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

Overbetting

This is a classic mistake that nearly all Gamblers make in their eagerness to earn money. You have a good method, which will 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 that 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 above, or simply during a bad run of results (which statistically is going to happen) we shall 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 by the result, vowing to win the cash back on the next bet and enhancing the amount bet as a way to do so. Bear in mind, in the event the next bet loses the same happens and before you decide to know it stakes and losses have spiralled out of control. How do you avoid this? Simple, again just stick to the rules and be patient!

Using your own money

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

Taking a short-term view

Just as no one would decide the merits of a stock market investment on the basis 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 and 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 your bets, it becomes all to easy to forget the losses and remember only the winners in the event you do not have accurate records. With accurate records you will be able to view the performance of any system in your betting portfolio over-time and cope with any performance issues that this may highlight.

Most of the mistakes stated earlier can be avoided by looking closely at the “psychology” of betting. Regardless of how good any system is you will not win all the time. The way in which you handle your losses and manage your money will be the major point in deciding your success.