Do you want to make a career out of betting? Before you do, you need to understand a few things before making the plunge. First, there is no guarantee when betting. Everyone, including seasoned punters, loses money! Sure, your return on income can be high, but at some point, you will lose. It is part of betting, and anyone that tries to convince you otherwise is not telling you the truth.
Secondly, becoming a pro at betting takes time. You will not start betting today, and tomorrow you are an expert. That is not to say you cannot win big now. Who knows? You can play once and earn a million bucks, beating people who have been in the game for years. While luck plays a huge role in the outcome, you also need to learn how betting works. Moreover, you need to put your theories into practice.
Finally, betting is not all about making money. Yes, winning big is the goal. But if you can foster a love for strategies and the game, you will have much more fun playing and suffer fewer hard losses. That said, let us look at some proven strategies to stay on top of the game!
Set Money Aside
You may have heard stories of people who spent all their money on gambling. To an outsider, such an end seems far-fetched. After all, how can someone not know when to stop? The truth is gambling is addictive and can have you reaching into your savings to fund a bet. Before you know it, you have not paid your rent, do not have groceries in the home, and forgot to pay your children’s tuition. But, again, this is not far-fetched, and if you read enough stories, you will see how much of a reality it can become. Is there a way you can avoid this?
Sure! Have some money aside. Everyone is different. James might be able to set $500 aside each month for betting. On the other hand, Peter might have $50 to spare. The most important thing is to ensure you never wager money you cannot afford to lose. That means you cannot touch your rent, grocery, and utility cash. Once you have figured out how much you can spend, you can now start wagering a percentage of that cash. For example, James can start wagering $5 on each game. The rule of thumb is to spend 1-5% of the money you set aside on each game. When working with smaller amounts, you may have to raise the percentage. But what you cannot do is reach into your savings. Do not do it.
Understand Your Betting Position
Your goals in betting need to be clear from the start. Otherwise, you will spread yourself too thin, lose money and end up frustrated. Take the example of if James decides to place a bet on college basketball on the first day. The next day, he tries football, then moves on to soccer leagues and hockey, etc. By the time James finishes, he will hardly have learned much about any sport or team. He can end up playing for years without ever scoring big.
Now, let us assume Peter decides to bet on favorites. He can lean on the most likely outcomes, and given his low bankroll, place multi-bets. Over time, he can get the hang of things such that four or five months later, he may have improved to up to 30% chances of winning.
Bettors are not the same. Some play every day and use different bookies. Others choose to stay put and play in a specific market. You can go with any option. First, however, you must choose a niche and decide what kind of bettor you are. Stick to it, and soon enough, you will see results.
Prepare For Losses
This next point may shock you- the best punters in the world have a 60% winning rate. Very good punters have an average rate of 50%. What does this mean? It means that no matter how good you become at wagering, there will always be a 40% chance of losing. Even the greats have this fear, and there is nothing they can do about it. You cannot control the game, the weather, the players, the coaches, the field, or anything once the game starts. The only thing you can do is research and place a realistic bet.
Is it easy to get a 60% winning rate? No, but you can do it. Nobody starts as an expert. Even people with amazing luck from the onset still must work to maintain this streak. Remember what we said about deciding what kind of bettor you are? You will need to stick with it. Find a niche that works and focus your efforts on it. Starting with the sport you understand the most is a good strategy. You already know the rules, the team, and the players. Therefore, most of your judgment will be good enough to back a bet. If you lose, find a way to better the strategy rather than finding another niche. The back and forth will only weaken your chances and can subject you to a losing trend. That is when people start chasing their losses and end up reaching into their savings.
Assess Your Progress
Each time you make a bet, write it down. It might seem like a lot of work but understanding the odds, wins, and losses helps you prepare for the future. For example, if you review a game and realize you erred in your analysis, you can avoid doing it again. In the same way, if you carefully planned a bet and won, you can use the same strategy to win yet another wager. Taking a walk down memory lane may seem like a reach and a waste of time. However, you must do it to avoid making the same mistakes over and over.
Let us be honest. We all have favorite teams and support them as much as we can. Maybe you even have jerseys or other articles of clothing in your house that remind you of your team. So, naturally, you would want to bet on it winning. It feels right, does it not?
Unfortunately, this is one big mistake that can make you lose money. Each time you want to bet on a team based on how you feel about it, do not do it. Instead, grab your pen and paper and start your analysis. Reviewing outcomes based on facts and not opinions goes a long way in separating a career punter from the hobby punter. If you want to make it big in betting, you must understand how to make decisions based on objectivity rather than subjectivity.
Do Not Chase Losses
Suppose you start playing with $20 and lose it. You figure that you still have $80 left in your bankroll, and you can risk another $20, so you do it. An hour later, you are now down $40. You stare at the $60 in your account and decide to wager another $20. By the end of the day, you have lost $100 and start toying with the idea of depositing more money into your account. After all, it can help you recoup what you have lost. But should you do it?
No! Chasing losses is not a new concept. Punters have been doing it since time immemorial. Think about it like this. With each wager, you invest your emotions into the win. When it does not come, you feel disappointed. You reason that you have already invested in it, so adding some more money to gain satisfaction should be fine. A few tries later, you have invested more money.
It becomes harder to leave because ‘how can you let all that money go?’ So, you wager more money and more and more. It becomes like a bad relationship. You know you should leave, but you have invested so many resources that leaving feels like a bigger loss.
An easy way to go over your bankroll and end up in your savings is chasing losses. So here is a simple way to deal with it- do not do it!
Did you know that bookies offer different odds? Most times, the differences are not significant enough to warrant a change. But sometimes, they can help you win even more money. If you want a higher return on your income, working with the best odds is imperative. So, when should you start comparing bookies? - As early as now!
Even before you start wagering, start looking up the bookies operating in your region. Most reputable sites have been reviewed on independent sites. Besides, there are many odds comparison sites you can use to check the average range in odds. If you like, you can settle with one bookie. Or you can do what most punters do and operate several accounts.
Sometimes, talking to people with whom you share interests can make wagering easier. How about joining an online forum with like-minded punters? You can learn new betting strategies and increase your wagering knowledge. Good luck!