The chance to cash in on sports betting online gambling has never been greater, but even with the required tools and betting systems that are proven to generate a profit, a lot of men and women still end up losing money. This article looks at several of the most frequent mistakes people make that may turn the potential for profit into regular losses:

This is a classic mistake that nearly all Gamblers make in their eagerness to make money. You have a great method, that can statistically prove profitable, but there comes a run when the right conditions appear to dry up. Eventually, you get itchy feet and begin to manufacture bets that do not match your strict requirements, forgetting which it was these strict requirements that determined your profitability. The inevitable happens, the profits turn to losses and in the worst case scenario your betting bank is blown! How do you avoid this? Simple, stick to the guidelines and be patient!

As a consequence of the aforementioned, or just during a bad run of results (which statistically is always going to happen) we will find the classic mistake of chasing losses. After a loss, in place of taking it on the chin and sticking to the plan, the gambler will feel cheated and psychologically hurt by the result, vowing to win the cash back on the next bet and increasing the amount bet so that you can do so. Bear in mind, if the next bet loses the same happens and prior to deciding to know it stakes and losses have spiralled uncontrollable. How do you avoid this? Simple, again just stick to the guidelines and be patient!

Any money used for gambling should always be viewed as a speculative investment in the same way as stocks and shares are, the money used must be totally separate through your own money and has to be money that you could afford to lose. In the event you do not keep a separate bank of money for betting, your psychological attachment to it’s going to cloud your betting judgement and will contribute to your failure.

Just as nobody would decide the merits of a currency markets investment on the basis of one day or one hours price movements, the same should be observed when betting for profit. It should be viewed as a long term plan and the outcome of individual bets and daily or weekly results should always only be assessed within the context of the long-term profitability of the method being used.

You need to keep records of all your bets, it becomes all to easy to forget the losses and remember only the winners should you not have accurate records. With accurate records you will be able to view the performance of the system within your betting portfolio over time and deal with any performance issues that this may highlight.

Most of the mistakes mentioned above may be avoided by looking closely at the “psychology” of betting. Irrespective of how good any system is you won’t win all of the time. The way by which you handle your losses and manage your hard earned money will be the critical element in deciding your success.