Top 10 Betting Myths That Cost Players Money

Gambling has been grabbing more and more players worldwide, but with that growth has come persistent myths that drain their bankrolls. These misconceptions about betting strategies, odds, and probabilities have cost bettors millions, if not billions of dollars, over the years.

Understanding the truth behind these myths is essential for anyone serious about improving their wagering results and protecting their bankroll.

Myth #1: Betting Favourites Is Always Safe

One of the most dangerous betting myths revolves around the thought that backing favourites guarantees profits. Favourites do indeed win more often than underdogs, but they don’t win at a high enough rate that it’ll overcome the odds on any sportsbook. Just because a sportsbook rates this as the most likely outcome, that does not magically ensure that the team will win.

Consider betting on Real Madrid to win every league match. You’d likely pick winners most of the time, but the odds matter more than anything else. The consistently low payouts mean that even with a high win rate, you’d probably lose money over a full season. Smart bettors focus on value, not just picking winners.

Myth #2: The More You Bet, The More You Win

This harmful misconception destroys many wallets worldwide. Over time, the more you risk, the more you lose. Professional bettors understand that success comes from finding value bets and managing stakes properly, not from betting larger amounts.

Increasing bet size without an edge doesn’t improve your chances of winning – it only amplifies your potential losses. The key to long-term profitability lies in identifying profitable opportunities and betting on them consistently with appropriate stake sizing. 

Successful bettors often use methods like the Kelly Criterion, which calculates optimal bet size based on both edge and bankroll, or simple percentage staking (betting a fixed percentage of your total bankroll) to manage risk and maximize long-term growth while protecting against ruin.

Myth #3: A Team Are Due a Win

This is probably the biggest fallacy of all, costing most of us if we’ve bet at any point. The myth is that an event that hasn’t happened recently becomes overdue and more likely to occur. Each game is independent, and past results don’t influence future outcomes in sports betting. Just because you hit heads three times when spinning a coin doesn’t change that each flip is 50/50.

You can hit winning and losing streaks, but ultimately, every new bet you place will be independent from previous ones. A team that have lost five games in a row aren’t “due” for a victory.

Myth #4: Parlays Are the Best Way to Make Big Money

While parlay bets are pretty attractive with the mega payouts they offer, they’re often misunderstood as easy paths to wealth. In Illinois in 2022, FanDuel held 23.8% on parlays. For reference, the hold on a bet that is -110 on each side is 4.55%. This massive difference in house edge makes parlays particularly costly for recreational bettors. Operators are making massive profits on every parlay.

Parlays are bad for most people because most people are losing sports bettors, plain and simple. They don’t charge extra juice or anything sinister like that. They simply compound your edge and take advantage of people who are a bit too confident in themselves.

Myth #5: You Need Insider Info to Win

There are tons of bettors who think success requires secret information unavailable to the public. This myth costs money by encouraging reliance on dubious “insider” sources rather than sound analysis. Any tipster who tells you they’ve got some inside information to give on betting is a scam.

Public news already moves lines quickly in today’s information age. When legitimate news breaks about injuries, lineup changes, or other factors, sportsbooks adjust odds rapidly. Professional bettors succeed through superior analysis of publicly available information, not secret tips.

Myth #6: Betting With Your Gut Beats Data

The romantic idea that your gut is going to do better than real analysis has cost many a bettor a pretty penny. Success in betting majorly depends on your knowledge of workable methods and markets. Being a soccer club fan alone doesn’t cut it. Sports knowledge helps, while emotional attachment to teams or players clouds judgment.

Careful analysis and smart research will always outperform guessing on your bets, even if you do get lucky a few times here and there. Successful bettors combine sports knowledge with statistical analysis, removing emotional bias from their decisions.

Myth #7: Live Betting Is Too Risky

In-play (live) betting offers some pretty awesome advantages that pre-game wagering can’t match. When you bet before a match starts, you’re basically guessing what might happen, which can give you access to some killer odds, but betting during games will get rid of some of the guesswork.

Bookmakers can’t keep up with fast-moving games, and when someone scores or gets sent off, their computer systems sometimes take too long to fix the odds. Skilled live bettors will make their money by pricing inefficiencies. While live betting requires discipline and quick decision-making, it’s not inherently riskier than pre-game wagering when approached systematically.

Myth #8: Cash-Out Is Always the Smart Option

The cash-out feature can be useful as a risk-management tool, but the early guarantees often come at the expense of expected value (lower ROI). Many seasoned bettors prefer to hedge instead of relying on early cash-outs. 

The more money the bookmaker is offering you compared to your original stake, the more likely your bet is to hit. Understanding this relationship helps you make better decisions about when cashing out might be justified versus letting bets ride.

Myth #9: Big Names = Better Bets

Star players and famous teams attract public money, but name recognition doesn’t always mean better betting value. The public isn’t always wrong, but it definitely isn’t always right, either. Market inefficiencies are all over the place, especially when casual bettors are involved, overhyping a team or player.

Successful bettors look beyond marquee matchups to find value in less publicized games where public attention doesn’t drive odds movements. You could literally make a bag off Russian basketball — you never know where the best bet is.

Myth #10: You Can’t Beat the Bookies

While most bettors lose over the long term, professional bettors do exist and profit consistently. It’s just that the real ones tend to keep quiet about their occupation. The key lies in understanding that beating sportsbooks requires skill, discipline, and proper bankroll management.

Pricing discrepancies do sometimes occur. Odds don’t always perfectly reflect the true probability, and when that happens, opportunities arise for bettors. 

How to Avoid Falling for Betting Myths

If you want to be successful, you need to take what we’ve said here to heart and focus on statistical analysis rather than hunches. Maintain detailed records to track your actual performance and study line movements to understand how odds reflect true probabilities.

To put it in simple terms, look to develop a systematic approach to bet evaluation rather than relying on emotional decisions. 

Responsible Gambling

Remember that sports betting should be entertainment, not an investment. Set strict budgets and never bet money you can’t afford to lose. Consider using deposit limits and self-exclusion tools offered by licensed sportsbooks to help maintain control.

Warning signs of problem gambling include:

• Chasing losses by betting more than planned;
• Borrowing money to gamble;
• Neglecting relationships or responsibilities due to betting;
• Feeling anxious or irritable when not gambling.

If you’re experiencing gambling-related problems, help is available through these Canadian resources:

• Problem Gambling Helpline: 1-888-230-3505 (24/7, free, confidential)
• Responsible Gambling Council (Ontario): responsiblegambling.org
• Centre for Addiction and Mental Health: camh.ca
• Gambling Therapy: gamblingtherapy.org (online support)