It’s a well-known “secret”: the vast majority of sports bettors lose money. Statistics show that 90% of sports gamblers lose money every year, yet that doesn’t stop them from betting.
But what causes so many losers to lose so consistently? Here are some reasons:
Poor Money Management. The number one reason most sports gamblers lose is not picking the wrong horse or team, but because of poor money management.
Money management is the key. Betting $50 on one game and $500 on another, or betting 50% of their bankroll on one game means one loss will erase any wins. “Doubling up” after wins or losses is a ticket to the poor house and a common mistake.
Betting on the Wrong Events. Football and basketball receive the majority of betting dollars, but most experts say those are probably the two toughest sports to make a long-term profit.
The sport of choice for professional gamblers is baseball, which ranks near the bottom in the amount of money betted. Hockey is another sport that can give the sports gambler an advantage, but betting on hockey is even less than on baseball.
Lack of Knowledge. Sports bettors know just enough to make them dangerous. There’s a difference between being knowledgeable about the NFL and being knowledgeable about NFL betting. Knowing the starting lineup doesn’t help win the game or win a bet.
Betting on TV. If someone’s favorite team is televised, it’s almost seems a civic duty to bet on the game! But there are so many games televised now that bettors can easily make seven or eight wagers on a single day, and even more on weekends. You’re not going to win them all.
Casino Betting. How do casinos make all their money? From people gambling! Think about it.