sport bettiing: 2 things to know before getting into sport betting

Know yourself

With sports betting as with everything else in life, it's important to set yourself a goal. If you don't have a goal with your betting, it may get out of hand. You may start betting every day, you may start betting harder to make up for earlier losses, you suddenly place impulsive bets, and the whole thing can become rather unpleasant. Therefore, take a few moments thinking over the following:

Risk profile

Who am I to tell you how you're going to bet, and where to place your bets ? You're right, I can only suggest, not command. There are no correct answers to how you should bet to make money. It all depends (among other things) on your risk profile. Therefore, an answer can only be given when you know your willingness to take risks. A punter who wants to win big money fast, often has a risky way of betting (betting on outsiders, often with high stakes). The opposite is the punter who's content with making a 10% profit on his bets. He has a rather low risk profile, and places his bets on a big favorite at low prices and very often with low stakes as well.




Long term/short term

This is one of the most important things to decide. Do you bet on a short term basis, or long term ? If you bet long term, you're probably willing to bet on outsiders, with a relatively low mathematical chance of winning. In that way, you don't have to win each time, but when you do win, you win a lot because the odds on outsiders are high.
The question is: Have you got the patience to wait for the outsider. Will you loose patience, and start changing your strategy ?

The short-term punter will most likely bet on big favorites at small prices, and often with high stakes. He will feel he's winning often , but when he wins, the payback is so small, that one loss, and it's all down to scratch again. This is due to the bookie's fear of favorites. The relative value on favorites is often very slim, due to the fact that the bookie fear the favorites big chance of winning (thus a large payout for the bookie, as most punters bet on big favorites). In other words, you get less value out of each bet when you bet on big favorites, because they don't win as often as the prices offered reflect.

"Modus operandi"

Some people fancy a bet just to have some excitement watching a televised football match or sport event. And that's OK. They don't care too much whether they win or loose. It's just for the sake of entertainment. And these people don't bet everyday, they've got a relaxed relation to sports betting. The opposite is punters who intend to win money on their betting, big money. Often these punters need to play often, and they bet on low-priced games, which the bookie is very aware of, and therefore has slashed the odds notably. Therefore, these punters don't get the long-term value which high-odds often provide.
But what happens when the "entertainment-punter" suddenly starts winning ?
Yes, correct, he suddenly starts increasing his stakes, because he feels he has been lucky or clever, he's betting more often than before, and then suddenly his money has gone. This is a result of human behavior. It seems as if we, for some strange reason, want to loose the money we've won. When we win, we don't stop, and say: "Alright, I'm satisfied". No, we stretch the limits further, and suddenly we start loosing. And when we've crossed the limits, we really don't notice it, because now we're trying to get back what we've "lost". And then everything start going downhill. If you started with 1000 naira, then winning 5000 naira, you've got a nice profit.
Instead of taking the profit, you stretch the limits further, and suddenly you're down to 3000 naira. Still you've got a 2000 naira payoff, but you'll feel that 3000 on the way down is much less than 3000 on the way up, and therefore you'll continue betting without taking the 2000 naira profit. Chances are that your profit has disappeared before you even realize what's happening...
This is somewhat self destructive, but it can be dealt with if you've got a minimum of self discipline.

Discipline

When you win, don't feel unbeatable, and start increasing your stakes straight away. Continue where you started, and remember that even though it's easy to win, it's even easier to loose what you've just gained. Of-course you should take your chances when you're in a winning streak, but keep in mind it's very easy to let it all get out of hand. When you're loosing, don't get tempted into irrational actions (dramatically increasing the stakes, changing your strategy, bet on more games, etc). If your strategy has worked before, it will work again, it's all about discipline and patience. Sometimes you will hit a bad run, and this is the time to show discipline. Maybe take a few weeks break from betting, do something else and come back later.


Time

Have you got the time to gather info about the participants in the events, or do you just put in a bet every know and then just for the sake of excitement ? Analyze what kind of time you're willing to use on this hobby, and act thereafter.


Money

How much money have I got at my disposal ? How much can I afford to loose ? Never bet with borrowed money. Do not bet whith money who's intended used for housekeeping or other more important things than sports betting. Always keep in mind that you can loose all your money. Set yourself a target, and take the profit when you've reached the target, then start all over again. Example: If you start with 100 $, set a target of 5000 naira. If you reach 500$, order a payout of 400$, and continue with your initial 1000 naira. In this way, you'll see the fruits of your work, real cash, not only virtual money on the bookie's server.

Naturally interested

Are you really interested in sports, or do you bet just for the sake of the possible profit? If you enjoy sports, it's much easier to keep updated on what's going on, thus maybe having an extra edge on the bookie. If you feel that the whole thing is getting boring and no fun anymore, then it's time to call it a day. Do not bet just for the sake of a bet. When the motivation is gone, there's a big chance that you will lose patience and interest, and finally your money.



Know opponent

Before you start with online betting, it's very smart to gather some info about the "opposition", i.e the bookmaker. It's a good advice to follow this little checklist before placing your money in the bookmakers account:


    Reliability/Credibility.
    Is it a recognized bookie ? Bet9ja comes into mind here  A well known name, with a proven track record ? In other words: Is your money safe ? Check for words on the street, and among other punters. Is the bookie unreliable, or very late with his payouts, etc, then have a look elsewhere. Listen to the grapevine, and pay attention to what others have to say about the bookie.

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    Methods of payment.
    The bookie should have several methods of payouts, not only by bank check, but also by credit cards. I find it most convenient using a credit card in all my transactions with bookies. It may be wise to open a new VISA account, separated from your salary-account.

    Rules.

    It's a must to know the rules in every game you play, and it's the same story here. Read the rules, and send an email and ask the bookie if you are unsure about something. Avoid bookies who do not accept singles. If the bookie only accepts trebles or doubles, find another. A few years ago, SSP only accepted 4 match parleys. Effectively, this is like telling the punter: " you can have a bet with us, but we will win in 99 of 100 bets". Luckily, competition in the bookmaking market has grown tougher, and as a result, most bookies these days offer singles on every game and in every sport.

    Taxes.

    Private bookmakers pay taxes to the country they operate in. In some countries, the bookie pay the punter's tax as well as it's own taxes. When betting with online bookmakers, you should not accept taxes on your winnings. In England, the law states that punters must pay a tax of 9% on their winnings. Do not accept to pay taxes on your winnings, unless you are situated in Britain and with local bookmakers. (abide the law !!!). Online bookmakers do not charge taxes on a punters winnings. even in nigeria beware of agents removing part of your winning as tax..its not legal in nigeria

there is no tax on winnings

    Prices.

    What kind of odds is your bookie offering ? How is the odds compared to what others offer on the same event ? Does the bookie change the odds a lot, and is the bookie presenting his prices for events early in the week ? Even though the bookies do alter their odds (often done on popular events, such as big soccergames, formula1, Championships, etc), you should get the odds which was offered at the time you placed your bet. If the bookie alter the odds on your event after you've placed your bet, and your odds changes as a result of this, go find another bookie. The bookie's behaviour is then nothing but unacceptable and he's not worthy an honest customer like yourself. Normally this is not a problem, but have been known to occur from time to time. i know a few fake bookies in nigeria like 1960 who intentionally remove some markets like gg from the options available to punters


    Maximum winnings.

    Check if your bookie has got a very low maximum winnings.  For the average punter, this is not important, but for the tough guys, who bet 10 grand rather than a tenner now and then, this can be of some importance.

    Minimum deposits

    Hopefully you will only have to deposit your hard-earned cash once, but it can be worth having a look at the bookies' rules regarding minimum deposits. Some bookies demand a fortune in deposits. Stay away from these vultures !

    Events offered.

    The worst thing a bookie can do, is not offering lousy prices. Infact, the worst thing is not offering you the opportunity to bet on an event. Some bookies only offer odds on the top leagues, and never bother about english 2. or 3. division, or Italian Serie B. Some don't even bother with Norwegian 1.division during the summer break in European leagues. It's a major "pre" if your bookie offer as many events as possible, not only soccer, but all kinds of sports. The clever bookie knows, ofcourse, that when many events are offered, the chances are that punters will bet on more events than they originally had in mind, thus increasing the bookies chance of profit. Private bookies do generally offer most events, while the national bookmakers in Norway, Sweden and Denmark only pick a handful of all matches available, and often exclude big favourites in their event lists. Centrebet and Interwetten are bookies who cover a large number of events every week. Do not accept bookies who only cover a few sports, and bookies who do not offer you the chance to bet on lower divisions, or who often exclude big favourites from their event list.


culled from the internet and edited by adekunle