Top Ten Betting Mistakes
Posted by nick_niesen on October 28th, 2010
The first step to formulating a solution, is to define the problem.
The following points are areas of betting where many punters often get it wrong. My views arise from long personal experience and years of communication with successful and unsuccessful punters alike.
My aim here is to highlight these common areas of failure in the hope that I can speed up your learning curve towards successful betting.
Read the following thoughts and you may be able to side step many of the pot holes others have fallen into in the past.
1) Failure to Use Betting Banks
Whatever method or system you are using, whoever you are following or subscribing to or however your own bets are calculated, you are better off with a "Betting Bank" that has built -in advantages that can help you. It needs to be independent from your own personal finances and needs to be protected from factors that can threaten it. This can take a lot of emotion out of the decision making process. Emotion is a factor that threatens all punters.
The size of your betting bank will of course be dependant upon your own individual circumstances and free capital available. An analogy to the world of shares perhaps may be that no financial advisor worth his salt would advise you throw all your capital into the stock market alone.
The vast majority of punters fail to use any form of set aside bank. They bet randomly with what ever money they have in their pocket at the end of the week or go in too deep with stakes far in excess of their personal safety levels.
A punter with a professional attitude will set aside what he can comfortably afford to invest and then determine the best use he can make of that fixed sum of capital.
With a fixed sum of capital available you now move on to the next reason for failure.
It is vital that you consider your betting bank as capped in amount. You do not have an endless pool of resources to dip into. Betting by its nature carries inherent risks. These risks include periods of low strike rates and long losing runs. Your betting bank and staking should be adapted for the method you use.
You must in advance, prepare yourself for the possibility of a worse than average sequence of losers through adoption of a sufficient number of units in your betting bank.
Correct methodical staking in addition to the mathematical advantage, can also help overcome the risk of emotional reaction to a sequence of unusually positive or negative results.
Take the Pricewise column in the racing post as an example. Long term if you could get on at the advised prices, it would have returned a decent profit overall. During this time however followers would have to have endured runs of up to 40 losers in a row!
Despite the overall long term profit I suspect the vast majority of Pricewise followers would have been terminated either by a failure to set aside a sufficient amount of points or through failure to cope with the emotion of the losing run.
We have long since established here a strike rate of about 35% on our Best Bet selections and at an average S.P. of over 5/2 for each winning bet. We feel able to protect clients banks as long losing runs haven't happened and the strike rate and odds have been more than enough to ensure long steady and safe growth for your betting profits. That is in essence the key to winning money. Manage your accounts in a way that protects them as far as possible from the element of risk that the game presents you.
3) Chasing Losses
Chasing losses at first sight may appear to be an easy way to guarantee an eventual profit but the true story is it is a game for fools and statistically will not work unless you generate an overall level stakes profit.
Chasing losses is a game for the ill informed who do not want to make the effort to seek value in their bets. Bookmakers have to price
Many punters will alter their stakes in the last race either to
Appreciation of "value" in a bet is core to long term success.
There is value to be had in every race. The key to it is understanding
Everyone has this "Foresight" on occasions, it is a game
You should continually strive to increase value in your bets. Once you have a selection you feel is value do not just take the first acceptable price that comes along. Seek to improve it by shopping around the various bookmakers or try and top the best bookmakers price by looking to the betting exchanges.
Marginal improvements on odds on each bet you make can have a dramatic effect on long term profits.
Many punters seek the thrill of a life changing bet that will produce huge gains of instant wealth for a small outlay. Bookmakers play on your natural desire and go out of their way to encourage you to bet exotic multiple selection bets that can in one hit, turn a small stake into a large sum.
Professionals however rarely bet in multiples. Most professionals bet singles and steer away from the multiple bets. Bookmakers relentlessly promote a host of multiple bets with exotic names such as Yankee, Lucky 15, and Goliath. The reason they are heavily touted is the profit margin in the bookmaker's favour increases the more selections you add to your multiple bet.
Say you select any random 5/1 selection. If you bet this as a single the bookmaker may have a theoretical edge in his favor of 15%. Taking two such selections however and betting them in a win double, the bookmakers profit margin rises to about 30% !
Yes your win double can produce a much bigger win from the same stake however over the long term the bookmaker is eating away at your capital at a much faster rate.
It is a waste of time debating which type of multiple bet is 'best'. Unless your prediction skills are supernatural or you are incredibly lucky, then betting in singles is more often the best option.
You may say that many "Pros," do bet in multiples in bets like The Scoop 6 or the Jackpot, but that's only because they know there is plenty of "Dead" money in any given Pool and they are betting against people who don't understand the dynamics of those types of bet. There are times you should bet in multiples but in truth they are few and far between.
You can't approach this as a "Get Rich Quick " scheme. It is a long slow process of serious and sustained profit and not a game for Get Rich Quick schemers. If you go Into any Betting shop, have a look at all the posters on the wall offering "special offers", "enhanced terms " and "bonus offers". You will see they are all multiple bets. Bookmakers want you betting in multiples and it is easy to see why . They carve most profit from them. You never see a Bookmakers promotion offering extra's on a win or each way single. Ask
Lack of Discipline is the big hurdle for punters trying to turn a losing
Bookmakers just believe that its a case of punters sitting all day betting on what ever is put in front of them and sadly they are right in many cases .They are simply thrill seeking and don't care what they bet on, as long as they can bet. There is no methodology at all and many betting office regulars are simply a bunch of headless chickens prepared to pay long term for the warming buzz of the occasional win.
Even more experienced regular gamblers who are savvy enough to turn down bets that they know are stupid always let themselves
It takes great discipline to NOT bet at times. It takes discipline to walk away from a horse when the price isn't right. It takes discipline to say no to that small fun bet. It takes discipline to keep your money in your pocket and deny yourself the emotional buzz of watching your runner.
Being a long term successful punter is like swimming against the tide. It takes an effort to stay still, even greater effort to move ahead and as soon as you relax or slack off you start to go backwards.
Betting is a lonely game. Its also a highly skilled game. Emotion
They have an in built psychological factor that makes them feel like
Over 95% of punters are flawed emotionally. Examples of emotive gambling include punters following a horse ,trainer or a jockey blind . The "Hype" horses are cannon fodder for emotional punters. They may also follow tipsters blind as they "hate" the thought of missing out on a winner.
Most punters have a grudge against their own money and winning and being successful is alien to them. Emotional punters lose their heads in barren times and fail to capitalise on winning runs. They mess about with systems and staking plans that make no sense. The more emotion you can rule out of your betting , the more successful you will become . You have to view everyone in the game as your enemy and as people trying to take your hard earned money away from you in the same way as you would a pickpocket . Once you can master your emotions you have made the first big step to betting profitably .
8) The Grass is Greener
The grass is rarely Greener on the Other Side. The truth is that the grass that isn't working for you has not been grown, cultivated or looked after properly. Many punters change approaches and methods so quickly that they don't give any method a true test . If they find a system that works they don't continue after a few bad results . It is the same as gamblers who write down every bet they have . Once they have a few losers they often lose the heart to do this and stop doing so and move on to another area .
They are like children with new toys at Christmas . They never stay with any method long enough to prosper . They always feel the" Grass is Greener" , when in truth the "Grass" they are using has been abused and left to deteriorate.
A competition to win best garden will be won by the person who
It's the same with betting. You will do far better long term if you can make a concentrated effort of learning and research in one key area rather than flitting from this to that.
Most punters are LAZY! They have religiously followed a doctrine of poor planning and lack of research. They refuse to study and spend hours looking at how they can win at betting. They refuse to invest in the game and invest in their own learning . You cant refuse to spend money, just look at the racing for 30 minutes and expect to win long term. You simply can't get away with that in the hardest trade of all , Winning Money at Betting. If it was that easy , then millions would do it .You must either invest in your betting , or pay someone to do just that .
Natural human tendency is to try and get away with the least amount of effort. Lazy punters are cannon fodder for the bookmakers. They make little or no effort in their selection process nor make an effort to extract maximum returns from their bets. Those who put the most work in are the more likely to succeed.
My philosophy is simple. I believe that if a bookmaker, journalist or odds compiler spends 3 hours on a race then I'll spend 6 hours on that race to gain the edge.
The famous golfer Gary Player once said "The Harder I Work the Luckier I Get". That is true about both golf and betting .Most people can't spend 12 hours a day studying betting as they have families, jobs, commitments and lead their own lives. That is what you pay us for. We do that study for you and re-invest money in our betting so that we can find every edge possible to Help You Win.
Amazingly most punters fail to learn from their mistakes. They continue for years making the same basic errors time and time again. Pure stupidity.
Strive to improve your betting performance by continually learning from the mistakes and weakness is your game.
Your bookmaker may have been laughing at you for years. You have it in your power however to improve your betting and hopefully wipe that smile from his face for good.Also See: Long Term, Betting Bank, Takes Discipline, Multiple Bets, Win, Way, Value
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