How to Avoid Common Betting Mistakes Made by Canadian Players

7 Common Betting Mistakes

We have selected the seven most common betting mistakes made during online betting in Canada and explained how to best manage them.

Chasing Losses

One of the best pieces of advice that can be given to any beginner just starting their betting journey is to avoid chasing any losses. It is a very common pitfall amongst new bettors. In fact, it is tempting for even the most experienced of bettors to chase after the money they have lost! However, this can only lead to more losses and to your betting becoming the opposite of what it should be, a bit of fun and enjoyment. 

To avoid chasing your losses, sit down before you start and set yourself a budget that you can afford and stick to. Never bet more than you can afford to lose, and make sure this comes from your disposable income. If you feel tempted to chase a loss, take a step back and give yourself a break from betting. Doing this can help contribute to more disciplined betting habits.

Betting with Emotions

Yes, your emotions can even creep their way into your betting, and they are another factor that bettors must be aware of. From time to time, bettors will wager on a favourite team, player, or event that they feel strongly about, which is alright; however, this can be clouded by your own judgment and hope. 

While it is normal to favour one team over another or back your own teams, it is important to overcome emotion and have a set of rules or criteria for when you bet to ensure you approach all of your bets in the same neutral way, keeping your emotions in check.

Lack of Research

It is always worthwhile to do your research before placing any bets with a sportsbook. Placing bets at random can result in bettors missing valuable odds and underpriced selections just because they did not take the time to understand the teams playing, players, and the significance of an event. Bettors are advised not to rely solely on luck or their intuition when placing bets.

To help place more informed bets, bettors can do their own research beforehand and check information such as stats, form, results, and more about the two sides playing. It is also important to get this information from reliable sources such as sports news platforms or the team's websites themselves.

Not managing your bankroll effectively

Managing your bankroll is crucial to your experience at a betting site. It is one of the most overlooked parts of betting, especially at the start of a beginner's betting journey. Your bankroll is the amount of money you can set aside for betting that you can afford to lose and not get back. 

To manage your bankroll effectively, it is suggested to stake 1-2% of the total on each single bet you place. This helps you to take any losses and place more bets for longer. Mismanagement of your bankroll can result in larger losses and fewer chances to bet.

Not understanding how odds work

It is not uncommon for new bettors just starting out to jump straight into placing bets without necessarily understanding how the odds work. If you are betting without understanding, you are essentially betting blind. Odds at Canadian sportsbooks will be shown in decimal form, eg, 2.00. 

Understanding odds also helps bettors identify any value bets that the bookmaker could have mispriced, as well as helping to make smarter betting decisions. It is important not just to bet to try and win, but to bet on value too

Not shopping around

Another common mistake that can be made by bettors, especially when they are new to the betting scene, is not shopping around to get the best odds. This can lead to bettors potentially missing out on better value odds and even offers. 

To make sure you get the best odds for your bets, once you have decided what you are betting on, take the time to check out other sportsbooks before going ahead and placing your bet. If you find improved odds on a selection, be sure to check the terms and conditions, and if these odds are still better than the others you have found, go ahead and place your bet.

Ignoring terms and conditions

We are all guilty of accepting terms and conditions without taking the time to read them; however, when it comes to betting, there are various things to look out for that can impact the outcome of your wager. Bettors can be caught out with high wagering requirements, win limits, and minimum requirements in relation to odds or the initial deposit.

Always take the time to read through the T&Cs of any odds or offers that you are claiming. Make sure you are aware of what amount you are required to bet, and if you must wager an amount before you are able to receive your winnings. Check for payment exclusions and any minimum odds requirements.

Responsible Gambling

It is important when using betting sites that bettors in Canada practice responsible gambling wherever possible. Before getting started, work out what you can afford to spend on betting and set yourself a budget that you will stick to. Bettors can also take advantage of various responsible gambling tools available at betting sites, including deposit limits, time limits, and self-exclusion tools. For more information regarding responsible gambling and how to get some support if you are concerned about your gambling habits, there are various helplines available to reach out to. This includes ConnexOntario, Gamblers Anonymous, and Gambling Helpline.

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