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The Melbourne Cup is a fun day for everyone who loves horse racing, but it can be hard to avoid making costly mistakes. There are plenty of things that you can do to ensure your betting experience goes smoothly and you don't make any costly errors that could result in some serious losses.

Here are the common mistakes punters make when betting on the Melbourne Cup, along with some helpful tips to avoid them!

#1 Mistake: Thinking your horse will win

Punters tend to get carried away when the hype starts for the Melbourne Cup! In general, punters have a strong bias towards backing horses with familiar names. They also tend to favour very well-known horses and those which have performed well in previous races. While these horses may enjoy some success, there are plenty of other lesser known and lightly raced horses out there which can beat them.

How you can avoid this:

Before you place a bet, think about how confident you are in your horse and ask yourself if that confidence is backed by extensive research? If not, then you're better off not betting. You should also consider the other horses in the race and ask yourself if any of them can beat yours. The more certain you are, the better chance you can make a profit.

#2 Mistake: Not doing enough research

When punters don't do their homework, they often end up making some costly errors. These errors happen when punters bet on a horse that hasn't performed well in previous races but still think it can come out on top. In short, costly errors happen when you don't spend enough time researching, and analysing the horses' performance. 

How you can avoid this:

To avoid making costly errors, make sure you're doing plenty of research on every horse in the race. Make sure to look at all their past performance and find out if they have any strengths or weaknesses that could give them an advantage or disadvantage. The more information you have about each horse, the better your chances are of making a profitable bet.

#3 Mistake: Forgetting the rules of betting

Memorising all the different bets available can be overwhelming, but if you don't learn them properly and place the wrong bet due to your lack of knowledge on how they work, you're likely to lose money instead of gaining profit.

How you can avoid this:

It is paramount to learn the various bets offered on horse racing. If you do, then you'll be less likely to bet in a way that won't make any profit for you. Of course, some of these bets are complex, and might not be easy to understand without seeing what winning combinations look like. In situations like this, it's a good idea to make use of Dynamic Odds. It will help you understand the different bets available across different bookies and how they work.

#4 Mistake: Limiting yourself to a single bookmaker

There are plenty of online bookmakers out there, so it's no surprise that some punters have turned to multiple accounts. While having an account at a single bookmaker may seem like a good idea – for example, you can keep track of your bankroll easily this way – opening accounts at two or three different places is a better strategy.

How you can avoid this:

Take time to learn the ins and outs of bookies' betting offers so you can be sure you're getting the best deal. By doing this, you can avoid those costly errors which result from forgetting how to make a certain bet. It's also important to remember that spreading your bet across multiple bookmakers can help you get a better deal.

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#5 Mistake: Betting on favourites

Favourites are often good bets, but they're not always the best ones. When punters choose a favourite, they have already made up their minds about who will win before any extensive research, and before looking at the conditions of the race. What if it rains on the day of the Melbourne Cup and your favourite has a history of not running well in bad weather?

How you can avoid this:

To avoid making costly errors when betting on favourites, do your research properly to find the right horses. It might seem like a good idea to bet on one of your favourite jockeys or even your favourite horse, but these things can affect your judgment and make you more likely to lose money.

#6 Mistake: Not planning ahead

Many punters place bets with their hearts rather than making a calculated decision about whether or not a certain bet will make money. It's important to plan out your bets in advance, and try to avoid betting on impulse. This is something you'll be able to do if you've been paying attention to live racing odds beforehand.

How you can avoid this:

To help yourself avoid getting carried away, it might be a good idea to do two things:
1. Pay attention to live racing odds, and bookmark the best value opportunities for later in your betting session;
2. Create a list of potential winning combinations or bet types for each race you plan on placing bets on. This will give you more control over your betting, and help keep those impulse decisions at bay.

#6 Mistake: Not keeping track of your bankroll

Not having any idea how much money you have and how much money you can afford to lose or win at betting is one of the biggest mistakes a newbie punter can make. If you don't keep track of your bankroll, you'll be likely to end up with an empty pocket.

How you can avoid this:

Make sure you pay attention to your bankroll and add up all the money you have in your betting accounts. At the end of every day or week, take a moment to look at how much profit or loss you made from those bets. Maintain a betting bank and keep fastidious records. It may seem tedious at first, but it'll help you stay within your limits and avoid wasting money.

#7 Mistake: Not setting yourself a limit

Like I mentioned before, not knowing how much money you want to spend or risk can be one of the most costly mistakes punters make. This is something that happens when you're in the heat of the moment, as betting on sports is exciting. Especially on major events like the Melbourne Cup. Before long, your bankroll will start depleting at an alarming rate.

How you can avoid this:

Set yourself a betting limit and stick to it. Don't let your emotions get the better of you, or allow greed to drive your decisions. Setting a betting limit will enable you to have more control over your betting without making mistakes that cost you money in the long run.

#8 Mistake: Getting stuck in and not thinking about what you're doing

It's pretty common for a punter to be so engrossed in the Melbourne Cup racing action that they get tunnel vision. Unwittingly placing bets on events they didn't intend to bet on, or accidentally hitting that win bet button when they wanted the place or exacta button is all too easy when you're stuck in the excitement of a raceday.

How you can avoid this:

To prevent mistakes like these, you should build some breathing room into your betting schedule. Try taking breaks every 30 minutes or so and walk away from the screen for a few minutes. When you return, start at the beginning of your betting list and place only the bet you had originally planned to make.

#9 Mistake: Not betting on the things you know

You may be tempted to have a flutter on the Melbourne Cup wildcards, but sticking to what you know is usually a much safer bet. It's easy to get carried away and want to place bets just as much as everyone else does, but these types of bets are rarely successful. They're usually a bad idea unless you have inside information (which 99% of the time is not true) to give you an advantage over other punters.

How you can avoid this:

To avoid the pitfalls of betting on unknown chances, make sure to stick to something familiar to you and has odds that are higher than they should be for a particular horse or event. But remember to do your research first and learn all you can about the Melbourne Cup horses, jockeys, trainers etc before putting any money down.

#10 Mistake: Not using a free bet bonus

With an ever-increasing number of online bookies coming out with some pretty enticing free or bonus bets for new bettors, it's a big mistake to not take advantage of them. There are all sorts of free bet offers out there from bookies such as new customer bonus bets or no deposit bonuses. No matter what the offer is, you should always take a look at it and see if it's worth your while.

How you can avoid this:

If you're a new customer, make sure to compare the free bet offers from all your favourite bookies to get the best deal. This will help you build up your bankroll in no time and get ahead of the competition. If you have an existing betting account with a bookie, check if any promotions can be used to your advantage. Or if you've placed a few bets with them, they may have some free or bonus bets for you to use as well.

When it comes to betting on the Melbourne Cup, there are a few common mistakes that can easily be avoided. Just make sure you take out plenty of time before placing your bets and think about what you're doing every step of the way. Remember – in horse racing, as well as any type of sports betting – don't place your bets in the heat of the moment. Be sure to take a few moments to breathe and get your head on straight so you can make the right decisions.

Betting should be fun, but if you don't want to lose your shirt or get into any bad habits, stick to these common betting mistakes when placing your bets for Melbourne Cup and enjoy the action without the burden of losing money!

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