by Alex Thomas | The Gamble Times, updated 18th of May, 2025.
TL;DR:
Still betting based on “gut feelings” or stacking “safe picks” into long parlays? Yeah, that’s costing you. In this article, I’m busting five sports betting myths that are draining players’ bankrolls every single week — and offering smarter, grounded betting tips that actually hold up.
Stop Falling for These Sports Betting Myths
Let’s be real: the internet is flooded with betting “tips” that sound smart but are dead wrong. And if you’ve been around sportsbooks long enough (like I have), you’ll hear the same nonsense on repeat — from guys at the bar to TikTok “experts.”
But here’s the truth: bad betting beliefs = lost money. So let’s set the record straight and break down five common sports betting myths that are still messing with players’ heads (and wallets).

1. “He’s on a Hot Streak — He Can’t Lose!”
The myth:
A player or team that’s won several games in a row is “hot” and bound to win again.
The reality:
This is the classic gambler’s fallacy. A few wins don’t guarantee the next one. Hot streaks make headlines, but they rarely reflect long-term value or statistical edge. If anything, the odds often get worse because sportsbooks know casual bettors love a hot hand.
Alex’s take:
Ride form when it aligns with real matchups and stats, not just vibes. Don’t confuse momentum with value.
2. “Parlays Are a Smart Way to Win Big”
The myth:
Stacking multiple “sure bets” into a parlay is an easy way to multiply winnings.
The reality:
Parlays are sportsbook goldmines. Each added leg increases the house edge. Even if your picks seem like locks, the chance of all of them hitting is way lower than most realize.
Quick example:
- 3 picks with a 70% chance each = only ~34% chance of all three winning
- Add 5+ legs? You’re basically buying a lottery ticket
Alex’s take:
Parlays are fun, I get it. Just treat them like a flyer bet — not a strategy. If you’re serious about profits, focus on singles with solid value.
3. “The More You Bet, The More You Win”
The myth:
You gotta go big to win big. High stakes = high reward.
The reality:
Nope. Bankroll management is what separates pros from weekend warriors. Chasing losses or betting big to “catch up” is how players spiral fast.
Smart tip:
Stick to flat betting — wagering the same amount per bet, usually 1–2% of your bankroll. It’s boring. It’s disciplined. And it works.
Alex’s take:
I’ve seen sharp bettors grind steady profits with $25 bets. It’s not about flash — it’s about sustainability.
4. “Home Teams Always Have the Advantage”
The myth:
Home-field advantage guarantees better performance and a higher chance to win.
The reality:
While home teams can perform better, sportsbooks already factor that into the odds. In some sports (like MLB or even NFL), the edge is minimal. Blindly betting on home teams is a lazy habit that doesn’t hold up long-term.
Alex’s take:
Home teams sometimes bring value, but dig into the matchup, travel schedules, injuries, and motivation before you assume anything.
5. “Sharp Money Always Wins — Just Follow It”
The myth:
If you can track sharp or professional money, you’ll win more.
The reality:
Sharp money isn’t a magic signal. Yes, pros often bet early and move lines — but chasing steam or blindly tailing line movement without context? Risky.
You need to understand why the line is moving. Is it injury news? Weather? Public overreaction? Without knowing the “why,” following sharp action is just guessing with style.
Alex’s take:
Respect sharp movement, but don’t worship it. Do your own research, or you’ll always be one step behind.
Final Thoughts: Play Smart, Not Hard
Sports betting is already tough — don’t make it harder by falling for bad advice. These myths stick around because they feel right, not because they are right.
Want to bet smarter?
- Stop chasing streaks
- Limit those 7-leg parlays
- Protect your bankroll like it’s your last beer at a tailgate
The best betting tips come from staying grounded, informed, and patient. Trends, data, and context beat hype every time.
Got a myth you still hear every week?
Drop me a line — I’m always game to dig into it. Until next time, bet smart and stay sharp.
— Alex
Learn more about responsible sports wagering from the American Gaming Association.