Gambling is a massive industry and even in times of a worldwide economic recession, bookmakers continue to prosper. The reason for this is because the majority of gamblers do not follow simple rules, lack discipline and are unable to control their emotions. Its not easy but by following some simple guidelines you can turn yourself from a loser funding the bookmakers into a successful gambler.
1 – Create a sensibly funded separate betting bank
Gambling is a pastime which, if not treated seriously can lead to massive debts and losses. So the first rule is to ensure you bet with what you can afford. If you initially set aside an amount, which if lost is not going to cause any major concern, you are immediately removing the stress. You can treat this bank in the same manner you would money you had set aside for social activities or personal treats – there is one key difference though, you may well see a return! Pussy888
Also as part of this step break your bank into betting points. As an example if you had a bank of 500 you could create 500 points and state 1 point will be placed on bronze confidence bets, 3 on silver and 5 on gold. Alternatively you may prefer a percentage of the bank. Both ways are fine, once you have a clear, sensible and controlled banking structure which will only run out if you fail over a long period of time.
Finally as part of this step you must know realistically what you define as successful. If you have a betting bank of 500, it is not going to grow into a million overnight. Realism and sensible goals are vital.
2 – Keep records
If you are going to take gambling seriously, you must act in an efficient and controlled manner. The first key element in doing so is to ensure you keep full records of every single bet you place. A simple spreadsheet will do the job perfectly. Excel is of course ideal for this type of activity and offers massive ways of breaking down your data for you to see where you are going right or wrong. You can create headings and columns as you see fit but its recommended you have at least the following –
- Date – the date of the bet being placed
- Selection – what you are betting on
- Amount – how much you are betting
- Odds – the odds you have been given
- Categorisation – the type of bet, for example a system name or a categorised description
- Profit/Loss – your overall return
- Comments – notes for future analysis
3 – Study
Unless you are lucky enough to be friends with someone on the inside then relying on other peoples word or a so called tip is basically just guessing. The rule of study means every time you go to type in a bet to your spreadsheet you have justification and a sure sense of why the bet is being placed. If you are unable to study the statistics/conditions and categorically know you are placing a bet for the right reasons, you should not be betting in the first place.
It is not acceptable and will lead to failure if your bets are not being based on thorough study of the betting event you are investigating. The rule of study is absolutely and categorically vital – it means sourcing appropriate materials, ensuring you understand the results and allowing enough time to really get to grips with your findings. To summarise, without studying you are guessing and will lose in the long-term.
4 – Know your odds and get the value
No matter what gambling selection you make, there must be a price associated with it you consider to be worthwhile. This is no different to going shopping – you know what you want to buy and what its worth, if the item is not as good value as you believe it should be, you wont buy it. The same rule applies here, if you are not able to get the odds you have set out for, then you do not back it. Ever!
Deciding on what the correct odds should be is of course an art in itself but something you must master in order to be successful at gambling. To summarise the rule – if you do not know if the odds are good or not how can you possibly add it to your betting spreadsheet with confidence?