Submitted by rsteel on
1)Being undercapitalized. Do not be disillusioned to think you can make a full time living on a minimal bankroll.
2)Not having enough sports book accounts funded whereby you are not getting the best number available. Betting -1.20 when -1.14 is available is just burning money.
3)Not following proper money management procedures. There is no such thing as a lock in this business. Anything can and will happen on any given game or day. RISKING more than 2% of your bankroll on a game will guarantee you will not be around long term.
4)Having no established goals. Are you betting for entertainment, part-time income, full time income. Any category is fine as long as you have chosen one and your bankroll is in line with that goal.
5)Not record keeping. Do you know of any business that at the very least does not have cash flows and financial statements? How do you know if you are making money or if you are any good at this or not. How can you identify what you are doing well and what you need to improve on? How will you be able to tell when you are in a position to raise your unit?
6)Lose money start pressing and chasing your losses. Win money and stop doing the work that made you successful to begin with.
7)Betting parlays. They are for suckers and make the sports books filthy rich.
8)Betting too many games with marginal value for the sake of action.