#1 Don’t Bet More Than You Can Afford To Lose
It’s the simplest of advices and the most pertinent to any punter. Betting can be approached as another form of entertainment that you spend your money on. You’d never book a £200 per night hotel room, when you could only afford a £100 one, and so you should approach betting with this one governing factor always to the fore. Bet within your means.
#2 Don’t Increase Your Stake After Winning
Unless you are adopting a specific betting method or staking plan, never arbitrarily increase your stake just because you’ve won. Betting shop mugs do this all the time and with very few exceptions their money will only go one way – back to the bookie.
#3 Treat Your Betting As a Business – Your Bookie Does
Businesses can increase profit by minimizing losses and outlay. Your bookie does this, and so should you. The one thing you are guaranteed to do when betting is back a loser. Finding ways to cut down on the losers will greatly affect your potential to make profit.
#4 Don’t Follow The Money
Unless you are in on a gamble right at the start, by the time you get to know where the money’s going all the best prices will be gone. If you dive in at that stage you could very likely be betting at no value or even negative value (the price is shorter than the selection’s actual chances).
#5 Use A Betting Bank
If you’re just betting from what available cash you have in your pocket at any given time you are unlikely to have much control over your betting. Lack of control is one of the quickest ways to get skint. A betting bank lets you know how much you have to bet with, helps you control stakes, and more importantly can let you see whether you are winning or not (in conjuction with #7 and #8 also)
#6 Use A Staking Plan
Using a Staking Plan is a great way to control your betting. Used in conjunction with #6 and #7 (Betting Bank and Recording Bets) this will help you become a smarter punter, one who is control of his/her betting. It won’t guarantee to make you a profit but it should help you in one respect – to cut down on those silly unnecessary bets. Level Stakes is the most popular Staking Plan and a very sensible one too, but there are others. Bank Percentage Plan, Sequence Plan, and others.
#7 Specialize In Just A Few Sports
Bookies will have you betting on everything from the US Election to the X-Factor. One of the reasons they offer so much is because it’s profitable to them. One of the punter’s best tactics is to specialize. Most of us know a varied amount about one or two sports, so when it comes to betting a major plus is to do the research and become more expert in just a few sports. That can give you an edge the bookies don’t have, simply because their oddsmakers have to cover everything. By specialising you gain an advantage, and can better spot potentially good bets.
#8 Don’t Panic In A Losing Streak
As stated previously you are guaranteed to back losers, but what happens when you start to back loser after loser? It’s at this point that the novice or undisciplined punter can start to panic, to question their methods, to start changing methods, and start chasing losses. All of these you must avoid. If you’re organized, have confidence in your methods, and you have a properly sized betting bank to allow for a losing streak, stick with the plan. Stay calm and don’t waiver from your methods. The dreaded losing run is all too familiar to all of us. It’s a part of betting. [**caveat – methods of course can be changed under the correct circumstances, just not under the panic of a losing streak because you’re not best placed to make the right judgements]
#9 Don’t Chase Losses
This can be read in conjunction with #12 Don’t Panic In A Losing Streak. Chasing losses is one of the main contributions to losing made by punters. When the main bet or bets of the day go down, some punters can’t accept a losing day and so go off in search of winners, despite the fact that their earlier studies dismissed the remainder for having the potential for winners. Or a punter bets money he/she couldn’t really afford to lose, then go off in a futile attempt to recoup the loss, and thereby losing more. Know when to walk away and call it a day.
#10 Don’t Look For A Bet, Wait For One
You don’t have to have a bet. Sure, we all like the thrill of a bet and watching its progress, but the punters who tend to lose more are the ones who can’t resist having that thrill, and therefore go repeatedly looking for a bet they wouldn’t normally have done. You’ll see them in betting shops all the time, moving from one race to the next, taking only the few precious seconds there now are between races to try to find a selection. The disciplined punter will have his methods, and if those methods don’t pinpoint a bet on a particular day they won’t go looking for one – they’ll do the right thing and wait till the next day.
#11 Singles Offer The Best Profit Potential
This is one of the obvious ones to the more experienced punter, but to the novice or to those lured in by the ‘bonuses’ and ‘enhancements’ of the ‘big-money’ bets that the bookies keep pushing to your attention (there’s a reason why they keep advertising these bets), it may not be so obvious.
You won’t win big-money with singles, that’s true. But let’s face it how many of you out there have won big-money with multiple bets? With singles you don’t face the furstrating situation where you can lose it. With singles, you don’t get a winner only to have wait on having another winner to have it pay off for you.
Bookies don’t like you betting singles, that’s why you’ll rarely see them advertising them. Singles allows you to shop around for the best price and give yourself the best chance of profit. Multiple bets are for the dreamers.