The goal for bettors is to win. To win a bet, to win money, to essentially get more out of the betting market than what you put in. It may seem counterintuitive to then say that being wrong is a good thing, but it can certainly help you in the long run. Why? Read on to find out.
Right and wrong isn’t as simple as you think
Like many other things in life, it is difficult to distinguish between right and wrong in betting. If you win a bet, does that mean you’re right? What if the soccer team you bet on scored a dubious last minute penalty to get an undeserved win, or someone missed a simple layup in a basketball game where you had the under? Conversely, can you lose a bet and still be right?
All bettors should know that you can get something wrong and win money and also get something right and lose. All sports are influenced by randomness and luck in some way, some more than others, and when you are betting on these sports you need to understand that the result of what you bet on is not 100% predictable.
It’s not just an individual bet that may be impacted by good or bad luck, this extends to every bet you place. While the actual result of every bet won’t be determined by luck, it’s important to understand how big of a role it plays in betting before you form an opinion of how skilled a bettor you are.
A lack of understanding of randomness and an awareness of variance in sports betting can be very dangerous. Many people would be happy with a 9-2 record and up 10 units betting NFL on a weekend, but thinking that makes you an expert may lead to betting more money or placing more bets. When you get to the end of the NFL season with a 139-59 record and down 95 units things will obviously look a lot different.
It’s sometimes difficult to admit you were wrong. However, if you’re able to do it as a bettor it can help you improve. You might want to get things right all the time but simply being wrong less often is a good way to start saving money in sports betting. Once you start saving money, you might be able to start making some.
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