The opportunity to cash in on sports betting excellent online football has never been greater, but even with the required tools and betting systems that can be proven to generate a profit, many individuals still find yourself losing money. This article looks at several of the most common mistakes people make that will turn the potential of profit into regular losses:

Overbetting

This really is a classic mistake that nearly all Gamblers make in their eagerness to earn money. You’ve got a good method, that may 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!

Chasing loses

As a consequence of the aforementioned, or just during a bad run of results (which statistically will be going to happen) we’re going to find the classic mistake of chasing losses. After a loss, as opposed to taking it on the chin and sticking to the program, the gambler will feel cheated and psychologically hurt through the result, vowing to win the money back on the next bet and increasing the amount bet so that you can do so. Of course, should the next bet loses the exact same happens and before you know it stakes and losses have spiralled out of hand. How do you avoid this? Simple, again just stick to the guidelines and be patient!

Using your own money

Any money used for gambling should continually be viewed as a speculative investment within the same way as stocks and shares are, the money used must be totally separate from your own money and must be money which you can afford to lose. Should you not keep a separate bank of money for betting, your psychological attachment to it will cloud your betting judgement and will contribute to your failure.

Going for a short-run view

Just as no-one would decide the merits of a stock market investment on the foundation of one day or one hours price movements, the exact same should be observed when betting for profit. It should be viewed as a long-term plan as well as the outcome of individual bets and daily or weekly results should always only be assessed in the context of the long-term profitability of the method being used.

Not keeping records

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

A lot of the mistakes already mentioned can be avoided by looking closely at the “psychology” of betting. Irrespective of how good any system is you will not win all the time. The way through which you handle your losses and manage your hard earned money will be the determining factor in deciding your success.