Sports Betting: Useful Principles to Stay Ahead of the Bookmaker
Few things in life mesh so well as the worlds of sport and betting. Both are exciting in their own right – when combined, they can provide thrills unmatched in other pastimes.
It’s no wonder that fans are eager to download the best betting apps and keep up to date with the latest winning systems.
Of course, one thing which can enhance your betting hobby is the ability to show a profit at the end of the year.
Easier said than done, but far from impossible. Here, we present a selection of guiding principles to enhance your chances of success, whether you are a keen horse racing fan or prefer to punt on the English Premier League.
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Set a Betting Bank and Track Your Bets
It’s all too easy to make a deposit here and a few bets there without having a clear idea of whether you are showing a profit or a loss.
Avoid this confusion by setting aside a fund solely for betting. Choose an amount you can afford and keep these funds away from your daily expenses.
Separating your betting money from the cash you use for bills, groceries, entertainment, etc., helps focus the mind on the task, i.e., securing a profit from your betting activity.
Step two is to track and record every bet you make. A simple spreadsheet containing your selections, odds taken, results, and running balance will do. For a more detailed approach, you could list your reasoning behind each bet and/or the betting system which produced the selection.
Tracking your bets creates accountability and may help you spot areas where you are performing well.
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Use a Consistent Staking Strategy
Remember, your betting career is a marathon and not a sprint. Avoid chasing losses by increasing your stake following a poor run.
Sure, this may occasionally get you out of a betting hole, but this lack of discipline will prove costly in the long run.
It is far better to employ a pre-determined staking plan and follow it religiously during good times and bad. Many punters adopt a 1-3 points system, which can link to their confidence in the bet or the odds – staking more on high confidence/low odds bets and vice versa.
Alternatively, you may wish to employ a percentage system, e.g. always staking 2% of our total bankroll on each bet. This allows your bank to grow more quickly during a winning run whilst cushioning losses in a sequence of disappointing results.
Whichever strategy you follow, just remember to stick with it.
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Specialise and Do Your Research
Be realistic with your aims. Unless you are a betting genius with the spare time to follow a huge number of sports in-depth, betting on anything and everything is sure to lead to disappointment.
Give yourself a better chance to succeed by focusing on a specific area – a particular football league, Group 1 horse races, women’s tennis, etc. Pick an area which interests you to ensure you are motivated to do the required homework.
Studying a smaller pool of information in greater depth can only increase your chances of spotting those great value bets when they arise.
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Prioritise Value Over Picks
Remember, betting isn’t only about picking winners. Your successful selections must also represent value for money if you are to come out ahead.
With this in mind, you should consider which team/horse/player you favour to win and HOW LIKELY they are to prevail.
The mathematically inclined may wish to employ ratings and figures to produce a percentage chance of success.
At the very least, you should develop a habit of assigning acceptable odds to your selections. If the odds available are bigger than your estimate, place a bet. If not, move on to the next event.
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Secure the Best Odds
Last but not least, the simplest principle on our list, but often the most overlooked. Always take the best available odds for your selections.
Open as many betting accounts as possible, utilise the readily available odds comparison sites, and head to the operator offering the best deal.
Taking 2/1 instead of 15/8 may seem like a small difference, but repeatedly accepting inferior odds can be the difference between a profit and a loss at the end of the year.
Good luck and bet responsibly!
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