The following points are parts of betting where many punters frequently get it wrong. My views arise from long personal expertise and years of communication with successful and unsuccessful punters alike.
My aim here is to highlight these common parts 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 most of the pot holes others have fallen into before.
1) Failure to Use Betting Banks
Most gamblers fail to understand that the best method of achieving a proper and sustained lasting profit from racing is to set aside a sum of money from your main finances, solely for the betting of horses. Whatever method or system you are using, whoever you are following or registering to or however your own bets are calculated, you’re better off with a “Betting Bank” that has built -in advantages that can help you. It needs to be independent from a own personal finances and requires to be protected from factors that will threaten it. This could take a lot of emotion out from the decision making process. Emotion can be a factor that threatens all punters. How big is your betting bank will of course be dependent upon your own personal individual circumstances and free capital available.
An analogy to shares perhaps could be that no financial advisor worth his salt would give you advice throw all your capital in the stock market alone. Almost all punters fail to use any form of set aside bank. They bet randomly using what ever money they’ve in their pocket following the week or go ahead too deep with stakes far over their personal safety levels. A punter with a professional attitude sets aside what he can comfortably afford to invest and after that determine the best use they can make of that fixed sum of capital. With a fixed amount of capital available at this point you move on to the next basis for failure.
2) Failure to Stake Correctly
It’s critical you consider your betting bank as capped in amount. You don’t 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 must be adapted for the method you employ. You must in advance, ready yourself for the possibility of a worse than average sequence of losers through adoption of a sufficient number of units within your betting bank. Correct methodical staking as well as the mathematical advantage, could also help overcome the risk of emotional response to a sequence of unusually positive or negative results. Take the Pricewise column within the racing post as an example.
Long term if you might get on at the advised prices, it might have returned a decent profit overall. During this time period however followers must have endured runs up to 40 losers consecutively! Despite the overall lasting profit I suspect nearly all Pricewise followers would have been terminated either with a failure to set aside an adequate amount of points or through failure to deal with the emotion of the losing run. We’ve long since established here a strike rate of about 35% on our Best Bet selections at an average S.P. of more than 5/2 for each winning bet.
We presume able to protect clients banks so long losing runs haven’t happened and also the strike rate and odds happen to be more than enough to ensure long steady and safe growth for your betting profits. That’s in essence the key to winning money. Manage your accounts in a fashion that protects them as far as possible from the component of risk that the game presents you.
3) Chasing Losses
Chasing losses to start with sight may appear to get an easy way to guarantee an eventual profit nevertheless the true story would it be is a game for fools and statistically won’t work unless you generate a standard level stakes profit. Chasing losses is really a game for the ill informed that do not want to make the effort to find value in their bets. Bookmakers ought to price
up every race. Punters don’t need to play in every race, they can pick the races they want to bet in,and that’s the main edge that men and women fail to understand.
When you have had a losing day, by wanting to chasing your losses you give up that advantage and bet from the races that you should ‘t be betting in. You’re therefore betting the way bookmakers want you to instead of in the way to win. Many punters will alter their stakes over the last race either to
“chase” losses or “play up” winnings. Its no coincidence how the
bookmakers have ensured that the last race on each day is often a handicap a treadmill of the hardest races that particular day. There will be more racing the next day and the day after that.
The hot button is waiting for opportunities in support of betting when you know you’ve got circumstances which favour you together with not the bookmakers. You shouldn’t change your approach, or deviate from sensible staking because there is no such things as “The Last Race”.
4) Lack of Value Appreciation
Appreciation of “value” in a bet is core to long term success.
To profit more than a long series of bets you must be betting at odds higher than the true chance of winning your selection have. To do this however over the long term, you need to concentrate on each race individually and seek the value bet because race. There is value available in every race. The main element to it is understanding
where that value is. Often times a punter will wreck a losing betting slip and say “At least I’d some value”.
There is absolutely NO relationship between value and costs. A 33/1 chance could possibly be diabolical value yet an extremely short priced favorite may be supreme value. This doesn’t follow that the bigger the value you take the better “value” you might have. The value is sometimes clear but more regularly well hidden also it takes a trained eye to find out that. Everyone has this “Foresight” sometimes, it is a game about opinions in fact and nobody is always right or wrong. Value can be the most expensive word in racing folks who wants bet winner. The existing cliche is that value is approximately betting a horse whose true chance is better than its price reflects.
Measuring only a small part of it. There is also to make sure that you bet properly and in the right races as which is the only way you can keep strike rates high and protect a betting bank. You should continually strive to increase value in your bets. Once you have some you feel is value do not just take the first acceptable price which will come along. Seek to improve it by doing your research the various bookmakers or make an attempt to top the best bookmakers price by trying to the betting exchanges. Marginal improvements on odds on each bet you make can have a dramatic effect on long term profits.
5) Greed For fast Wealth
Many punters seek the thrill of a life changing bet that can produce huge gains of instant wealth for the small outlay. Bookmakers experience your natural desire and get out of their way to encourage one to bet exotic multiple selection bets that may in one hit, turn a tiny stake into a large sum. Professionals however rarely bet in multiples. Most professionals bet singles and avoid the multiple bets. Bookmakers relentlessly promote a host of multiple bets with exotic names for example Yankee, Lucky 15, and Goliath.
The key reason why they are heavily touted could be 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. In case you bet this being 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 rises to about 30% ! Yes your win double can create a much bigger win from your same stake however over time the bookmaker is eating away at the capital at a 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 much more often the best option. You could say that many “Pros,” do bet in multiples in bets like The Scoop 6 or perhaps the Jackpot, but that’s only since they know there is lots of “Dead” money in any given Pool plus they are betting against people that don’t understand the dynamics of the types of bet. There are times you should bet in multiples but in truth they are rare.
You can’t approach this as a “Get Rich Quick ” scheme. It is just a long slow process of serious and sustained profit instead of a game for Make money fast schemers. If you go Into any Betting shop, look into all the posters on the wall offering “special offers”, “enhanced terms ” and “bonus offers”. You will observe they are all multiple bets. Bookmakers would like you betting in multiples in fact it is easy to see why. They carve most cash in on them. You never go to a Bookmakers promotion offering extra’s on a win or each way single. Ask
6) Deficiency of Discipline
Lack of Discipline is the big hurdle for punters trying to turn a losing
hobby into a winning one. Bookmakers realize that. That’s why in every
betting office you can bet on numbers, lotteries, ball games, racing from all over the globe with horses nobody has heard about before and even now computer animated, or as they refer to it as, virtual racing. Bookmakers just believe that its a case of punters sitting all day betting on what ever lies in front of them and sadly they are right in most cases. They are simply thrill seeking and do not care what they bet on, once they can bet.
There isn’t any methodology at all and several betting office regulars are simply just a bunch of headless chickens prepared to pay long term for the warming buzz with the occasional win. Even more experienced regular gamblers who will be savvy enough to make down bets they know are stupid inform themselves down by continually bleeding their profits having a fun tenner here as well as a fun tenner there. It requires great discipline to never bet at times. It takes discipline to walk far from a horse if the price isn’t right. It takes discipline to say no compared to that small fun bet.
It will require discipline to keep your profit your pocket and deny yourself the emotional buzz of watching your runner. Punters appear in all shapes and sizes. Even shrewder punters who could win on the game, fall into the trap of deficiency of discipline of study. After having a winning period they forget that what made them winners in the first place, was the trouble they put in. They fall victim to
over confidence, laziness and indiscipline. Like a long term successful punter is much like swimming against the tide. It requires an effort to stay still, even more effort to move ahead so that as soon as you relax or slack off you start to go backwards.
Betting is really a lonely game. What’s more, it’s a highly skilled game. Emotion
undermines success often. There is comfort in realizing that as a sheep when you find yourself wrong it is not your fault while you were simply doing what all others was doing. With betting, the laws of market demand and supply, dictate that long term, sheep will get fleeced. Emotion neutralises discipline and long proven successful practices. The effect of any isolated race has little if any relation to races ahead of that or just next. Races should be viewed in isolation from the other. We are all emotional in betting but the players at the top of the tree have this right down to a fine art and may control those emotions.
Other punters have for many years been conditioned by bookmakers can be expected to lose rather than win. They have got an in built psychological ingredient that makes them feel like
losers with been conditioned to losing by numerous years of doing so. 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 will often also follow tipsters blind because they “hate” the thought of missing out on a success. They pay no focus on the changing conditions of a race that may follow non runners or ground changing. They misunderstand confidence and cannot cope with a lack of confidence.
Emotion also prevents individuals from advanced betting subjects such laying, hedging and arbitrages. Emotion forces some punters to bet horses with certain names that remind them of spouse and children. Names such as “Long Tall Sally ” and “Susan’s Pride ” attract many in their mind just for a name that’s tightly related to them. Most punters use a grudge against their own money and winning and getting good results is alien for them. Emotional punters lose their heads in barren times and are not able to capitalise on winning runs. They mess about with systems and staking plans that make no sense.
The greater emotion you can exclude of your betting, the harder successful you will become. You must view everyone in the game since your enemy and as people looking to take your hard earned money away from you in the same way while you would a pickpocket. After you can master your heartaches you have made the first big key to betting profitably.
8) The Grass is Greener
The grass isn’t Greener on the Other Side. The reality is that the grass that is not working for you has not been grown, cultivated or cared for properly. Many punters change approaches and techniques so quickly they don’t give any method a genuine test. If they look for a system that works they don’t continue after a few bad results. It’s the same as gamblers who write down every bet they have got. Once they have a few losers they often times lose the heart to do this and stop doing so and start working on another area. These are like children with new toys at Christmas. They never stick with any method for a specified duration to prosper.
They always feel the” Grass is Greener”, a lot more truth the “Grass” they may be using has been abused and left to deteriorate. They want the next Big “new idea ” or “method ” and that doesn’t work either since the fault lies not within the Grass, but the Gardener.
Other webcam matches long term consistency inside their betting and are constantly using what wasn’t broke or moving forward in search of the ultimate goal before a full evaluation of what they are currently examining has been completed.
A competition to win best garden is going to be won by the person who can spend most amount of time in the garden and master its challenges, the gardener who’s prepared to care about his garden and invest in the tools that will help his garden grow and the weeds at bay. 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 a single key area as an alternative to flitting from this compared to that.
Most punters are LAZY! They’ve got religiously followed a doctrine of poor planning and lack of research. They will not study and spend hours investigating how they can win at betting. They will not invest in the game and put money into their own learning. You cant refuse to spend money, just glance at the racing for A half-hour and expect to win long term. You simply can’t get away with that in the hardest trade of all, Winning Money at Betting. Whether it was that easy, then millions would do it.You must either invest in your betting, or pay anyone to do just that. Natural human tendency is to try and get away with the smallest amount of amount of effort. Lazy punters are cannon fodder for the bookmakers.
They make little if any effort in their selection process nor seek to extract maximum returns using their bets. Those who squeeze most work in will be the more likely to succeed. My philosophy is simple. I believe that if a bookmaker, journalist or odds compiler spends Three hours on a race then I’ll spend Six hours on that race to get 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.A lot of people can’t spend 12 hours each day studying betting as they have families, jobs, commitments and lead their particular lives. That is what you make payment for us for. We all do that study for you personally and re-invest money in our betting in order that we can find every edge possible to Help You Win.
Amazingly most punters neglect to learn from their mistakes. They last years making exactly the same basic errors again and 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 decades. You have it in your power however to enhance your betting and hopefully wipe that smile from his face once and for all.