Bookmakers make money because they set the odds in their favour but
also because many gamblers do not give enough thought to the betting
Good Betting Practices
Research Your Bets
If you're betting on things without doing any research then its time to step back. Doing the research means;
You understand the various risks
You get more satisfaction from your wins
You can learn from your losses
you make a bet solely picked at random or just on the word of someone
else then this could lead you into problems. It's one thing to see some
information on a site and use that as a lead to further research, but
quite another to blindly follow someone's advice.
Set a Betting Budget
can be a lot of fun if you're sensible about it. You should set
yourself a maximum you are allowed to lose in a month and if you hit
that then you stop. That way it never becomes a problem, just a budgeted
expense what sometimes comes up better when you win!
given yourself a "pot" to play with during a month, divide this up so
that you can only risk a certain amount a day (maybe a quarter of your
initial pot) otherwise you are probably betting more than you can afford
and its pretty likely you could run out of money quickly.
set maximum stakes based on this - generally a bet of 10% of your pot
would be considered a big bet, 1% a small bet. If you're betting more
than that then unless you are very lucky you are on your way to
Set a Daily Stop Loss
well as setting budgets and staking limits it's important to set limits
on how much you can allow yourself to lose in a day. One of the biggest
mistakes you can make (as discussed below) is to chase losses by
effectively altering your strategy.
The best way to
recover from a loss to have a slow and calculated approach, waiting for
the right opportunities, and doing it bit by bit, not trying to do it in
one large "all or nothing bet".
Set a Daily Stop Win
the same token it's easy to get carried away when you're winning and
think you are invincible. For example, if at the start of the day you
work out 3 horses you like on the day's cards then leave it at that.
they end up all winning don't get greedy and start looking for other
opportunities that weren't there that morning. All you are doing is
making some bad bets, and chances are you'll give back some of your
Take a Break From Time to Time
you just need to step back and clear your head. The rush of a series of
wins can make you over confident as can the distress of a big loss. A
gut reaction bet is rarely the solution. If you find you can't take a
few days out then you have a problem.
Bad Gambling Practices
Chasing Betting Losses
is a huge problem for many gamblers. Everyone has bad days from time to
time, what's important is that you stick to betting on the right things
- save your money for the good opportunities. This is one reason that
it's important that you never lose too much in one day, as this can make
you more desperate and hence more irrational.
find that one big bet to get you out of trouble is not a good strategy -
more often than not it gets you in more trouble.
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best way to recover is take a break, learn from the mistakes that made
you lose in the first place, and then try to claw the money back with a
series of smart and small bets.
Changing Your Betting Staking Plan
of the sure fire ways to lose all your money is to increase your stakes
if you win. This just ensures that when you hit a bad run, it doesn't
take many losers to really hurt you. Everyone goes through a day when
everything loses that day, so if you're betting all your pot in one day
then you will get wiped out from time to time.
are going to up your stakes then the best way to do it is when you set
your monthly budget. If you have had a good month the previous month
then maybe you can set a slightly larger pot and staking levels the next
month - but be sure to take some money out - after all that's why you
want the money isn't it - to spend on other things. Have something
outside of betting that you want to put your money into a holiday, a new
car etc something tangible that you can feel good about when you are
thinking about your winnings!
Betting on Things You Don't Understand
you don't understand a sport or a bet and you haven't researched it
then don't bet on it. It's not as fun and you're far more likely to
lose. This refers to both betting on sports that you don't follow
closely or using bet types that you are not familiar with. In some cases
you might not even realise that you've won!
greedy is not the way to be successful. As well as not over betting,
it's also important to be realistic in your bets. If you're betting on
12 team football accumulators then unless you get really lucky you are
going to lose every week.
The bookies are experts at
developing new and interesting markets for you to bet on, however most
of these are devised so they can make some good money out of you by
coming up with bets that are a bit more complex and it can often be not
so easy to spot that the odds offered are terrible value. Some of the
longer priced bets like correct score, scorecast, first goal scorers are
generally poor value and likely to erode you bank.
better approach is not to look for stuff to bet on, but to look for good
value bets and maybe stick to doubles and trebles at most and limit the
bigger odds bets to trivial stakes.
Betting at Bad Odds
difference between the odds offered by bookmakers can be substantial -
as much as 50% and regularly 20%. So if you're not getting the best odds
when you do win then you are going to need more winners to make the
same money - that can't be good. Make sure you have a choice of accounts
to choose from so you have every chance of snapping up that value early
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Many many punters don't understand how
much of an increase in profits you will generate just by a small
increase in odds. Typically if you can get 20$ better odds on average
then your profits wont increase by 20%, they will increase by 100%+.
Betting What You Can't Afford to Lose
is a difficult area as the thrill of betting is the element of risk so
if you bet very low stakes then it really isn't going to be much
different to not betting at all. However the key is that you must be
prepared for every bet you make to be a loser and if this happens then
while you may be disappointed it should not be a serious issue.
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