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!
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?
5 – Hunt for the best odds
Call it penny-pinching if you wish, but the difference between 1/2 and 4/9 is massive in the context of a successful gambler. There are now plenty of resources to compare all prices available and the laziness of just backing with the same firm or your local betting shop for ease will not do if you wish to succeed at gambling. Now that you have identified a bet to place and seen you like the odds available, you must see the benefits of taking this extra time to get the best price available.
Check betting exchanges, online bookmakers and as many places you can possibly think of. There is no harm opening up several bookmakers accounts if needs be, plenty of them will give you free bets as an incentive and in the process create an extra way of funding your betting account!
6 – Trust your study
It is human nature to doubt ourselves, but if you have successfully followed rule 3 (study) then you should be extremely confident your betting selection is sound and justified. There are so many seeds of doubt happy to creep into your thoughts – providing you have studied correctly then ignore them. Just because your newspaper tipster discounts the selections chances or the odds are far higher than you expected does not mean your study was wrong. In fact it is at times like these when you will prosper most. As everyone else follows the crowd you will know, win or lose, your strategy is superior and in the long-term you will succeed at gambling whereas the majority of others will fail.
7 – Keep your discipline
Without this rule you are back to square one and will lose. Therefore keeping your discipline means accepting all of the following points and never changing your strategy.
You will have losing days, runs and weeks
Luck evens itself out
You never gamble just for fun, based on a hunch or without study/justification/reasoning
Many occasions your rules will stop you from betting even when you strongly fancy something
8 – Learn from your mistakes
The massive benefits of your Excel record of all bets placed is the manipulation you now have over your gambling spreadsheet. Not every strategy you follow will be successful, none will last forever and some will just not be worth the time involved. Get rid of them, learn where you went wrong and do not do it again. Never be too proud or stubborn to accept you have gone wrong somewhere along the line. If you are you will lose.
9 – Keep your mouth shut
Let me make one thing clear first, this rule only applies to followers of all the other rules. If you are gambling like a madman and losing money you can not afford to then i suggest the opposite, shout it as loud as you can and seek immediate help. Gamblers anonymous is surely a good place to start.
For rule followers – nobody likes a bighead is the first thing to say, however more importantly if you are in any way successful others are going to follow what you say. By shouting out from the rooftops what you are gambling on, others are going to follow suit and this will lead to reduced prices. Additionally complications can arise from waffling on about your betting portfolio, basically most people do not understand gambling can be the work of an intelligent, studied and controlled process.
If your successfully gambling and moving in the right direction be content to yourself at how things are working out. Your ego should not need further boosting.
It is difficult to be successful at gambling but it can be done by following a controlled and structured strategy. With the internet at our fingertips there are so many fantastic resources available to assist us in our studies and providing you follow a basic set of rules and guidelines there is absolutely no reason why can not be successful with your gambling.