Top 10 Betting Mistakes Canadian Punters Should Avoid

Sports betting has grown rapidly in Canada since provincial markets opened in 2021 and mobile apps became widespread. But while participation is up, so are common errors that cost bettors money, and often for reasons that can easily be avoided. 

This article examines the most frequent sports betting errors made by punters across the globe, and what research and real-world data reveal about them, helping Canadians make smarter choices.

Mistake 1: Betting without a Bankroll Plan

One of the biggest mistakes bettors make is wagering without a dedicated bankroll and a plan to manage it. A UC San Diego study analysing deposits and withdrawals by online gamblers over five years (2019-2023) found that 96% of them lost money, with only about 4% coming out ahead. This was across all forms of betting, not just sports. The study suggests that without structured discipline, most bettors are on a path to consistent losses.

Bankroll planning is all about deciding in advance what portion of your money you’re willing to risk. This isn’t just a recommendation; it’s a financial foundation. Without it, emotions and impulsive decisions take over quickly.

Mistake 2: Chasing Losses After Bad Runs

A 2017 global survey by the University of Calgary found that over 44% of bettors admitted to “chasing” bets, increasing their stakes after losses in an attempt to recoup money. 

This behaviour is well-documented in behavioural economics and is linked to the loss aversion effect, a concept first identified by Kahneman and Tversky in Prospect Theory (1979), which shows that people feel losses more acutely than equivalent wins. That’s why chasing a losing bet is so tempting. Once emotion takes over, decisions stop being rational, and that’s usually how small losses turn into bigger ones.

Mistake 3: Betting for Action Instead of Value

Sportsbooks make their money when bets are placed on instinct instead of value. Between 2018 and 2023, the US sports betting industry generated more than $14 billion in gross revenue, with an average win rate of roughly 7.7%. In simple terms, for every $100 wagered, about $7.70 stays with the book over time.

That kind of edge is tough for any bettor to overcome, especially if picks are based on gut feeling, loyalty to a favourite team, or whatever feels right in the moment rather than a clear value-based approach.

Mistake 4: Ignoring Odds and Not Shopping Lines

Odds aren’t the same at every sportsbook. A slight difference, like +120 instead of +130, may not seem important, but over time it costs real money. Many bettors place a bet as soon as they see odds they like. They don’t check other sportsbooks to see if a better price is available.

There’s also a common pattern in betting behaviour known as favourite-longshot bias. Big-payout bets look appealing, but they usually win less often than expected. Over the long run, these high-odds bets tend to lose more money than safer, lower-odds options.

Mistake 5: Overloading Parlays and Longshots

Speaking of longshots, bettors love parlays. They’re fun, and the big payouts are flashy. Reality check: empirical studies of betting markets consistently show that wagers on longshots lose more often than those on favourites, meaning the expected return is typically lower on long cumulative bets. 

When you combine several picks into one parlay, every extra leg makes the bet harder to win. Even if each pick looks reasonable on its own, they all have to land. That’s why many experienced bettors keep parlays small or avoid them altogether.

Mistake 6: Blindly Following Tipsters or Social Media Picks

It’s tempting to trust someone who posts a “tip of the day,” but following tips often makes losses harder to deal with. Studies link social-influenced betting to more loss chasing and stronger feelings of regret. Around 37% of bettors report feeling ashamed after losing, and when the decision wasn’t entirely their own, they’re less likely to review what went wrong or change their behaviour.

If you’re not checking the timing, odds, or reasoning behind a pick yourself, you’re handing over your judgment and taking on the emotional fallout when it goes wrong.

Mistake 7: Betting Too Many Sports or Markets at Once

Many bettors spread their bets across too many sports and markets. They assume this helps diversify risk, but in practice, it often leads to weaker preparation and more guesswork. 

The National Survey on Gambling Attitudes and Gambling Experiences (NGAGE), published by the National Council on Problem Gambling in 2021, indicates that approximately 66% of sports bettors wager on more than one sport, with 27% placing bets across multiple markets simultaneously, a practice that can increase the likelihood of losses.

Focusing on one sport and even one type of bet makes it easier to build knowledge, manage risk, and spot value instead of relying on guesses.

Mistake 8: Betting Early Without Checking Key Information

Late scratches, injury news, weather, and travel fatigue all matter. A 2025 working paper by Hiroaki Hanyu et al. (University of Tokyo, LSE, and Hitotsubashi University) shows that real-time information and dynamic odds adjustments play a key role in betting markets. When you place a bet too early and ignore last-minute updates, you’re often betting before the most important information is priced in.

Many sportsbooks, including TonyBet, offer live betting tools designed for this exact reason. Features like dynamic odds updates, real-time stats, and in-play data allow bettors to react to what’s actually happening, rather than locking in a position before the full picture is clear.

Mistake 9: Not Tracking Bets or Performance

Without tracking, you’re guessing about your wins and losses. Empirical research on betting behaviours over the last 15 years shows that most bettors don’t record results, stake, odds, or outcomes, and this makes it almost impossible to identify weak spots or recurring betting mistakes.

Tracking bets, using spreadsheets or specialised apps, helps you analyse where you leak money — maybe it’s a specific sport, bet type, or time of day.

Mistake 10: Letting Emotions Override Your Rules

Sportsbooks benefit when bettors stop thinking clearly and start reacting to how a game feels. After a near miss or a quick run of wins, many people bet more, even though those moments don’t actually predict what happens next.

In a research paper by Marius Ötting et al., Gambling on Momentum (2022), the authors remarked that when you abandon your own rules mid-game, bets become rushed and emotional, and that’s when small mistakes turn into bigger losses.

How to Avoid These Mistakes

Avoiding sports betting mistakes isn’t about finding a secret system or copying someone else’s picks. It comes down to building simple habits that keep decisions consistent, controlled, and repeatable over time. The goal isn’t to win every bet, but to stop losing money for preventable reasons.

Setting Clear Betting Rules

Define your limits upfront:

• Maximum stakes per event
• Days or sessions you’ll bet
• Types of markets you won’t bet on

These limits act like guardrails. They keep impulsive biases from steering your decisions.

Using Staking Strategies

As noted earlier, both research and real-world bettor data indicate that over 96% of gamblers end up losing money in the long run. By choosing a sensible staking strategy, flat units, fixed percentages of bankroll, or other disciplined methods, you manage risk rather than chase variance.

Tracking Bets and Analysing Performance

Use a spreadsheet or specialised bet tracking apps to record:

• Bet date
• Sport and market
• Odds taken
• Stake
• Outcome
• Notes (injuries, line movement, edge logic)

This turns your betting into a feedback loop. Good decisions create repeatable patterns, and bad ones get corrected.

Knowing Yourself

It’s important to be aware of your own mental state and recognise warning signs early, before they turn into real problems. Below are some of the feelings and behaviours many gamblers later say were early red flags.

Responsible Gambling

According to the WHO, about 1.2% of adults worldwide (2024) show signs of gambling disorder. The impact often extends beyond the individual, affecting families and close relationships as well.

Betting should stay recreational, not stressful. Setting limits, paying attention to warning signs, and asking for support early can help keep gambling under control and in perspective.