Know your
limits
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 are we to tell you how you're going to bet, and
where to place your bets? You're right, we 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
much lower risk profile, and places his bets on a big
favourite 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
favourites 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
favourites. The relative value on favourites is often
very slim, due to the fact that the bookies fear the
favourites� big chance of winning (thus a large payout
for the bookie, as most punters bet on big favourites).
In other words, you get less value out of each bet when
you bet on big favourites, 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
lose. 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 are 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 behaviour. 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 losing. 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 starts going downhill. If you started with
$100, and were then winning $500, you've got a nice
profit.
Instead of taking the profit, you stretch the limits
further, and suddenly you're down to $300. Still you've
got a 200% payoff, but you'll feel that 300 on the way
down is much less than 300 on the way up, and therefore
you'll continue betting without taking the $200 profit.
Chances are that your profit has disappeared before you
even realise 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 now and then just for the sake of excitement?
Analyse 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 lose? Never bet with borrowed money. Do not
bet with 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 $500. If you
reach $500, order a payout of $400, and continue with
your initial $100. 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.
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