Why Most Gamblers Lose Money

Gambling

It’s a widely known notion that the vast majority of sports bettors should lose money. The most popular concept is that over the course of the year, 90 percent of sports gamblers will lose money, but that doesn’t stop people wagering on sports. When those bettors finally go bankrupt and can no longer wager, somebody else is still waiting to take their place in line.

Managing Money.

The number one reason most sports gamblers lose is not due to poor picks, but rather due to poor management of money. There are far more betters who can choose winners than there are those who can make money and the key is money management.

Betting $50 on one game and $500 on another is a sure way to be separated in the long run from your cash, just as betting 50% of your bankroll on one game would eventually lead to disaster. A sports bettor may win a few games by betting more than they should, but the loss, or loss, will eventually come and the bettors will end up in trouble.

Doubling up after wins or losses is another failure formula, and many bettors, including those who have been betting for many years, make a common mistake.

If you’ve ever read sports betting books, you’ll find that almost everyone has at least one chapter dedicated to money management and that’s not because writers like to talk about it. It is because it’s so necessary.

Betting on Wrong Games.

It’s no secret that football and basketball are the two sports that receive the majority of betting dollars, just as it’s no secret that most longtime sports bettors will say those are probably the two toughest sports in which to show a long-term profit.

For most professional gamblers the sport of choice is baseball, which interestingly rates well below the top two sports in the amount of money earned. Hockey is another sport claimed by many seasoned bettors that can give the sports gambler an edge over the sportsbook, but less than even baseball hockey nets.

A sports bettor doesn’t have to like baseball or hockey especially well. Those are two sports that should be followed as long as they like money, or at least find someone who is a good baseball or hockey handicapper and follow their plays.

Limited Knowledge.

Many football bettors learn just enough to make them interesting, since there is a big difference between being experienced in the NFL and being knowledgeable in NFL betting. To be able to name the starting offensive line for the Dallas Cowboys probably won’t help a person win a bet.

What many sport bettors do not realize is that they compete against other bettors who spend countless hours on handicap, studying trends, injuries, and betting angles.
If you don’t have the time to study the games, try finding someone who does it, whether it’s on a posting forum, a reputable sports service, etc., but don’t assume you know more than anybody.

Gambling Numerous Games on TV.

There are a large number of sports bettors who believe it’s their responsibility to have a wager on the contest when a game is being televised. While that didn’t create much of a problem years ago, so many games are now televised that bettors can easily have seven or eight wagers on a single night, and even more on the weekend.

Usually, on televised games, the lines are the sharpest, because the oddsmakers and sportsbooks know that those games will be the hardest bet.

If you need to have a wager on every televised game, those bets should be much smaller than your typical bets, about one-fourth of the amount somewhere. I’ve seen a number of solid handicapped people lose money over time by betting the same amount, if not more, on televised games than on games that they honestly believe are good bets.

Betting at the Casino.

This is relatively new for sports bettors to contend with, as many online sportsbooks now have casino-style gambling, which is too much for some sports bettors to walk away from, including some very good sports bettors. It is not unheard of for a solid sports bettor to generally show a profit every week, but give back that money, plus a little extra, playing their sportsbooks offer casino games.

Online casinos have always the credibility to think about, as well. It is one thing to be at a blackjack table and see the dealer draw a 5 to their 16 to match your 20, but when it takes place online, it’s a bit different.

Seeing the allure is facile. Why, when you can hit a Royal Flush playing video poker and quickly win $1,000 or $4,000, try grinding out a small profit betting sports? If this is an issue, try e-mailing the sportsbook and ask them to block you out of their casino.

There is no single key to becoming a winning bettor for sports, but those who practice money management, put in some time, and practice discipline are generally a step above most bettors.