tactics on how to minimise losses and maximise profits in sport trading, a small group of people stood up among the rest.

However, as more and more bettors are became aware of these advance methods, equilibrium was gradually established among them, beating the purpose of the tactics.

The Kelly Criterion for instance might be the most advanced method when it was first released, but it has since been the norm as virtually every professional punter is aware of the said theory. Thus, the thirst for a fresher ways of stepping up the game followed.

The advent of Big Data

Some bettors are using technology to their advantage. In the advent of digital forms of gathering information, some bettors are using big data and algorithms processed by supercomputers to calculate odds and generate predictions with stunning precision.

For example, statisticians in Cardiff University have used big data to look into perceived contradictions in odds from hundreds of football matches, and use this information to bet. Those who are able to exploit this development in technology in sports betting would significantly advanced way ahead from other bettors.

However, there will be a time when this advancement would be countered by a similarly advanced method. This technology might pose a serious threat to bookmakers if made widely available to punters, which may force bookies to develop more sophisticated algorithms to counter the tactic. This would thus equalize the game.

People who want to excel way further would then find newer ways to step up from the rest. They will have their time, but there will always be a time of equilibrium and so on. Such is the way of the arms race.

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Green Lumber Fallacy Sports expertise

Green Lumber Fallacy: Sports expertise does not mean betting success

One of the greatest statisticians today Nassim Taleb gave one interesting anecdote in his influential book ‘Antifragile.’

The book recounts the story of a fellow named Joe Siegel. Mister Siegel is one of the most successful traders in a commodity called ‘green lumber.’ He had no idea why it is green, and incorrectly thought that the lumber’s color is such because somebody painted it green. However, the truth is the wood is green because it is freshly cut and had not been dried. Despite his ignorance of the nature of commodity, he is really good and successful at selling it.

One would assume that Mister Siegel must be knowledgeable with the origin of green lumber’s colour. But it was proven otherwise because being ignorant in a field does not mean being the same to another one.

An analogous story tells the story of Thales who reserves presses ahead of the olive harvest at a discount. Thales’ plan, however, is to rent them out at a higher price when the demand peaks. Thales could tell when the demand will rise because he has the ability to correctly predict when good harvests will be available in the market. The philosopher Aristotle then inaccurately attributes his success to his ability to accurately foretell the weather.

Green Lumber Fallacy in sports betting

Just like in the case given above, a lot of people expect successful sports bettors to hold a high degree of expertise in anything about sports.

This is not always true. For example, a mathematician who is an expert in calculating probability and is comfortable in playing with numbers could accurately predict the outcome of matches, and thus become successful in betting, even without the knowledge of who’s who or what’s what about teams, players, and coaches.

One does not need a deep knowledge of the players and coaches or history of the Premier League team Arsenal to be able to predict whether they will lose this time or continue their unbeaten streak.

The same goes for someone knowledgeable in sports. Someone could be a scholar of the early life of the Portuguese athlete Cristiano Ronaldo, but could also possess no idea whether he will score two goals in a match between Juventus and Inter Milan. Sports journalists or the paparazzi could know every inch of detail in the life of a sports superstar, but still be bad in betting.

Although, a little knowledge of what is happening in the lives of players or teams of whole leagues could could be a huge aid for the punter, it is not a necessity in placing stakes on the squads or athletes that you think will bring the bacon home.

False Correlations

The Green Lumber does not only tells how sports expertise does not always guarantee success in betting and vice versa, it also relevant in the practice of the punter as it cautions one to not correlate things mistakenly to avoid unwanted results.

For instance, people might correlate a Golden State bad loss to an injury that recently inflicted the Warriors’ top guard Stephen Curry. Different factors, however, could be at play such as a decline of performance in other top players of the team such as Kevin Durant or Klay Thompson.

In another way around, bettors might skip betting on the Golden State in cases when Steph Curry is injured, but the Warriors will actually continue to perform well as there are other good player in the team such as Durant or Thompson.

So, do not worry about being short of rumours in the dramas of the world of sports. If the maths have been done and the confidence says place the bets, then place the bets.

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Gambler's Fallacy

Gambler’s Fallacy: How bettors fall victim to superstition

Gamblers and superstition

On the 18th of August 1913, gamblers in the famous Casino de Monte-Carlo in Monaco are having a great time after the ball fell on black 26 times in a row. Thinking that the ball will not land on black anymore, they placed their bets to the red. The ball still landed on black. Still thinking that the ball will never touch black, they stayed on red, but the ball still went to black.

The ball landing on black more than 26 times in a row was an extremely unusual occurrence considering the odds of black or red occuring 26 times in a row is 1 in 66.6 million.

The gamblers still went firm on red, while the ball still continued to hit black. As a result, the gamblers lost millions of francs. They incorrectly thought that by betting on red against black will give balance on the bet.

The story was a real event that happened that one fine summer in Monaco, and it was the most famous illustration of an anomaly called ‘Gambler’s Fallacy.’ It also came to be known as the ‘Monte-Carlo fallacy’ after that well-known occasion.

This fallacy mentioned refers to the mistaken belief that events that happen more frequently than normal should happen less likely in the future or vice versa.

Gambler’s fallacy in betting

Sports bettors sometimes fell victim to superstitions such as the Gambler’s fallacy causing a loss of a significant amount of money. For example, Arsenal has been enjoying a 20-match unbeaten run. Some punters would bet that the Gunners will still get out of the match undefeated. Meanwhile, other bettors might thought otherwise because a balancing loss would definitely come out this time. Arsenal apparently wins and those who thought that the Gunners will not dominate the match will lose their bets.

Despite seeing the consistency in the performance of Arsenal, those who lost their bets still thought otherwise. This is one of the errors sports bettors are making.

This fallacy could also work otherwise. For instance, a lot of people thought that either Lionel Messi or Cristiano Ronaldo would win the 2018 Ballon d’Or again this time because they dominated the award for the past ten years. It turns out, Luka Modric topped the award, while Ronaldo only went second and Messi to the fifth.

Dealing with the random

One could not fully blame punters who think the way described in the fallacy as results really are random, like how the black in the Monte-Carlo case was landed 26 times in a row.

Similar cognitive biases are normal and healthy, but completely subjecting to such ways of thinking would eventually result to loss of resources. Bettors who depend on mere gut feeling or superstition will find sports betting unprofitable and costly.

Punters could always use mathematical tricks as tools to guide them in their bets, such as the Kelly criterion and Fibonacci method.

Randomness is the image that one paints when he or she bets unaided, but the keen punter calculates the probability of an event occuring before placing stakes.

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Here’s What You Should Do When You Lose a Bet

Here’s What You Should Do When You Lose a Bet

What’s your reaction after a goal was struck by the opposite team you were betting on? Are you thinking about how to get your money back at any cost? Do you feel any rage or frustration? These are common reactions. Bad runs can cause endless anger and frustration, but losing stakes are almost unavoidable when it comes to sports betting. Even the most skilled bettors has experienced a time where things are going worse for them. However, the most important thing is how you handle these losses.

Here are ways to help you cope with the damages of losing a bet. But first things first, you should know one of the golden rules of betting; make sure you only bet with money you can afford to lose. This makes it easier to deal with a bad run.

  1. Take a Break

Imagine you’re a football coach who just witnessed his team lose after a hard-fought tournament. The last thing you need to do is to go straight into another intense fight. The team needs to take a break to reflect on their tactics, and assess the damages. The same principles can be useful to handling a bad run. If you feel like you did poor decision-making skills, or applied your stakes inconsistently, simply take a much needed break to assess yourself. Give yourself some time to look back, and work out why you’ve made a poor decision. There’s no harm in taking a break. Slowing down can even help you cool off and reexamine your strategies.

  1. Analyse your Tactics

Do you ever get that annoying feeling where you are trying something that just won’t work out for you? Did you stick to your staking tactics? Did you analyse a particular match as you had planned to? Was there something wrong in the plan you made? You have to be honest with yourself in order to reevaluate your game plan.

Professional punter Patrick Veitch, one of the most feared full time gamblers in the UK, is continuously developing his approaches in the battle to stay ahead of the game. There are actually vulnerabilities of sticking to only one strategy – it can be the cause of failure among punters. If your tactics before seemed to work out in the beginning, it’s possible that there are some holes in it that caused you to have a bad run now. Don’t always insist on your initial beliefs, and be open to more strategies. Take a look at your betting history, and review your choices.

A good habit to get into is analysing yourself. See where you went wrong, and make notes. There’s no better way to improve yourself than accepting a loss, and working your way through it.

  1. Play more carefully

When you’ve experienced losses, it’s tempting to get the money you lost by placing bigger stakes. It’s actually a bettor’s fallacy, and could damage more than it could do good. More carefully thought through bets are usually the most successful ones.

Cut out the bets you think will help you win, or merely popular bets when a live fixture is on, and focus solely on the aspect/s you know the best. Simplify and use a sports trading platform to get ahold of odds from numerous books. Learn to stay consistent, and stay within the limits you’ve set for yourself.

  1. Understand that losing is a part of the game

Even the best and professional punters experience losses when betting. Losing is a common possibility that all bettors have to deal with as soon as they place their stakes. But every bad run is a good opportunity for all bettors to review their staking tactics, and bet choices. And rather than beating yourself up, look for ways to improve yourself and do better on your next game.

You can even take a moment to sort yourself out, reconsider your strategies, and bet again when you’re all set and ready. Always remember that learning to control your emotions after dealing with a bad run is without a doubt the greatest piece of self-development you can ever get.

Now pick yourself up, prepare more carefully and thoroughly, and have fun!

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Common mistakes sports bettors make | VOdds

Mistakes are unavoidable especially when you’re new to sports betting. Sports betting is not something that can ever truly be mastered. You can’t always expect things to go where you want it to. Even if you follow all the advice in numerous sports betting guides, it’s still highly possible that you’ll commit even at least a few mistakes. It’s important not to let the worry of making one stress you out too much. It should be noted that mistakes are part of the learning process.

However, don’t think that mistakes stop as soon as you’ve gained experiences though since even the most successful bettors still make one every now and then. In this guide, VOdds sports trading platform enumerated some common mistakes sports bettors make. Simply being aware of such mistakes means you’re less likely to make them in the future.

  1. Not understanding the basics of sports betting

This is one of the most common mistakes we can see from rookie sports bettors. Beginners tend to jump into things without having proper knowledge and understanding of the basics, which can greatly limit the possibility of a successful bet. With a small amount of dedicated time and research, beginners, even experts, can make better-informed assessments when betting. It is also important to take note of the basic sports betting strategy to improve one’s opportunities in winning.

  1. Placing too many wagers

This mistake is often disregarded. This important aspect when betting on sports is having the patience to wait for the right opportunities to earn some money down. Unfortunately, patience is not something all bettors possess, especially the beginners. Most beginners place too many wagers, which is not ideal. A much better approach when betting is to be selective. Try focusing in one or two sports instead of placing stakes on each and every competition or event. Try looking for occasions where it’s possible to make good decisions about what might happen.

  1. Mismanaging your bankroll

This is the mistake we can often see from numerous sports bettors. Many people are betting without any bankroll management. Rather, they just bet as much as they think they should on their sports picks without any specific plan behind it. By doing this, you are increasing the chances of exhausting all your betting money.  To avoid this, you should set aside enough money that is intended for the purpose of sports betting. The money should come from extra funds and not from the cash needed to pay for necessities. Bettors should also be willing to accept the risk of losing this bankroll without it having a large effect on financial priorities.

  1. Not choosing the right bookmaker

Bettors have access to an endless variety of bookmakers they can choose from. Just like any other industry, there are different tactics to bookmaking and everyone will claim to be the best. However, bettors should be careful in analysing which bookmaker offers a lot more than the other. Choosing a bookmaker can either make or break your sports bets. To make things easier for bettors, VOdds trading platform gives access to numerous top Asian sportsbooks that offers the best real-time odds and competitive prices to its clients which can also multiply one’s betting opportunities.

  1. Chasing Losses

Something to also avoid is chasing losses. Many bettors are guilty of committing this mistake. It’s easy to lose a bet and then quickly want to make another one to make up for it. However, when you bet based on a previous loss, you are likely to create a less informed choice, making you prone to another mistake, which can also increase the probability of losing again. When you lost a bet, it’s a good thing to let it sink in and take a break to reflect on what happened. Don’t do the mistake of rushing out and make another bet when you just lost one. Rather, place your time and energy in exploring other value bets.

Keep these in mind when you bet on sports to minimize your errors. Log in to VOdds for the highest real-time odds and prices or simply register if you don’t have an account yet.