When it comes to online sports betting, no one likes making mistakes, especially when it costs them their hard-earned cash. However, we don’t live in a perfect world and there have to be winners and losers for the betting scene to work. The goal then is to minimize the possibility of errors to win the day.
If you are trying to break into the world of cricket betting, there are a few things you should know. Firstly, cricket is one of the most volatile sports with a lot riding on the line – both emotionally and financially. A single wicket or boundary can completely change online cricket betting odds, adding an element of uncertainty – almost unique to cricket. Nevertheless, it provides some great betting opportunities.
To make sure you get the best results, here are 5 pitfalls to avoid in online cricket betting.
1. Don’t Bet On Intuition
You may choose a certain team because you have a good gut feeling about it. These types of decisions come from intuition, which is the feeling that you ‘know’ something, even when there isn’t any explanation of how. Many casual cricket bettors rely solely on their hunches to win. This may even result in a few wins, but without a systematic strategy, you’ll soon find yourself on the end of a losing streak.
So never place a bet based on your intuition. You need detailed knowledge about online cricket betting, the odds, and other factors to decide the best strategy.
2. The Gambler’s Fallacy – Pursuing Losses
The real drama in online cricket betting lies in small teams – the underdog – pulling an upset, and thus, resulting in a good payout. Surely the team will break out of its losing streak if it’s lost enough games in a row, right? This phenomenon is a variation of the ‘gambler’s fallacy’. Its basic definition is, “ the belief that if something occurs very frequently during a given time period, it will happen less often in the future.”
The bias comes in when you start believing that past results will influence future results. In reality, the past does not have an impact on the future. If you’re betting on a possible outcome just because it hasn’t happened in a while, you’re falling to the gambler’s fallacy.
Many people have fallen victim to this cognitive bias and lost fortunes.
3. Placing Too Many Wagers too Quickly
Many sports bettors do not exercise patience when placing their bets, especially casual bettors. Beginners place far too many wagers – a costly mistake that can certainly diminish their bankroll. Some players bet on a wide range of teams and outcomes. Others focus on just a single team but bet on almost every single event related to that team. Neither of these approaches is ideal.
Try to be more selective with your wagers. Instead of placing on lots of different cricket teams, try to focus on just one or two. Rather than placing wages on each and every game or event, try to look for opportunities where it’s possible to make good judgment calls on what’s likely to happen.
As a general rule, if you place your bets strategically and responsibly, it won’t necessarily turn out to be a disaster.
4. Flipping a Coin
Don’t flip a coin to place your bets. Just don’t.
Many sports bettors do this out of habit or just for fun. And there’s no harm in that, especially if you’ve you’re on top of bankroll management. However, if you’re doing this as a strategy to win, then you need to stop. This method is sloppy, unreliable, and inconsistent, and it will quickly dry your gambling budget.
5. Not Doing the Research
This is a critical mistake that many bettors are guilty of.
There is an apparent relationship between statistics, a little bit of math, and the delicate science of online cricket betting. All you have to do is make a few right calls based on the game of probability. For instance, you wouldn’t want to wager your hard-earned cash in an off-form Bangladesh when Australia has been performing consistently. This itself ensures that you wouldn’t run at a loss whilst placing bets on live cricket online.
This kind of knowledge, however, comes with research and experience. Learn as much about the teams, players, the weather, and even which celebrities are in attendance! Basic mistakes can be avoided by doing full research. Collect every piece of information you can find about cricket and use them to understand patterns and place your bets wisely.