While, in general, its true large UK sportsbooks such as William Hill, Ladbrokes and Betfred will indeed turn big yearly profits from our (the punters) expense, this certainly doesn’t mean every single punter will lose. A small percentage of these customers will be consistent long term winners (I believe the figure is around 7%….obviously to varying degrees and amounts). The majority of this 7% will achieve this from following a certain set of parameters or rules. Below are my 5 basic rules for a successful approach to sports betting, and while i’m sure other successful gamblers rules will vary slightly, they will more than likely follow a similar core pattern.
- Highlight Your Strengths And Weaknesses – We all like to think we are experts on whatever sport happens to be on TV. The truth is unfortunately, that a little knowledge is a dangerous thing.
To be a successful punter, it is very important to highlight your strong betting sports, from the ones you take a more ‘recreational’ approach to. This is usually done the hard way, by looking through past ‘profit and loss’ columns for the respective sports. If you don’t use a basic spreadsheet to record the bets you make, I would strongly advise you start to do so. Once you see these figures in front of you in black and white, you can start to understand just where your strengths may lie, and in turn, sports where you should be keeping your stakes to a minimum.
At www.sportsbettingforprofit.com I am acutely aware which sports our profits will be generated from. As such, our service will mainly consist of advice these selected sports only. These are sports where my core knowledge, research and understanding of the market is superior to the majority of the bookmakers producing the odds.
- Be Selective – One massive advantage a punter has over a bookmaker, that shouldn’t be underestimated, is the ability to pick and choose where he wants to invest his money. Bookmakers, for the most part, are forced into offering a product, even if they would prefer not to in certain circumstances. For example in the 1st round of the PDC World Championship darts, a bookie will have to price up 32 matches. They have no choice in this matter, if they want to offer a comparable product to their competitors. We as punters though only need to highlight 2 or 3 bad prices from those 32 matches. Remember, that most of the time, at least 80% of matches at a particular tournament will happen without you thinking of striking a bet.
- Always Look To Take The Black Type Price – Some punters tend to say ‘ah a winners, a winner’, and while that may be true, it’s certainly not the approach you need to take to be a successful punter in the long term. The difference between backing a winning selection at 5/4, and backing it at 6/4 will have a very real impact on your bottom line at the end of the day.
Most of the time, SBFP will advise a bet on a selection even though statistically I think it won’t win. The reason for the advice will be that the selection will be the ‘value’. The most simplistic way of putting it is, in a 50%-50% coin toss, if you are able to back heads every time at 11/10 (in effect the price suggesting it has a 47.6% chance of happening), then you will be consistently beating the price. You may not make money after 5 coin-flips, you may not make it after 20 coin-flips, but given 100….500…..1000 coin flips, that ‘value’ will be represented in your final profit.
- Staking Strategy – Just as important as backing winners, is the discipline to create a solid staking strategy. You can back 75 winners out of 100, but with a poor approach to staking, you could still be out of pocket.
A relatively simple 1-10 staking scale can be applied to wagers, where your max bet would 10 and your minimum would be 1. For me personally, a max 10 bet would probably only arise three or four times every year.
Your bank roll will help dictate the number of £s you assign to a 1-10 point stake. A general rule of thumb should be a 1pt selection should equate to 1% of your bank roll. So if your starting fund was £1000, then 1pt would equal £10, while a 10pt selection would equate to £100. Over-staking in the short term can be a major problem for most novice gamblers….remember the idea is to make a healthy profit in the long term and not in the first week or two. Be patient and invest wisely!
- The Right Mental Approach – There will be winning days and there will be losing days. You can’t prevent that fact with sports betting….that’s just the way it is. Its how you deal with both of these eventualities though will ultimately decide whether you will be a successful and profitable long term punter or not.
Should you have a bad day and back a couple of losers, DO NOT go into the ‘chase’ mentality, and try and retrieve your cash all at once. 90% of the time this will only result in further losses. Remember, you will have losing days, even if you follow all the correct rules….It’s the bottom line profit over a longer period of time we are all ultimately trying to achieve.
Just as it can be easy to ‘chase’ on a bad day, it can also be very easy to get too over-confident when things are going your way. There is nothing worse than backing a couple of winners on a day only to ‘spin it up’ on something you shouldn’t be betting later in the day, and give those profits back.
Every bet you make should be thought about and have a solid, well researched basis behind it….with www.sportsbettingforprofit.com you can be sure that is exactly what you will get.