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Randall, former top 30 finisher in the Westgate Las Vegas SuperContest is here to explain why people lose money in sports betting. There are a variety of reasons why sports bettors will lose long term.

Most sports bettors are uneducated. Many sports bettors do not know what a point spread, moneyline, total, or parlay is. To become a successful sports bettor, you must educate yourself in sports betting. Randall shares the story of his first bet on the Oklahoma City Thunder, in which he lost, because he did not know anything at all about sports betting. This led to Randall educating himself and working to become a profitable sports bettor. As a sports bettor, you will learn something new every day. Like all things, the more work you put in, the better you will be. As a sports bettor, you have to be able to handle losing. The best sports bettors lose 40-44% of the time. If you cannot handle losing and stay disciplined, sports betting is not for you.

Chasing losses is something else that leads to sports bettors losing long term. If you have a bad beat and try to find a game to bet on without having an edge, you are likely going to lose that bet. Chasing losses is a quick way to drain your bankroll. Randall explains when he is going to place bets, he starts out with a list of games he is looking to bet prior to the day of the games. Being prepared and doing research is key. Randall does not bet games for action. He bets games when he has an edge. If you are looking for action, you can use the OddsJam +EV page to find a play that is profitable for just about any game. Placing profitable bets will allow you to be profitable long term.

One of Randall’s pet peeves is bias in sports betting. If you have bias when you are betting on sports, you are going to lose long term. Too often, people will not fade “their team” because they are a fan of that team. Randall explains how to use your knowledge as a fan to make money by betting them and fading them. Randall is a huge New Orleans Saints fan, but he uses his knowledge of the team to make money betting on them and betting against them.

The lack of bankroll management or no bankroll at all is another issue that losing sports bettors face. A bankroll is an amount of money that is set aside you are comfortable losing. A bankroll is not your rent money, car payment, or grocery money. It is money you are fine to lose and in losing it, it will not impact you in a negative way at all. Randall believes if you have a $100 bankroll, you should be betting 1% of that and no more than 3-5% of that per play. This would mean that you are betting between $1 and $5 every bet. This does not sound fun, but it is proper bankroll management, which is key if you want to be a successful sports bettor.

Parlays and teasers are bankroll killers. Too often these big parlays are bragged about and shown off. However, we do not see all of the losing tickets and we do not see these tickets prior to the start of the game. If you are consistently betting on parlays and teasers, you are probably going to lose long term. Randall compares parlays to lottery tickets and should be something that are bet for smaller amounts and should not have an impact on your bankroll.

The last reason sports bettors will lose money is because they do not have multiple sportsbooks and they are not taking advantage of the sign up bonuses available to them. As a sports bettor, you need to have accounts with all of the sportsbooks in your state. If you do not, you are not constantly getting the best of the number. Every half point matters and it can be the difference in winning and losing a bet. Why would you take a team +7.5 when you can get the same team at another book for the same price at +8.5? It would not make sense to do this. You must have multiple sportsbooks.

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