Sucker Bets & How to Avoid Them

For us, betting is a means of income; we take it very seriously! This isn’t how everyone views betting though, and we completely understand. Some people bet for recreational purposes only. They love watching their favorite sports on TV and think having a little money on the game makes it even more worthwhile. The appeal of betting just for fun is obvious.

Those who enjoy betting leisurely don’t take the time to understand all the math involved or try to learn other skills required to become an advantage gambler. This is totally understandable, and it’s one of the main reasons why we wrote this article in the first place. This is designed to assist recreational bettors who want to focus on enjoying their betting, while avoid becoming suckers at the same time.

Before we can help, we must define what sucker bets are, and offer some advice for avoiding them. Don’t worry, we aren’t trying to ruin anyone’s fun. We just want to show you how to win more money (or at least lose yet) by making some minor changes to your betting habits.

What Is a Sucker Bet?

A sucker bet is just what the name suggests. It’s basically a wager only a sucker would place. Many people assume that the term refers to any wager that has very little chance of winning, but it’s not quite that simple. A longshot can be a good bet if the odds are right. On the other hand, a wager that is very likely to win CAN be a sucker’s bet when the odds are too short.

The term isn’t actually related to how likely a wager is to win at all, but rather to how much value a wager has. Value relates to how profitable a wager should be in the long run, relative to the amount staked.

Example of Betting for Value

Imagine placing a series of $10 wagers on the toss of a coin. You’ve got a 50/50 chance of winning, so fair odds would be even money. With those odds, you’d win $10 every time you guessed right. You’d also lose $10 every time you guessed wrong. Over enough tosses of the coin, you should win roughly the same amount of times as you lose. This means the expectation is neutral value.

Now suppose you were offered odds where you won $100 for a $10 stake. This would create positive expected value, as you should win money in the long run. And now suppose you were offered odds where you had to stake $100 to win $10. This would create negative expected value, as losing money in the long run is seemingly impossible.

Any wager that has negative expected value is essentially a sucker’s bet. The term is generally used to refer to specific types of bet though, where the value is especially bad. If you placed a wager at higher odds than you would have gotten by betting a different way, then that would be considered a sucker’s bet too!

Common Sucker Bets

The three sucker’s bets we most commonly see can be found below.

• Placing a bet without shopping around: It is the most blatant mistake bettors commit, especially the ones playing for leisure. After all, why stick to one sportsbook if there is another one offering better odds on the same bet?

• Coin toss: It looks simple with a 50/50 chance of landing a head or tail. But coin toss wagers are not at all profitable and are quite unprofessional.

• Parlays: These are sucker bets for the sole reason that the house is at the most significant advantage. Parlays rarely have any value, and there is a risk involved for the bettor. You have to make the right pick on multiple games. But one wrong selection, and you lose your entire money.

• Pleasers: These bets are quite similar to parlays. But unlike parlays, pleasers mostly turn out to be sucker bets no matter which side you choose.

How Can You Avoid Being a Sucker?

If you have a flawed idea about wagers and odds, you will be a victim of sucker bets. We’re not saying that you can completely dodge these suckers. But, with the right tips and tactics up your sleeve, you can lessen instances of losing a lot of money. So, here are some tips that can come in handy while avoiding the suckers:

• Avoid betting on sports that you don’t understand: It makes no sense to bet on sports that leave you clueless. Blindly following the market trends without understanding the sport you are wagering is nothing less than foolishness. The same applies to casino games.

• Make sure to shop around for odds: We can’t stress enough on the importance of this betting practice! One of the main reasons why bettors fall into the trap of sucker bets is that they don’t look around for better odds. Negatively valued bets are the biggest suckers.

• Don’t let emotions influence your betting decisions: When it comes to sports betting, being an emotionless robot is the best you can be. Remember, the goal is not supporting your favorite team as much it is to beat the sportsbook.

• Avoid wagering parlays and pleasers: Whether you are a casual bettor or a hardcore one, avoid parlays and pleasers as much as you can. Reason? They are simply not easy to win.

• Try not to bet too much money: As a bettor, your bankroll is all you’ve got. So, avoid increasing your standard betting amount. In other words, avoid betting more when you’re on a winning streak. Likewise, chasing losses is no better.

There is rarely any red flag warning sports bettors and gamblers about the sucker bets. But that doesn’t mean that they don’t exist. Betting is tricky, and there will often be times when the payout is not worth the risk. So, these are the sucker bets that you should look out for and always avoid. The best way to keep away from sucker bets is to know what they entail and adopting rational choices while betting.