If a Zion Market Research Study is to be believed, the sports betting industry’s revenue stood at around $131.1 billion in 2020. The amount is expected to balloon to $179.3 billion during 2028. It’s predicted that it will grow at a CAGR of 8.83% during 2021-2028. That is why anyone with a decent knowledge of sports is trying their luck in sports betting.
Let’s first address the elephant in the room. Sports betting is not the cakewalk that everyone assumes it to be. Unlike casino games that depend on luck, sports betting requires wagerers to have the technical know-how of the game and knowledge of the history of a team and its players.
On the other hand, combat sports like boxing and mixed martial arts or MMA are relatively easier. These sports are comparatively easier to wager on as the bettor only has to predict and bet on the outcome. One can read about the player's history online and track record to make informed and smart bets.
And with access to a smartphone or laptop, anyone can indulge in UFC betting in Canada, the US, or anywhere else in the world. The betting websites let bettors wager on any match from anywhere. However, there are some common mistakes that many commit while betting on MMA fights. Let’s take a look.
Don’t Let Your Emotions Rule
One of the most common mistakes anyone can make while placing wagers on an MMA fight is letting their emotions or gut feeling take over. It’s advisable to remain calm and not let your emotions rule your decision-making. With the advent of social media and YouTube, more and more MMA fighters are putting their lives out there for their fans to see.
As such, it’s natural to become fans of several fighters in the sport. As lucrative as it may sound, you should never make wagers depending on how you view a fighter. It’s common for bettors to put aside logic and research to bet on a fighter they cheer for, which often results in a loss. While the temptation to bet on your favorites will always be there, sometimes it’s better to bet against them.
Don’t Keep Betting on Underdogs
Every bookmaker has a good oddsmaker on their payroll who sets the odds for sporting events (such as sporting outcomes) for customers. These oddsmakers are good at their jobs, and when it comes to MMA, they are more often than not are accurate.
If you ever come across a fighter who has been listed as a massive underdog, you best believe that there’s a good reason why they have been listed so. Therefore it’s best to stay away from that fight. Another rookie mistake is constantly looking for an underdog wager for a bigger payout.
However, more often than not, it results in a losing wager when it comes to combat sports. Ensure that you have done your research and are extremely confident of your chances of winning before betting on an underdog.
Don’t Bet Too Much Money in One Go
New bettors tend to make the rookie mistake of betting too much in one go. Many new bettors tend to throw down most of their money while betting on their favorite sports team or player. It often results in them losing steam even before they start because of the huge losses they face.
While placing sports wagers, it’s a smart move to track how much you’re betting. If you invest a small amount of money on matches and fixtures you have researched, you’re bound to be more successful. Therefore, it’s advisable to fight the temptation and avoid breaking the bank early on in your sports betting journey.
Avoid Taking Prop Bets Constantly
Prop bets or proposition bets are gaining more popularity by the day and have existed since the time betting came into existence. The prop bets are the wagers placed regarding an occurrence or non-occurrence during a game. These incidences might not directly affect the game’s outcome.
Some of the popular top bets include whether the bout will end with a knockout, in which round the bout will end, and so on. These wagers are fun and offer better opportunities to win big. The odds for prop bets often offer a larger payout than safer money line bets. That is why many new bettors tend to take prop wagers all the time. While there’s nothing wrong with placing prop wagers, do your research and choose them wisely.
These are some of the common mistakes that new bettors often commit while placing their wagers on MMA bouts. Simply put, avoid betting in favor of your favorite fighter, don’t bet too much in one go, do your research, and pick your prop bets wisely. Due to the simple nature of combat sports betting, it gets more likely to get sucked into making the mistakes listed in this article.