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5 Common Betting Mistakes You Should Avoid Making

When you are new or unknowledgeable about betting then you may be vulnerable to making easy betting mistakes that will lose you money. Bookies will tend to lick their lips to newbies in the betting scene and will encourage them to keep betting. Ensure that if you are new to betting that you will avoid making these common mistakes that we speak about below.

Bet With Your Head Not Your Heart

Now this can be hard for some people who are getting into betting. Of course you always want to support the team you love and the best support is by putting money on them to win, right? Wrong! The worst trap that you can fall into is doing that exact thing, of course it is great if your team win and you gain money on top of this. The majority of the time however, this will not be the case and if your team loses then you will end up losing twice! The best thing to do in this situation is just to disconnect betting and your favourite team, if you stay away from betting on your team then you will be happier in the long-term.

Stick to a Budget

This point is vital, it is important that you set a budget before you go on a mad betting spree, something as simple as a £25-£50 cap per week can really give you the perspective that you need. The worse case scenario you lose all the money that you have put on, yet if you have a cap this will inhibit you from trying again and again and potentially risking more money, this brings us on to our next betting mistake.

Don’t Chase Your Losses

This is by far the worst betting mistake that a person can do. Chasing your losses will almost always lead to a person losing more money. Even if you are presented with a “special offer” which seems too good to be true, it probably will be and you should just enjoy the sport without betting on it! The main culprit for this is usually ‘Monday Night Football’ as it is on after the weekend when many people may have lost money, the bookies will usually offer many specials for this game and drag as many people in as possible. Do not let this be you.

Don’t Bet on Unfamiliar Sports

The idea of betting on sports you have no idea about is a huge betting mistake that some people may easily fall into if they are not careful. You do not know how the points are allocated, you do not know who the best teams are and you also might not know how long the games go on for!

Only Bet on Teams You Know

This again should go without saying, why should you bet on a team that you have absolutely no idea about? That’s right, you shouldn’t. This will usually be done by checking the odds and putting it on a accumulator, however you may not know the teams’ injury list, management situation or finances all of which could have an impact on the result.

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How to Avoid Betting Scams From Bookies

As more of us branch out into the digital betting world, it is important to be aware about corrupt bookies sites whose intentions are to allure you into their trap with massively inflated odds and by putting all the hidden catches within the small print of their terms & conditions. There are a few ways to recognise betting scams from bookies however, seen below are some factors that you should consider before clicking any betting links or downloading any fishy betting apps.

Inflated Sign Up Offers

The way that the majority of these bookies draw in customers is through stupidly increased odds. If you are someone that sees this, maybe on a Facebook add, and it says ‘1000/1’ odds on really probable outcomes then this is a red flag. These sign up offers will be posted in bold writing to try and catch the eye of some customers. What the companies do not promote however is that the winnings of the bet are in ‘free bets’ and so this forces the customers hand to keep on betting with them. They could also be hidden fees in withdrawing any funds that you win, ensuring these bookies take quite a large sum of your money.

Only Use Licensed Betting Sites

This one should be a no-brainer, yet some people still are drawn in by huge odds to foreign- looking sites that are intended to steal your money. Before signing up to any bookies site online, you should first check to see if they are licensed and listed on the official UK Gambling Commission website. If they are not then you should immediately back away from them as they are likely to partake in betting scams. You should be able to trust all regulated sites that are listed on that website, however you should still do a bit of research as you can never be too safe online.

Ask Other Users

Now, a lot of bookies sites online that you see are all commissioned and approved to where you can feel safe to open an account with. It is still important that you consult with others online though, if you are signing up for certain bookies that no one else seems to have used, you could be exposed to betting scams. You should ask on betting forums and others online to see if they are familiar with the bookies you are interested in. If they give you negative feedback on it then you should probably stay away as to avoid betting scams.

Check Through The T&C’s

As it has already been referred to, the terms & conditions or T&C’s, can hide many different catches and variables within a bookies and most people will tend to just skip through.  Although the bookies are legally obliged to reveal these details, they either ensure they are in the smallest print possible or deep within the T&C’s where they are aware that hardly anyone will see it. These betting scams are getting smarter each year so again, make sure if you do read through them before putting major money into your account as they could freeze or block your account and steal your money.

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How to Control Your Emotions in Betting

For the average better, emotions can play a big part in their overall betting experience.  Often times, a punter will bet on their favorite football team without really thinking through if it is a good bet or not.  This is called betting with your heart not your head.  Since these bets are not arbitrage betting, they are exposed and will tend to lose money over the long haul. Sports gambling is supposed to be fun and betting within one’s means, If this is not the case however, the person should stop betting or at least take a significant break to avoid developing an unhealthy addiction. Remember betting is fun and great when you are careful and as with anything, enjoy it in healthy amounts.

Enjoy the Wins

There’s not really a better feeling than getting a big win from a small placed bet at the bookies. Be sure to cherish the moment for the night and maybe even buy your friends a pint to celebrate! It is vital that you enjoy the win in the moment as that is the purpose of betting and having your risk pay off is sure to feel amazing. A win on a weekend out can make someone’s whole week and give them a positive lift if they were feeling a bit down, with winning though it is important to not get carried away at the bookies…

Avoid Getting Carried Away

Following on from the previous point, a big win can sometimes be the beginning of an unhealthy addiction. It is important to distance yourself from betting or save and put your winnings away before dabbling in another bet. This is exactly what the bookies want, when someone gets their first win, the bookies want to keep promoting offers and exclusive bets to them as a means to pull them in as at the end of the day they are a business who is trying to make money.

Do not Chase a Loss

Just as winning can feel great, losing can make a person feel frustrated or angry, especially if the bet was close to coming in. The most important thing to do is to take a break and return when you are happy and feeling the fun coming back to you. The worst thing you can do is try and chase your losses. The majority of the time this will lead to you losing larger amounts of money and could even get a person into financial issues if taken too far. At BetSlayer, we encourage those who are sensible to bet responsibly and highly promote our sports arbitrage betting tips as within this process you should consistently win small amounts of money that add up over time.

Set a Budget

This is the most important and easiest method of controlling your emotions. If you are frustrated on a bet loss, yet you have already reached your budget cap for the day/week then instead of placing another bet, you have time to calm down and save your money. We at BetSlayer encourage casual punters to learn about arbitrage betting if they want to make consistent money off betting and also encourage those who are partial to going over a limit to budget themselves. Companies such as Sky Bet have introduced budget cap and cooling down period which is good for those who struggle to accept a losing bet.

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Why Arbitrage Betting Should be a Secondary Income

Within a stable paid job, you are aware of your salary and so can adjust your budgets and bills accordingly. Within arbitrage betting this is not the case, although the process is virtually risk-free if done correctly, you cannot guarantee the amount of money you are going to earn from it as it will fluctuate depending on the odds at the time. Read on below to find out more on why arbitrage and no-risk betting should be used as a secondary income.

No Determined Income

Although you are guaranteed some level of income from arbitrage betting, the amount can vary between the bare minimum and very good. As a secondary income, this is perfectly fine as on top of your normal salary, you will get a bonus as a sure-bet punter better no matter what. As a primary income however, you are banking on a consistent run of good odds and sports gambling arbitrage opportunities throughout the week in order to make a good enough amount of money to live on.

Betting Sites Can Close Accounts

Even if you are flying with your arbitrage betting, it is important to not get carried away and quit your job to pursue this process. Though many people have made careers off being professional sports arbitrage betters it is not something we at BetSlayer strongly encourage. Without notice, an online bookie can limit or suspend your account This is not ideal if arbitrage betting is your full-time job yet will only be a minor convenience if it is a secondary income to you.

Takes the Fun Out Of Betting

Most of us enjoy a friendly bet on the football or basketball from time to time as a secondary income, a win can even make your weekend and help get even more fun out of watching the sport you love. In order to make sports arbitrage betting a full-time income, you will need to constantly be surveying odds from the early morning till late at night on especially the weekends as this is when most sports arbitrage betters make the most money. Focusing purely on odds will take your mind away from what you are actually betting on and so this leaves you no time to really enjoy your sports betting experience.

More Time Consuming

As mentioned in the point prior, having arbitrage betting as a primary instead of a secondary income means that you have less time to enjoy what you are betting on as you have to primarily focus on the odds. This will also leave you less time in the week to socialise with friends and family as taking 3-4 hours away on the weekend could even be the difference of thousands of pounds on a good day. We advise that when you do take up arbitrage and no-risk betting, that you use it as a secondary income as this will probably be better for your life overall.

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Don’t Bet Pennies With Arbitrage Betting

When it comes to your average bet that you might do on a weekend, you may put 50p on a 14-15 fold accumulator as the odds are extremely high just for a bit of fun and to test your luck. However, this process simply does not work with sports gambling arbitrage and no-risk betting, read on below to find out why you should not bet pennies when arbitrage betting.

Red Flag

To get a perfect sure bet at the bookies, you would need to bet pennies versus rounding to the nearest pound. At the same time, the average punter does not bet pennies at the bookies. The average punter usually rounds to the nearest ten or five. So, if you bet £27.36 on one side of an arbitrage bet that pays out £53.76. This is a red flag to the bookies.  When both sides of the bet results in pennies. Nobody really cares about pennies in their bets. So, a punter who consistently bets pennies draws the bookies attention. The last thing a sports gambling arbitrager wants is attention from the bookies. 

How to Avoid this Red Flag

In order to make an effective amount of profit from arbitrage betting you should probably start with around £100. This is low enough so that the bookies may not notice and is a sufficient sum enough, as it leaves a big opportunity for making hundreds in the near future if the method of arbitrage betting is carried out correctly.

Arbitrage services, like BetSlayer.com, allow you to round your sure bets to the nearest pound or ten pounds. So, you know exactly how much to place at each bookie and you won’t bet any pennies. This will result in slightly different payouts depending on which side of the arbitrage bet that wins. This can actually make it fun and interesting. Now you have a rooting interest.

The Benefit of Rounding

Rounding your bets is an easy way to stay under the bookies radar.  Betting pennies is one of the first red flags.  The good sports gambling arbitrage service, like BetSlayer.com, allow you to set your own rounding rules.  Then, you can just go to the bookies and place your arbitrage bets. But, always check the odds before placing the bets.  We like a sure-bet where one outcome is slightly better than the other. So, when placing whole dollar arbitrage bets, you almost always have a small rooting interest.

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What is Hedge Betting

Hedge betting is a great betting strategy that enables you to get a profit whatever the end result of the event is. This guide will give you some more information on how to hedge your bets and strategies of hedging that can lock in profit.

What is Hedge Betting

Hedge betting is the betting technique which takes advantage of movement in odds, you place two bets on the same event. Many people that hedge bet use betting exchange markets as they let users lay bets. The term lay bets means that you’re betting on something not to happen in the event. You should back the higher odds and lay for the lower odds, this is where you start to make some profit.

This type of betting acts as a comfort blanket as there is no worry about losing money and your bet not coming in. It also is a betting technique that you can cut your losses. On the odd occasion you may place a bad bet or the odds don’t move the way that suits you. If you’re looking to get into betting, you need to be aware that you are going to lose sometimes, it’s part of the process. Although, you can reduce the loss by placing a lay bet close to the original odds, this will decrease the loss significantly.

So… How to Hedge Your Bets

Hedging is an extremely adaptable betting strategy. There are occasions when you have to hedge your bets quickly and sometimes it may be weeks possibly months before you need to start hedging. This depends on whether you are hedge betting in-play or over a long period of time e.g. World Cup.

The Difference Between Arbitrage Betting & Hedge Betting

The main difference between hedge betting and arbitrage betting is the way that each strategy is used. Arbitrage betting is where you place two alternative bets on different outcomes at the same time.  It is only used when there is a variance between odds being offered by different bookmakers creates a arbs betting opportunity. Whereas Hedge Betting, is where you places further bets on different results following the original bet that is placed. This kind of betting strategy is usually used following a change in odds.

An Example of Hedge Betting

Let’s say for example, you bet £50 on Sweden to win Euro 2020 at 40/1. If they got to the final of the tournament against Portugal you would be on the cupse of winning £2,000. Sweden would still be a massive outsider to win the tournament and Portugal would be expected to win.  If Portugal wins, this would leave you with a £50 loss.

 StakeOddsProfitLosing stakeNet Profit
Sweden Win
(original bet)
£5040/1£2,000-£1.150£850
Portugal Win
(Hedge bet)
£1,1504/5£920-£50£870

Although, you could hedge your bets and back Portugal to win. If Portugal wins the game and the tournament, a £1,150 bet would give you a profit of £920 less your original £50 stake in Sweden leaves you with a net profit of £870 . If Sweden wins, your original £50 bet would give you a profit of £2,000 less your £1,150 Portugal hedge leaves you with a net profit of £850. It’s important to remember to bet on Portugal to lift the trophy and not to win in 90 minutes. A draw would wipe this bet out.

In the above example, you have lots of room to play around with your hedge.  If you want to win more money on Portugal, you can increase your Portugal hedge.  For example, you could bet £1,500 on Portugal to raise the cup which would result in a net profit of £1,150 (£1,200 (Portugal win) – £50 (Sweden stake)).  Or conversely, you could go for a big win for Sweden and do a small hedge on Portugal.  It’s really up to the punter.  But, the key to hedging is locking in a profit.

Overall Hedge Betting is an effective strategy and it has proven that you can win some serious money. One thing to always remember with this betting strategy is weighing up the risk and reward. You don’t want to be overly cautious and and implement hedging that reduces your profit.

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