5 Common Betting Mistakes That Destroy Your Bankroll

Sports betting can be profitable, but most beginners make the same costly mistakes that drain their bankrolls faster than they can build them. The good news? These mistakes are easily avoidable once you know what to look for.

Here are the five most destructive betting habits and exactly how to fix them.

1. Chasing Losses with Bigger Bets

After a losing bet (or losing streak), you immediately place a larger bet to try to win back what you lost. This seems logical – win one big bet and you're back to even, right?

Why It's Dangerous

Chasing losses is the fastest way to destroy your bankroll. You're making emotional decisions instead of logical ones, often betting on games you haven't properly researched. Even worse, you're risking more money when you're already down, which can turn a small loss into a catastrophic one.

How to Avoid It

• Set strict bet sizes and try not to deviate from them
• Set a reasonable deposit limit
• Remember that individual bets are independent – yesterday's loss doesn't affect today's odds

2. Betting Without a Proper Bankroll Plan

Using money you need for bills, rent, or other expenses to place bets. Or simply betting random amounts without any system for how much to risk.

Why It's Dangerous

When you bet money you can't afford to lose, every bet becomes stressful. You'll make desperate decisions, chase losses more aggressively, and eventually face financial problems that extend far beyond sports betting.

How to Avoid It

• Only bet with money you can completely afford to lose
• Set aside a specific betting bankroll separate from your living expenses
• Again, set a reasonable deposit limit
• Start smaller than you think - you can always increase later

3. Betting on Your Favourite Team (Every Game)

If you're into sports betting, there's a good chance you're into sports and most likely have a favourite team. Always backing your favourite team regardless of the odds, matchup, or situation is a mistake. You bet with your heart instead of your head.

Why It's Dangerous

Emotional attachment clouds your judgement. You'll see value where none exists, ignore obvious weaknesses in your team, and fail to bet against them even when it's the smart play. This leads to consistent losses because you're not making objective decisions.

How to Avoid It

• Don't bet on anything unless you can identify genuine value
• Ask yourself: "Would I bet this if I supported the other team?"
• Consider avoiding betting on your team's games entirely and just focus on other games

4. Not Shopping for the Best Odds

Only using one bookmaker and accepting whatever odds they offer, without checking if you can get better prices elsewhere.

Why It's Dangerous

Even small differences in odds add up to significant money over time. Getting 1.90 instead of 1.85 might not seem like much, but over hundreds of bets, this difference can mean thousands of dollars in lost profit.

How to Avoid It

• Have accounts with at least 3-4 different bookmakers
• Use odds comparison websites to quickly find the best prices
• Remember: getting better odds is guaranteed profit, unlike trying to pick more winners

5. Betting Too Many Games

Feeling like you need to bet on every game or every weekend. Making bets just for the action, even when you haven't found clear value.

Why It's Dangerous

Quality over quantity is crucial in sports betting. When you bet on everything, you're inevitably making bets without proper research or genuine value. The more games you bet, the more opportunities you have to lose money on poor decisions.

How to Avoid It

• Only bet when you identify clear value – sometimes this means no bets for days
• Focus your research time on finding 1-2 great bets rather than 10 mediocre ones

The Bottom Line

These five mistakes are responsible for destroying more bankrolls than bad luck or poor handicapping. The beautiful thing is that they're all completely within your control to fix.

• Set betting limits and stick to them religiously
• Create a separate bankroll with money you can afford to lose
• Avoid betting on your favourite team unless there's clear value
• Always shop for the best odds before placing any bet
• Be selective – only bet when you find genuine value