The first step in formulating a solution is to determine the problem.
Here are some areas in betting that many punters make mistakes. I have a lot of experience, and I’ve had years of contact with both successful and unsuccessful punters.
Bet188 is my attempt to highlight the common areas of failure and help you learn faster how to be successful in betting.
You might be able to avoid some of the same pitfalls others have fallen into.
1) Use of betting banks is not allowed
Many gamblers don’t realize that it is possible to earn a steady and healthy profit from horse racing by setting aside money from your main finances to only bet on horses. You will be better off with a “Betting Banking” which has built-in benefits. It should be separate from your personal finances, and be protected against any potential threats. This can make it difficult to make decisions. All punters should be aware of the dangers of emotion. The size of your bank depends on your individual situation and the amount of capital you have.
A common analogy to the world shares may be that no financial professional worth his salt would suggest you invest all of your capital in the stock exchange alone. The majority of punters do not use any kind of set aside bank. They gamble with whatever they have on hand at the end. A professional punter will not only invest what he is able to afford, but also determine how best to make that amount of capital. Now you can move on to your next failure reason with a fixed capital amount.
2) Failure to Take Correctly
It is important to consider the amount of your betting bank as a cap. You don’t have unlimited resources. The nature of betting carries inherent risk. These risks include low strike rates and long losses. The method you choose should dictate the size of your betting bank, and how much you stake. It is important to prepare for the possibility that you will lose more than usual by having sufficient units in your bank. The mathematical advantage of correct methodical staking can be combined with the emotional benefit of a sequence of unusually positive results to help you overcome this risk. Consider the Pricewise column in our racing post.
It would have been a good long-term investment if it could continue at the recommended prices. However, it would have been difficult for Pricewise followers to endure 40 losing runs in a row. Despite the overall profit, I think the majority of Pricewise supporters would have ended their membership due to failure to save enough points or failure to deal with the emotions of losing runs. Our Best Bet selections have a strike ratio of around 35% and an average S.P. for every winning bet.
Because long losses have not occurred, and the strike rate has been high enough to allow for steady and secure growth in your betting profits, we are able to protect our clients’ banks. This is what you need to do in order to win money. Manage your accounts so they are protected from the risk inherent in the game.
3) Chasing Losses
While it might seem easy to avoid losses and make a profit, statistically it will not work unless there is an overall level of profit. It is not a good idea to chase losses. Bookmakers must price up every race. Bookmakers don’t have the obligation to price up every race. Punters can choose which races they wish to bet on. This is the most important advantage that people do not understand.
If you’ve had a losing day, you can try to recover your losses by betting on races that you shouldn’t. Therefore, you’re betting how bookies want you to bet and not the way that will win. Many punters will increase or decrease their stakes during the last race.
You can “chase” or “play up” winnings. It is no accident that the
The bookies have made it so that the last race each day is often a handicap. There will be even more racing on the next day.
The key is to wait for opportunities, and only bet when you feel the odds favor you. It is important to not alter your approach or deviate too much from sensible staking. There is no “The Last Race”!
4) Low Value Appreciation
Long-term success is dependent on your ability to appreciate “value” in a wager.
If you want to profit from a long string of bets, you should bet at odds that are greater than your true chance of winning. This is possible but only if you focus on each race individually. Then, you can find the value bet for that race. There are many races that offer value. It all comes down to understanding.
You know where this value is. Sometimes a punter will make a mistake on a losing slip of betting and say, “At least I had some worth.”
There is absolutely no relationship between prices and value. Although a 33/1 chance is a bad deal, a high-value favorite with a low price may have great value. However, it doesn’t necessarily follow that the higher the price you pay for your “value”, the better you are. Sometimes, the value is clearer than others and sometimes it’s hidden. Only a trained eye can see that. This “Foresight” is something that everyone has at times. However, this is a game about opinions and nobody is always right. If you cannot bet a winner, value may be the most expensive word to use in racing. It’s about betting on horses whose chance of winning is greater than their price.
But that’s just a part. Also, you must ensure you place your bets in the correct way and in the proper races. That is how you can maintain high strike rates and protect your bank account. It is important to constantly increase the value of your bets. Do not accept the lowest possible price if you already feel you have made a good selection. Try to improve it by shopping around at the different bookmakers. You might also try to top the best betting exchanges price by searching for the bookmakers. Marginal changes in the odds of each bet you place can have dramatic effects on your long-term profit.
5) Greed For Instant Wealth
Many punters are looking for the thrill of a bet that can make them rich and secure their future. Bookmakers encourage you to make exotic multi-selection bets. This can turn a small amount into a substantial sum in a single hit. Professionals rarely wager in multiples. Professionals tend to only bet singles, and they avoid multiple bets. Bookmakers continue to promote multiple bets, with exotic names like Yankee and Lucky 15, as well as Goliath.
These bets are popular because they increase the bookmaker’s profit margin by increasing the number of selections in your multiple bet. Imagine you pick any random 5/1 selection. This could give the bookmaker an advantage of 15% if it is a single bet. The bookmaker’s profit margin is 30% when he takes two of these selections, and places them in a win-double. Although a win double may result in a greater win for the same stake, over the long-term the bookmaker is eating away your capital at an even faster pace.
Debating the best type of multiple bet is a waste. Singles are more popular than betting in multiples unless you are exceptionally lucky or have super-skills at predicting. While you might think many “Pros” will bet multiples in bets such The Scoop 6 or The Jackpot, that is because they know there’s plenty of “Dead” money and are betting against people that don’t understand these types of bets. Although there are instances when multiples are a good idea, these are very rare.
This isn’t a “Get Rich Quick” scheme. It is a slow and steady process of sustained profit. This is not a game for anyone looking to make quick money. You can see all the posters that advertise “special offers”, enhancements terms and bonus offers when you visit any Betting Shop. You’ll see that they all offer multiple wagers. You will see that bookmakers encourage you to place multiple bets. They reap the greatest profit. Bookmakers offers no additional’s for a win or every way single. Ask
Describe why.
6) Insufficient Discipline
The biggest hurdle for punters looking to turn a losing streak around is lack of discipline
You can turn your hobby into an income-generating one. This is what bookmakers understand. It’s why bookmakers know that in every
Bet on numbers, lotteries, and racing worldwide with horses you have never heard of. It’s a matter of punters betting all day on whatever is available. This belief is often shared by bookmakers. They just want to thrill-seek and will bet on anything they can.
There is no strategy and many of the regulars in the betting offices are simply headless chickens willing to pay long-term for a warm buzz from the occasional win. The more skilled regular gamblers are better at avoiding stupid bets and will continue to lose money with fun tenners here and there. Sometimes, it takes great discipline to not bet. If the horse isn’t worth it, it takes discipline. It takes discipline to say “no” to this small but enjoyable bet.
It takes discipline to keep your cash in your pockets and avoid the emotional rush of cheering on your runner. There are many kinds of punters. Even the most skilled punters, who can win the game, often fall into the traps of not studying. They forget that their winning streak was only the result of the work they put in. They become victims to
Confidence, laziness, indiscipline and overconfidence. A long-term successful punter is like swimming against a tide. It takes effort and effort to stay still. You can move forward quickly if you relax or slack.
7) Emotion
Betting can be lonely. It’s also a highly skilled sport. Emotion
Many things can undermine success. You can take comfort knowing that if you’re wrong, it’s not your fault. Everyone else was doing it. Long-term, sheep will get fleeced because of the laws that govern market supply and demand. Emotions are a powerful tool to undermine discipline and other long-standing successful practices. Any one race’s result is independent of the results of others. Races must be seen in isolation from one another. All of us are emotional when we bet, but those at the top can control their emotions and have mastered this art.
Others have been taught by bookmakers for a long time to expect to lose and not win. They are conditioned psychologically to feel like losing.
They are losers, and have been taught to lose by years of losing. Over 95% are emotionally flawed. Emoticive gambling is when a punter follows a horse, trainer or a jockey blind. For emotional punters, the horses of “Hype”, or “Hype”, are a great source of fodder. They might also be blind to tipsters because they “hate” the idea of missing out on a winner. They do not pay attention to changing ground conditions or race conditions. They aren’t confident and they can’t deal with lack of confidence.
Emotion can also stop people from engaging in advanced betting topics such as hedging, arbitrage and laying. Emotion can cause some punters bet horses named after loved ones. Names like “Long Tall Sally”, “Susan’s Pride”, and others such as these draw many punters to them simply because they are relevant to them. Most punters hate winning, and have a negative view of money. Emotional punters can lose their heads in bleak times and fail to make the most of winning runs. They create systems and stake plans that are not logical.
You will be more successful the more emotions you can eliminate from your betting. Everybody in the game must be seen as your enemy, and people who are out to get your money. When you learn to manage your emotions, you will be able make the first steps towards making money betting.
8) The Grass Is Greener
It is rare that the grass is greener on both sides. The truth is, the grass you don’t like isn’t grown, cultivated, or cared for properly. Many punters are quick to change their methods and don’t give each one a fair test. After a few poor results, they stop looking for a system that works. This is similar to gamblers, who record every bet that they make. After a few loser, they may stop trying and find a new area. They’re like Christmas toys for children. They will never be satisfied with one type of method.
They think the grass is greener, but the grass they’re using has been abused over time and is now deteriorating. They are looking for the next Big “new idea” or “method”, and it doesn’t work, as the fault lies with the Gardener.
They are inconsistent in their betting behavior and constantly change their mind.
The winner of the competition to find the best garden will be the one who can spend the most time in his garden and overcome its challenges. It is the same for betting. It will pay off long-term if you are able to focus your efforts on one specific area and not flitting between them.
9) Laziness
The majority of punters are lazy! They follow a strict doctrine of poor planning and insufficient research. They are not interested in learning and will spend hours trying to figure out how to win at gambling. They are unwilling to invest in the game, and instead invest in themselves. Spend money. You cannot refuse to do so. Look at the racing for 30 mins and you’ll see how long-term winners are. That is the toughest trade you can make, Winning Money At Betting. If it were that simple, millions would do it. To invest in your betting or to pay someone else to do it, you must either make the investment. Our natural tendency is to get away with as little effort as possible. Bookmakers are attracted to lazy punters.
They are not willing to put in the effort or work hard to get the best returns on their investments. The more work you put in, the greater your chances of success. My philosophy is simple. I believe that if a writer, journalist, or odds compiler spends 3 to 4 hours on a race, I’ll spend 6 hours on the race to gain the edge. Gary Player, a well-known golfer, once said that the harder you work, the luckier you get. It is true of both betting and golf. Many people don’t have the time or energy to spend 12 hours studying betting. They have families, jobs, and other commitments. We do that for you. We conduct that research and invest money in our betting so we can help you win.
10) It’s stupidity!
Amazingly, the majority of punters do not learn from their mistakes. They keep repeating the same mistakes for years. Pure stupidity. Learn from your mistakes and your weaknesses to improve your betting performance. You might have been laughing at your bookmaker for many years. However, you have the power to improve your gambling and hopefully take that smile off his face.
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