The Indian Premier League, IPL, is an amalgamation of cricket, cash, and glamor. From players and teams to broadcasters and organizers, the IPL is an opportunity for all stakeholders to make money and get noticed. Thanks to online IPL betting, even common folks have an opportunity to mint it.
Try it, if you haven’t already. Who knows big earnings might come your way too?
However, to win big, you need to steer clear of common mistakes that a novice punter typically makes. Read on, as we elaborate on these blunders and ways to counter them.
So, without any further ado, let’s get started!
- Lacking a Proper Strategy
Often, new bettors are eager enough to start their wagering journey without a proper strategy in place. Beginner’s luck might favor them initially but in the long run, they end up losing money. When losses pile up, they even lose their inclination to wager. As such, the importance of having a proper action plan in place can never be overemphasized.
Seasoned pros who make a living out of online betting often maintain spreadsheets with an enormous amount of data represented by numbers and patterns. You can follow suit with time. However, to start with, some simpler yet effective methods are adequate.
A winning strategy is based on bankroll management and intensive research. Consider how much money you can afford to lose in wake of a consistent losing streak. Also, factor in what your best size should be depending on your conviction regarding the result. You are better off researching the games, players, teams, grounds, and all things IPL. That will help you devise a betting model, which you should constantly monitor and test versus your goals.
- Lacking the Basics
If you don’t know the basics of IPL, don’t venture into online IPL betting. Or else, you are exposed to losses in the long term. You can’t make winning bets without a fundamental understanding of the tournament and betting mechanism. Mind you, random hunches click but only once in a while. Only research-backed bets are likely to succeed in the long run.
Your success rests on how well you know IPL rules, teams, players, conditions, and all else that matters. The knowledge will give you a fair idea of the outcomes, which is integral to betting gains. An in-depth insight into the betting mechanism will help you choose the right markets, bet sizes, bet types, and other things that decide your fate as a punter.
- Settling for Ordinary Odds
Typically, new punters settle for the first odds coming their way. It’s perhaps the biggest blunder you could commit when you betting on sports. Mind you, your earnings and betting experience largely depend on the odds. The caveat is that no two sportsbooks offer the same odds, even though the difference is in decimals. However, this “minor” difference makes for big losses in the long run. Maintaining precaution, thus, becomes essential.
It makes sense to scout the market for the best odds. Thankfully, you have plenty of online resources that publish odds offered by different sportsbooks, usually in real-time. Just visit them, compare the odds, and pick the best ones. Informed decisions don’t come this easy.
- Relying on One Sportsbook
Beginners often stick to a single sportsbook. This loyalty can backfire even though all sportsbooks offer “similar” services and odds. Why? Well, the services seem similar at the face value but the differences surface on a deeper inspection. Another sportsbook might offer more competitive odds than the existing one. And, here lies your opportunity. You can earn more on a wager of the same size and in the same market but at multiple sportsbooks.
Promotions also vary from sportsbook to sportsbook. But when you stick with one bookie, you might miss out on better welcome bonuses and other perks. That’s one more argument for diversifying your bets. However, choose the sportsbook carefully. The industry has its share of black sheep that jeopardize your earnings, privacy, and overall experience.
- Letting Emotions Override Decisions:
New bettors usually let emotions override their decisions. And, that leads to their undoing. Imagine this- you bet on your favorite team even when the stats suggest otherwise. This emotional attachment will only incur losses that compound with time.
Remember, sports betting requires pragmatism in approach and actions. You have to keep in check emotions like favoritism, complacency, and fear, and place bets rationally, backed by research. However, that in no way means you shouldn’t trust your gut feeling. Rather, it’s all about striking a balance between your hunches and objective reasoning.
- Not Cutting Losses:
When facing losses, new punters typically double down in an attempt to reclaim their lost money. The result can be catastrophic, as their losses can spiral out of control even before they realize it. Not only does their bankroll deplete rapidly but they also acquire an unhealthy wagering behavior. The thumb rule in sports betting is to cut your losses and move ahead.