Just like a lot of people are drawn to the concept of facial recognition gaming, a large audience is drawn to the world of betting. It’s a method to make money for some and a way to fulfill a need for gambling for others.
Some are even using online betting as a risky side hustle to potentially earn a little extra money on the side, as a matter of fact, some say it’s gaining as much popularity in the side hustle industry as activities such as blogging and other popular activities done to earn money online.
For newcomers, sports betting might appear like a “dream job” because there’s no need to go to an office, no set hours, no physical exertion required, and you can place bets from wherever you want as long as you have a suitable device and Internet connectivity. An image that comes to mind is that you’re relaxing on a deck chair on the shore at a beach in New Zealand with your mojito in hand, placing another wager with the click of the mouse on a laptop.
Aren’t you excited? There are, however, a very small number of people who make their living betting on sports. Many bettors remain stagnant and lose their whole bankrolls over and over again.
The most common mistakes made by newcomers in betting
1) Using a bad bookie
Using a bad bookie in New Zealand can lead a newcomer to a terrible experience when betting and turn one of the sports betting completely. Sports betting can be a fun and enjoyable experience if done right through a good and reputable website.
The first step to take when choosing a good sports betting website is to check whether the site has SSL encryption. Then you should take some time to read other people’s reviews on websites such as reddit.com or trustly.
Alternatively, if you are wondering how to choose the best betting NZ site, nowadays with all the options available, it is easy to compare and choose which site offers are the best.
2) Betting with your heart rather than your head
The “fun” and “few money” portions of this statement are important to observe, as is the “team” and “player” part of this sentence. There’s a difference between supporting your home team and risking money on them.
Simply put: Don’t allow your sense of patriotism to impede your efforts to learn more about sports betting.
Think twice before saying, “I’m immune to this.” DraftKings, for example, has some useful information for us. In the middle of the 2020 super rugby season, they went live in Tennessee. When did they begin? The Crusaders were the most popular rugby team in New Zealand this year.
Rooting for the home team rather than placing bets on the home side is what the lyric calls for. Your home team prejudices should be left at the entrance.
3) Getting carried away with parlay bets
When you combine many wagers into one parlay and see the “if you win” figure grow dramatically, it’s a lot of fun. A parlay win is even more exciting.
So why be on guard? Starting with the fact that the odds are stacked against you is a good starting point. Literally. With two bets, the payment is 4-to-1; with three bets, the payout is a whopping 8-to-1; and so on. You’re wrong. Maybe 3.6 to 1, 6.84 to 1, etc. are possible outcomes.
It’s important to understand that, while your chances of winning rise over time, the specific odds that make up the total bet decrease. In other words, don’t waste your money on parlays.
However, they’re a lot of fun, so we recommend taking it slow! It’s not a good idea to make a living off of parlays. Another way of saying this is that they aren’t going to spread butter on your sports gambling bread. Take a look at this: Around 30% of parlay bets are “held” by bookmakers. That’s why parlays are so popular with sportsbooks compared to single-game rugby bets, which have a “hold” of about 5%.
No big deal if you lose a few dollars here and there. Pursuing six-figure takedowns, on the other hand, is a fruitless endeavor.
Controlling your money
Every level of sports bettor should know how to properly manage their bankroll. It’s a topic that most newcomers don’t give much thought to, if at all. To get the most out of your money even if you’re only a “recreational” bettor, you need to be more disciplined.
Establishing cap limits (the maximum amount you’ll wager on any given day) and determining the amount of your sports gambling “unit” are two of the most important aspects of sports betting. To put it another way, a unit is the regular size of your stake, which is generally linked to a proportion of your total bankroll.
For instance, if you had a $200 bankroll, one unit would cost you $10. Consider increasing your investment to 3 groups, or $30, if you have a really strong opinion about a certain matchup or betting preference.
A season’s worth of victories and losses can be calculated and tracked using units. It’s important to keep certain personal principles in place, even if they vary over time so that you don’t end up throwing money about or running after it.
