6 Common Sports Betting Mistakes to Avoid
Learn how to eliminate self-enforced errors that cost bettors money and destroy bankrolls.
Betting on perfection pays in fool's gold. Whether you're a seasoned bettor or complete beginner, everyone stumbles on the road to reaching gambling goals.
This article highlights six common sports betting mistakes to avoid to help you eliminate common, self-enforced errors that cost money.
Core principle: Most bettors don't lose because of bad luck—they lose because of preventable mistakes. Fix these six errors and your results will improve dramatically.
Mistake #1: Being Uneducated in Sports Betting
Knowledge is power. As such, lacking sports savvy atrophies earning potential by encouraging weak bets. This is the most common sports betting mistake.
Nobody needs expensive courses to obtain the right kind of power for sports betting. The internet provides a wealth of free resources and analytics to help people of all levels comprehend the sports they wish to bet on.
Two types of education matter:
- Sports knowledge: Understanding teams, players, tactics, and matchups
- Betting strategy knowledge: Understanding expected value, vig, No Vig Price, and bankroll management
Ironically, the second type (betting strategy) is often more important than the first. You can be a casual soccer fan and still profit if you understand value betting principles. But you can be a hardcore fan and still lose money if you don't understand betting mathematics.
Free educational resources:
- Betting strategy articles and guides (like this one)
- Sports analytics websites with team and player stats
- Professional bettor interviews and insights
- Betting podcasts and YouTube channels
- FairOdds Terminal guides on value betting strategies
❌ The Mistake
Betting based on hunches, gut feelings, or blind loyalty without understanding odds, probability, or betting strategy.
The Fix: Invest time learning both sports analysis AND betting mathematics. Focus especially on understanding expected value and how sportsbooks set odds.
Mistake #2: Only Using One Sportsbook
Whether the cause is superstition or pure laziness, another common sports betting mistake is to only utilize a singular sportsbook for placing wagers.
Doing so effectively cripples the crucial ability to shop around for the best odds. Contrary to popular beginner's belief, not all odds are created equal.
"More Books = More Money"
If you do not have multiple books to shop lines around, then you are NOT getting the best odds. All books set their lines independently. Just because one book has a moneyline at -150 does not mean every book has the line set at -150.
This is actually the basic principle of +EV betting!
Real example:
- Book A: Manchester United -150
- Book B: Manchester United -135
- Book C: Manchester United -142
- Best choice: Book B at -135 (you risk less for the same payout)
Our mantra at FairOdds is more books = more money! Sign up for every single book you can, take advantage of their promotions, and shop the lines.
Recommended sportsbooks to have accounts at:
- Bet365, Pinnacle, Betway (international)
- FanDuel, DraftKings, Caesars (US markets)
- Unibet, William Hill, BetMGM (additional options)
- Regional books specific to your jurisdiction
❌ The Mistake
Betting at whatever odds your primary sportsbook offers without checking if other books have better prices.
The Fix: Open accounts at 5-10 sportsbooks minimum. Always check 3-5 books before placing any bet to find the best odds. Use FairOdds Terminal to compare odds across all books instantly.
Mistake #3: Neglecting Bankroll Management
Income and bankroll bring us to the third point which is the charm for longevity: bankroll management.
Bankroll management encompasses how bettors use various strategies and profitable principles to protect and increase available betting funds without taking unnecessary money or risks.
Validity of the saying "a gambler's money knows no home" depends on the track record of the individual. However, it's undeniable that gambling is inherently streaky, and consistent losses can alter home life for the worse.
Improper betting amounts damage personal finances for real expenditures. Financial stress trickles into personal relationships and even overall mental health as well, making proper bankroll management a crucial element not only to success, but sports betting survival.
Bankroll management fundamentals:
- Never bet money you can't afford to lose: Use only discretionary funds, never rent/bill money
- Bet 1-5% of bankroll per wager: This protects against losing streaks
- Adjust bet sizing based on edge: Larger edges warrant larger bets (Kelly Criterion)
- Track all bets: Know your profit/loss, ROI, and betting patterns
- Set loss limits: Don't chase losses beyond predetermined daily/weekly limits
❌ The Mistake
Betting inconsistent amounts, wagering too much of your bankroll on single bets, or using money needed for bills and expenses.
The Fix: Implement a structured staking plan (fixed unit or Kelly Criterion). Never bet more than 5% of your bankroll on a single wager. Keep betting funds completely separate from living expenses.
Mistake #4: Chasing Parlays
Parlays and paramours share too many commonalities. Both live off big, attractive teases that usually lead to bigger mistakes, financially and emotionally.
Sticking to betting, parlays unearth tasty odds by adding up the lines of multiple bets for one payout. The more wagers added to the parlay, the higher the potential payout becomes.
Example parlay:
A bettor picks Real Madrid moneyline +100 odds & Lakers -6.5 point spread +100 odds. If both legs hit, the bettor earns a $300 profit per $100 staked (3-to-1 payout).
The catch: Every single leg of a parlay bet must succeed for the bet to pay off. In other words, it's all or nothing.
The fact that many people parlay individual prop bets toughens victory conditions. Unexpected injuries to stars, tweaks that lead to cautious usage, rare off-nights, upset victories, or simply put a single stroke of bad luck demolishes the parlay.
Getting one bet right proves far easier than getting ten.
The math against parlays:
- Two 50% bets in a parlay: 25% win rate (0.5 × 0.5)
- Three 50% bets in a parlay: 12.5% win rate (0.5 × 0.5 × 0.5)
- Five 50% bets in a parlay: 3.1% win rate
- Each additional leg exponentially decreases your win probability
❌ The Mistake
Chasing big parlay payouts instead of focusing on consistent, profitable single bets or small 2-3 leg parlays.
The Fix: Limit parlays to entertainment bets with small stakes. Focus your serious bankroll on single bets with positive expected value. If you must parlay, stick to 2-3 legs maximum and only combine +EV bets.
Mistake #5: Chasing Losses
Chasing parlays and old money are two good ways to lose stamina and safe funding.
Whether in betting, business, or other walks of lucrative life, avoiding losses compels many to psychologically stay in a losing investment until they at least break even, so the person assuming the risk can truthfully declare he or she didn't lose.
The economic term sunk cost fallacy shows the error of these wealth-wasting ways.
The sunk cost fallacy states that money spent that is now lost is gone forever. New money resides in a new environment of circumstances, so it's actually worthless to chase "getting your money back."
Why chasing losses is irrational:
- Past losses don't affect future bet probabilities
- Emotional betting leads to poor decision-making
- You often bet larger amounts to recover faster, increasing risk
- You accept worse odds and negative EV just to "get action"
- The hole gets deeper, not shallower
Real scenario:
You lose $200 on Sunday's soccer matches. Monday, you feel compelled to bet $400 to "win it back." This is chasing. The $200 is gone. Your Monday bet should be based on value, not on recovering Sunday's losses.
❌ The Mistake
Increasing bet sizes or accepting poor odds to recover previous losses instead of betting based on value and proper bankroll management.
The Fix: Accept that losses are part of variance. Stick to your predetermined bet sizing regardless of recent results. Take breaks after losing sessions to avoid emotional decisions. Focus on process, not results.
Mistake #6: Betting Bias Towards Favored Teams
Everyone wants a handsome return on emotional investment for beloved teams. The Golden Brick Road isn't paved with good intentions.
Letting one's heart instead of head dictate bets conjures a recipe for disastrous real returns on investments. Objectivity remains crucial in a world of misinformation and misplaced bets. This is the final sports betting mistake.
Why bias kills profits:
- You overestimate your team's chances (optimism bias)
- You bet even when odds don't offer value
- Emotional attachment clouds objective analysis
- You can't accept when your team is genuinely overpriced
- Losses hurt doubly—both money and team pride
Real example of objective analysis:
Let's say I'm a devoted Manchester United fan. Unwavering fandom since childhood fails to blind me to the fact that during rebuilding seasons, betting on United at poor odds would cost me money.
Conversely, Liverpool might offer excellent value despite being a rival. If the odds are favorable and the analytics support it, an objective bettor takes Liverpool—even if it hurts to root for them.
Professional mindset: Separate fandom from finance. Enjoy watching your favorite teams. Bet based on value. These don't have to overlap. You can watch United for fun and bet on whoever offers +EV opportunities.
❌ The Mistake
Betting on favorite teams regardless of odds quality, or avoiding betting against rivals even when they offer value.
The Fix: Treat betting as a financial decision separate from fandom. If your favorite team doesn't offer value, don't bet them. If your rival offers +EV odds, consider taking the bet. Objectivity = profitability.
Bonus Mistake: Not Tracking Your Bets
An often-overlooked mistake is failing to track your betting history. If you don't track, you can't improve.
What to track:
- Every bet placed (date, sport, bet type, odds, stake)
- Wins and losses
- ROI (return on investment)
- Which sportsbooks you use most
- Which bet types are most profitable for you
- Closing Line Value (CLV) when possible
FairOdds Terminal includes bet tracking features to help you monitor your performance and identify patterns in your betting.
How to Avoid These Mistakes: Action Plan
Here's your concrete action plan to eliminate these six mistakes:
Week 1: Education
- Read articles on expected value, NVP, and vig
- Understand basic bankroll management (1-5% per bet)
- Learn how to calculate implied probability from odds
Week 2: Setup
- Open accounts at 5-10 different sportsbooks
- Set up FairOdds Terminal for line shopping
- Create a betting tracker (spreadsheet or app)
- Define your starting bankroll and unit size
Week 3: Practice
- Make small bets focusing on process, not results
- Always shop for best odds across your sportsbooks
- Track every bet in your spreadsheet
- Review your bets weekly to identify patterns
Week 4+: Refinement
- Analyze which bet types are most profitable for you
- Increase stakes gradually as bankroll grows
- Continue educating yourself on advanced strategies
- Stay disciplined with bankroll management
Final Advice
If you take away one piece of valuable advice from this article: don't aim beyond safe budget targets and make each wager an educated decision, rather than a dart lobbed in hopes of a blind bullseye.
Sports betting is a marathon, not a sprint. The bettors who survive and profit long-term are those who:
- Continuously educate themselves
- Shop for best odds across multiple books
- Manage their bankroll responsibly
- Avoid the temptation of massive parlays
- Don't chase losses
- Bet objectively based on value, not emotion
Fix these six mistakes and you'll be ahead of 90% of recreational bettors.
Ready to start betting smarter? FairOdds Terminal helps you avoid mistakes by showing +EV opportunities and comparing odds across 60+ sportsbooks instantly.
Sports Betting Mistakes FAQ
What are the most common sports betting mistakes?
The six most common mistakes are: being uneducated about sports and betting, using only one sportsbook, neglecting bankroll management, chasing parlays for big payouts, chasing losses, and betting with bias toward favorite teams instead of objectively.
Why should I use multiple sportsbooks?
Different sportsbooks set odds independently, creating price discrepancies. Shopping lines across multiple books lets you find the best odds on every bet, significantly improving your long-term profit. More books = more money.
What is proper bankroll management?
Proper bankroll management means betting a consistent, small percentage of your total funds (typically 1-5%) on each wager. This protects against losing streaks and ensures you can continue betting long-term without going broke.
Are parlays bad bets?
Parlays have attractive payouts but are difficult to win because every leg must hit. They're fine for entertainment in small amounts, but shouldn't be your primary betting strategy. The more legs you add, the exponentially harder it becomes to win.
What is the sunk cost fallacy in betting?
The sunk cost fallacy is chasing losses to 'get your money back.' Money already lost is gone forever. New bets exist in new circumstances, so trying to recover old losses with new bets is irrational and often leads to bigger losses.
How do I avoid betting bias?
Separate fandom from betting decisions. Bet based on value and expected value, not team loyalty. If your favorite team offers poor odds or negative EV, skip the bet. Objectivity is crucial for long-term profitability.
How can I educate myself about sports betting?
Use free resources like sports analytics websites, betting tutorials, professional bettor insights, and analytical breakdowns of games. Focus on understanding betting concepts like expected value, line shopping, and bankroll management, not just sports knowledge.
What's the biggest betting mistake beginners make?
The biggest mistake is being uneducated about both sports and betting strategy. Beginners often bet based on hunches or favorite teams without understanding odds, expected value, or proper bankroll management. Education is the foundation of profitable betting.