There are thousands of reasons out there as to why 95% of people who wager on sports end up losing year after year. I have found that one of the biggest reasons people lose is due to a lack of discipline. It may seem redundant but money management is the key to success in winning long term at the racket we call sports betting. You must have a strict money management plan in place before even thinking about making an investment in sports betting. It sounds simple right? Create a money management plan and stick to it and you will be on the plus side is all you have to do. However, most bettors go erratically off the map and end up losing year after year.
Two things happen to most bettors; they get greedy when they win and desperate when they lose. When sports bettors are on a hot streak, they try to stretch their winnings by doubling their wager sizes to make a real big score only to be back to even when one big game goes down. You should never double your bet size just because you are on a hot streak. Every game has a 50-50 outcome, no matter how you look at it. So to be more accurate, if you won early in the day, you were on a hot streak. What happens later in the day has nothing to do with what you did in the morning or afternoon. I only increase my bet size after I have increased my total betting bankroll by 25%. This keeps my break-even percent at 52.38% and allows me to gradually up my bets in order to increase my return on investment. I stay disciplined and focused on winning consistently instead of getting overly excited over a small amount of success.
The second major mistake sports bettors make is they chase their losses. They have got to get even. But you have to look at sports betting as a marathon, not a sprint. You have to be patient and keep grinding away day after day. Stick to your money management system and eventually things will turn around. You must know there will be winning streaks. There will be losing streaks and there will be times when you float around the 52.38% break-even percent. When in the midst of a losing streak, stick to your handicapping principles and only wager on those games in which you believe you have a 60% chance of winning. Do NOT get desperate and plunk down a large amount of money outside of your betting range just because it’s on television and you have to get back to even.
One last piece of advice I have is to not decrease your betting size when losing. That makes it even harder to get back to even. Keep in mind that you are investing on wagers that have a 60% chance of winning and that eventually, you will get your money back. Grind away and ride out the losing streak by keeping your bet size the same. If you stay disciplined and do NOT chase, you will keep your bankroll alive to see another day.