- However, having coached 100's of poker students in the past, one thing I noticed is that many beginners in particular actually beat themselves. That is, they shoot themselves in the foot and ruin their results with a variety of 'rookie' or 'amateur' mistakes. So in this article I am going to break it down for you.
- Whether it's a quarterback making an ill-advised throw that gets intercepted or a point guard committing a turnover at the end of a game, rookie mistakes are a well-known phenomenon in sports. These errors in judgement that can be chalked up to inexperience are also very prevalent in the world of sports gambling.
One of the most common mistakes made by rookie players is that they forget to check the acceptable payment methods at these online casinos. They get so enamoured and overwhelmed by the bonus offers and graphics that they forget to check this essential aspect.
Whether it's a quarterback making an ill-advised throw that gets intercepted or a point guard committing a turnover at the end of a game, rookie mistakes are a well-known phenomenon in sports.
These errors in judgement that can be chalked up to inexperience are also very prevalent in the world of sports gambling.
Each year, countless sports bettors lose huge amounts of money due to mistakes made as a result of their lack of experience with sports gambling. The good news? It can be fixed.
In this article, I'll lay out the top 6 most common rookie betting mistakes and what you can do to turn them around.
1 – Not Managing Your Bankroll – Or Not Even Having One
It's not sexy, it's not fun, but it's vitally important. Yes, I'm talking about bankroll management.
Before you place your first bet, it's important to set yourself up for success through proper money management. If you're unfamiliar, a bankroll is pool of money from which you bet.
When deciding on your bankroll, make sure you're only putting it together with money you can afford to lose. Think of it as a purchase for which you're probably not going to get a return. Obviously you would hope this isn't the case, but it's necessary to think about it in this way to avoid potential financial issues.
Once you've determined what your overall bankroll number will be, the next step is to determine how much of your bankroll you'll bet on any one play. This isn't so much a specific number, but a percentage range.
Most experts recommend setting your range somewhere around 3% to 10% of your overall bankroll. This would mean that on any single play, if you had a $1,000 bankroll, you wouldn't bet less than $30 or more than $100.
If you're thinking that a bankroll and its percentages seems restrictive, you're not considering one of the most important aspects of sports betting and gambling in general: minimizing losses is a crucial part of success.
2 – Not Shopping for the Best Line
When you go to make a purchase, it's likely that browse a few different sites to find the best deal. Even if you're only saving a few dollars, it adds up. Right?
The same philosophy should apply to sports betting. Just as there are a number of different sites selling the same retail product, there are dozens (if not more) reliable gambling sites offering odds on the same games.
Because the lines can be impacted by the action a sportsbook receives, you'll find that the numbers can vary from site-to-site. It's important to find the best value for the play you want to make, even if it's just a small difference. Just as with purchasing things, small savings add up in the long run.
Rookie Poker Mistakes Game
The next time you're considering a certain bet, take a look at five or six different online sportsbooks and find which line gives you the best risk vs. reward proposition. You might be surprised at how much the numbers can differ, especially on bets that receive less action like props.
Rookie Poker Mistakes Against
Shopping around takes time and effort, but if you're serious about winning money, it'll pay out nicely in the long run.
3 – Not Handling Losses Properly
It's called gambling for a reason. Anytime you put a wager on a sporting event, there's a very real chance you're going to lose at least half of the time. In fact, some of the best gamblers, those who do it professionally, only win about 55% of the time.
Since the success rates of even the best in the world are relatively low, it's important to recognize what sets them apart from amateurs and other inexperienced gamblers. One of the factors is discipline after losses.
When you have your hard-earned money on the line, emotions can run high. It's completely understandable that many bettors' first instinct after losing is to try to win that money back (and then some) as quickly as possible.
Unfortunately, trying to recoup your losses in your next bet often leads to worse outcomes. When you lose, the most detrimental thing you can do is double down on your next play. For example, if you lose $50, you shouldn't bet $100 on the next bet so that you'll come out ahead on the other side.
Gambling, especially on sports, is a long-term game. To reiterate a point I made previously, part of becoming a profitable bettor is minimizing losses.
If you're going to be a sustainable sports gambler you need to accept that how you deal with losing is going to be a huge part of your success. Ending the day 'even' isn't necessarily the worst thing. Maintain discipline and don't let emotion drive your bets following losses.
4 – Not Doing Adequate Research
Oddsmakers have special instruments at their disposal that allow them to set accurate lines. That doesn't mean that they always take into account every aspect of the game or match that could have an impact on the outcome.
Going over the injury reports, checking the team's schedules (specifically the most recent game and the next game), and evaluating motivational factors can give you a significant boost in your likelihood to win a bet.
If you're able to do an even deeper dive into the data, such as historical data for the matchup you're going to be betting on, even better. However, just taking 10 to 15 minutes to read through some game previews and top-level statistics can have a significant impact.
Even if research only helps you win 5% more of your games, it's going to be worth it in the long run. Always remember, informed decisions are an absolute necessity when it comes to betting your own money.
5 – Thinking Expert Advice Is the Answer
Even with something as data-driven as the stock market, 'experts' often get it wrong. When it comes to something even more unpredictable, like sports, it's all-but-impossible to reliably predict outcomes.
Sports betting has been on the rise for several years now due to relaxed laws and public acceptance of gambling. With this rise has come a large number of sports betting gurus who are looking to make a few dollars without actually taking any risks.
If you look around the internet, you'll find a number of websites and individuals claiming to have a 60% success rate in the NFL season, or tremendous earnings betting on baseball. I'm not saying that they're lying about their success, but having one good season doesn't guarantee they have the recipe for success.
Paying for gambling advice is almost always inadvisable, and if the advice doesn't help you out (which it likely won't), you'll be out even more money than if you had just made the betting decision yourself.
6 – Choosing Favorites Over Value
If my experience is any indication, new gamblers love the idea of choosing huge favorites on the moneyline in hopes of getting an easy win. Obviously the payout is small compared to the risk, but it's a sure thing right?
What these gamblers fail to recognize is that it only takes one loss to derail this whole strategy. And there are endless examples of upsets that can quickly derail the 'favorite moneyline' strategy.
Consider this: if you're taking a favorite at -500, which means it would take a major upset to lose, that still means you have to win 6 bets before losing 1 in order to make any money. Simply put, it's just not worth the risk.
Instead of looking to get easy wins, focus on betting for value. Any time you can win more money than you have to risk, it's worth seriously considering.
Conclusion
It's a great time to be a sports bettor. Increased accessibility, overall security, and of course. Increased accessibility to sports gambling knowledge, all make it a hobby that sports fans can get behind.
Just be sure that you take the necessary steps to jump in responsibly. Make sure you avoid falling victim to the rookie mistakes above, and you'll save yourself quite a bit of cash.
I recently had a conversation with a hiring manager who personally interviewed 300+ people in the last 2 years. We discussed how uncomfortable it is when people make some truly rookie interview mistakes. People think the interviewer has the easy job, but it's just as stressful for them. It's not fun to watch someone make a mistake in an interview that you know is costing them the job. Trying to keep a poker face and finishing the interview can be tough. Here are some of the top mistakes we both have seen first-hand:
- Failing to do any research on the company so they are unable to answer the most basic question, 'Tell me what you know about us?'
- Making the first question when it's their turn to ask questions, 'What's the job pay?'
- Showing up under-dressed, looking disheveled and chewing gum.
- Arriving clearly hungover, sick, and smelling of booze.
- Taking calls and/or texting during the interview.
- Showing up late.
- Trash-talking a former employer.
- Swearing.
- Telling the employer what they think they are doing wrong in their business model without being asked for their opinion.
Interview = Thousands of dollars ($$$) on the line.
Interviews are hard to come by. Each time we fail to fully prepare for an interview, we are putting an entire year's salary (and more) on the line. Even if we aren't excited about the job, it's still worth it to prepare. Who knows? They may have a job that isn't posted that we'd be perfect for. Or, they may remember us when a job does come available that we're a better fit for. No matter what, there's no excuse for not preparing for any interview that comes our way.
And yet....
How many times have smart professionals chosen to 'wing it' in an interview? I hear justification for the lack of preparation all the time. Things like:
'I'm better when I don't sound rehearsed.'
Or, 'I don't want to look to over-the-top about the opportunity.'
They forget the cardinal rule: in an interview, you are a business-of-one and the employer is your customer. If you don't show them you're working hard to earn their business, why should they bother picking you?
I'm not suggesting we put the employer on a pedestal.
I'm saying the best way to show the hiring manager we want to work 'with' them and not 'for' them is to come to the table ready to prove ourselves worthy of a partnership. Here's an article on why top performers always have the 'work with an employer' mentality.
Don't you agree?
I'm curious, what's other rookie mistakes have you all seen or heard of? Please share them in the comments below.
And for those of you who are thinking, 'Hmm. Maybe I should re-assess how I prepare for interviews,' here's a checklist of 18 things you need to succeed in interviewing.
If you want to read more of what I've written, check out my articles on Inc.com.
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P.S. - First time reading my posts? Thanks for taking the time to stop by! Not only do I write for Linkedin, but I'm also founder of the career advice site, CAREEREALISM, and currently run the career coaching program, CareerHMO. I hope you'll check them both out!
If you enjoyed reading this article, you may also like:
CAREEREALISM's Founder, J.T. O'Donnell is a nationally syndicated career expert and workplace consultant who helps American workers of all ages find greater professional satisfaction. Her book, CAREEREALISM: The Smart Approach to a Satisfying Career, outlines her highly successful career-coaching methodology. Purchase her e-book of CAREEREALISM for only $9.95 by clicking here!
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