The sure way to make a small fortune betting on sports is to start with a large one. But if you think that you've got what it takes to do it right and you want to learn some tips and tricks that will help you improve your betting - keep reading!
Before we start let me acknowledge that this is somewhat controversial topic and that you can probably find some folks that are doing the opposite of what I'm advocating here and they're still making money (or at least they claim so). This is just one way to do it.
The single most important thing when it comes to the success in betting has nothing to do with the sports betting. It isn't the bankroll management, it isn't your strategy, it isn't the odds,... The key to the long-term success is:
The sports betting is akin to walking on a giant razor's edge. If you slip up... well then... you'll become one of those warning stories.
When you hit a winning streak everything is perfect. You wake up in the morning and the day is beautiful. Nothing bothers you and everything is in its place. But when you start losing one day after another (and you will), the whole World is one giant mess. Nothing seems to go your way.
Without self-discipline, the emotions will take over and you'll start making stupid decisions.
Both the euphoria of success and the agony of losing are your enemies. You need to stick to your game plan and make the right calls with no emotions involved.
That's the most important and the hardest part when it comes to the sports betting. If you've got it, the rest of it is easy.
With the self-discipline under our belts, let's talk about the second most important thing:
This is something every sports bettor has to learn sooner or later. If you don't manage your bankroll properly, you won't be betting for long.
If you don't have a system in place here, I recommend you to keep it simple. Divide your bank into 100 units with each unit being 1% of the bankroll and don't risk more than 10% of your bankroll in a single day. When your bank grows by 25%, readjust the size of your unit, same thing when it goes down 25%.
For example, if you have $100 bank then your unit is $1. Say you do well and your bank grows to $125. If that happens you increase your unit to $1.25. If your bank goes down to $75, you decrease your unit to $0.75.
That way you will be able to handle the losing streaks and stay in the game.
The Odds Matter
The betting is a game of small margins and the odds you get matter a lot.
It may not seem that important placing a bet @2.20 and @2.25 but if you you'll have, say, 100 winning bets at these odds during the betting season it adds up. In this case you have 100 x 0.05 = 5. You don't want to throw away 5 units.
Shop around for the best odds you can get.
If you want to make a living by betting on sports your bankroll has to be significant and that will limit the number of bookies that will take your bets (without suspending your account when you start winning). Combine that with your need to find the best odds and you're limited to using one of the bet brokers (sportsmarket, assianconnect,...) or sticking for what's offered by pinnacle.
The most bookies will limit or even suspend your account the moment they notice any seriousness in your approach to betting.
If you're not keeping a record, you're losing money. - @costanza
In the quote above, I'm paraphrasing @costanza a bit, but I'm sure he'll agree with me on the importance of record keeping.
You need to keep track of the bets you place, returns you get and the losses you incur. If you don't have a record, you don't know where you stand and what's worse you can't look at the data and see what's working for you and what's killing you.
You don't want to be all over the place... betting on tennis, hokey, horses and every single football league. The more you narrow your focus the better you'll do.
In order to make an informed decision you have to know the sport you're betting on. What's more, you need to stay up to date on what's going on with the teams, players, managers,... When you make your pick, all these things matter.
The better you know the situation, the better your picks will be.
I'd recommend to you to stay away from the big leagues and focus on some smaller division and learn it inside out. (You can thank me later)
Stop Chasing Losses
This one should be covered by the Self-Discipline part above, but since this is the one mistake that's causing the most damage to the sports bettors it warrants a closer look.
When you lose a bet, every single fiber of your being wants you to jump in and win your money back. Don't do it!
Take the loss and move on. Forget about it. Go take a walk. Go start a fight with your neighbors, but don't try to win your money back. Seriously, don't do it!
The urge to go right back into the fire and get your money back is extremely strong. If you can't step back and let it go, my advice is to forget about the sports betting. If you can't resist this urge, the betting will be a major mistake you made in your life.
You either stop chasing losses or you stop betting.
I know it's not the best ending for a post of this nature, but seriously guys - do not chase losses. Thank you for reading and good luck!
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