In this article we will talk about what winning bettors are doing in order to be profitable in the world of sports betting. Since this is a vast topic we will look at some best practices successful bettors are having, further we will talk about efficient methods that can help us to make money from sports betting. This article is written exclusively for Bettingmetrics by Tipsters Place one of the oldest market places for tipping services in the web.
As a company policy we are always open and honest with our readers, and we would like o let you know that we do not have an affiliate deal with Tipsters Place or whatsoever. They are a team of ambitious people and really liked our product and we decide to collaborate with each other and spread the word about our products.
Initially let’s start with the difficult questions: how do their bets differ so much from yours? The answer is fairly easy they threat sport betting as an investment and have some detailed understanding of the betting fundamentals such as:
- What a betting bank is and understand terms like flat staking plan and Kelly criterion money management
- They know what to do during good and bad runs
- They do their homework, with the emphasis on "work"
- They keep emotion out of everything
- They know the right questions to ask themselves
- They know how to diversify the betting risk and combine their own research with various tipping service in order to build sustainable betting portfolio
- Most of the professional punters are long-term oriented and have their betting strategies planned for at least an year ahead
- They have solid money management strategies in place and now when to risk more or be conservative if necessary
Clearly, these are serious skills and it takes patience and time to build them up. As with most of the things in life these skill-sets are the one that distinguish the amateur bettors from the professionals.
As we possess large experience in the betting industry we have one serious piece of advice for all amateur bettors who see betting as a "hobby", stop thinking of sports betting as a hobby and threated as an investment. Clearly there is more than one reason to advice you stop threating betting as hobby, but as you perhaps already know psychology plays a vital role in successful sport betting. Therefore, seeing one activity as a hobby, means it is something casual and there is a high chance of you not being disciplined enough.
Another truth we have to say here. Sports betting require money and 90% of the people if not more who are occasionally betting lose money. So if you want to be among the 10% of the wining bettors, who are making money start behaving like professional bettor, do your homework, be disciplined and ensure you have well diversified betting portfolio.
As a keen sport punter we presume that you have already checked the web for what to do in order to make money from sport betting. However, we know from experience that as a newbie it may be difficult to distinguish good quality information for scammy proposition and ideas.
We gather a few points that aim to protect you from often mistake so check out our “What NOT to Do” list
• Failing to plan
It is far too easy to do a tiny bit of research and think you have discovered something that you must act on immediately, i.e. you rush blindly into some sort of "sure thing". This is a major problem and a terrible habit that most of the occasional bettors do. Please, remember there will always be another opportunity.
If you look at your sports betting as a professional does and threated as a business venture, you need to craft a detailed and written plan. But not only that, you have to be disciplined follow and execute it. This makes it easier to avoid subsequent mistakes, like betting when you know you should not or bet on emotions.
• Failing to define your bank
- If there is one thing that stops people from becoming successful and profitable sports betting professionals, it is taking the totally unprofessional approach of not pre-defining the bank.
The bank is simply money that is set aside as your betting bank and protects you from overextending yourself. Failing to do so can have some serious consequences. For example, you can lose more funds then what you can afford – that usually leads to some either emotional bets or problems in the future with your personal finance. Further you may lose all of your funds and not have enough money to come back after a long loosing run (that is a very common mistake)
To further understand the concept of the betting bank let’s take an instance with a business that is spending funds when it was not an appropriate moment to do so, and putting themselves in the position of not knowing if they had enough cash to operate on a daily basis. This is exact same situation if you fail to pre-define your bank. Knowing the limits means knowing the right stake size and how best to respond to a losing streak or bad bet,
• Betting when you are under influences
By this, we do not mean staying away from betting if you have been drinking (which is a big "NO" for anyone threating betting professionally). What we mean is allowing some sort of emotional factor to influence your decision making process. For example, you are huge fan of Dallas Cowboys or Manchester United, so you will always back them to win when they are playing? It recommended not placing a bet on your favorite player, team, or horse just because they are your favorite. The emotions will pollute the outcome of the analysis you did and surely in the long term you wiall be on the losing side. By all means you can place a bet on your favorite team if the research and facts are with you and you see value in your favorite team. But if it is just an emotional bet, you have not done your homework, the betting odds are not with you do not do it!
Now, within those three simple "do not do…ever" we saw some different terms and ideas. We will dig into more details in another article. However, take time to re-read those three points above and just use them as the foundation for your betting discipline.
Don't fail to plan, don't fail to pre-define a betting bank and don't ever bet under the influence of emotion. Make these your three advices part of your basic betting approach and you will soon see better results.
As sports betting is really difficult activity and only very few people manage to have the right skills-set, and teams in place in order to make money from betting we would recommend to the people new to betting to use the advices of professional betting consultants. On a different note please make sure that you have a conservative approach when choosing an advisor.
Benefits of Consulting
A smart businessperson recognizes that their success is never theirs alone. It comes from working with a strong team full of people with unique skills, experiences, and expertise. If you are going to look at your sports betting as we suggested - as a full-time job rather than a hobby - it is a good idea to consider building a team of people with different skills.
However, we realise that building a team is never an easy task, requires time, resources and much more. Therefore, we recommend saving your money and efforts of building your very own team and collaborate with skillful but affordable betting consultants also known as tipsters. Of course never trust the tipsters claiming that they have never ever had loosing month or they will return 1000% on your betting bank. We strongly recommend you to read the article wrote by our partner Bettingmetrics “How to choose a tipster” .
The professional punters involved in sports betting, know there are expert tipsters who do an overwhelming amount of research and have well developed quantitative betting models in place. The tipsters usually are "specialists" who focus in one single sport - even a single league within a broader sport. For example, an expert might look strictly at Minor League baseball in the U.S. or they might go even tighter and look at something like National League baseball (part of theMLB) and nothing else.
Experts of this kind will watch the games and the plays, they will read and search for all of the relevant analysis, and will be one of the most fully-informed people you will ever encounter. And because of this, they are among the narrowest group (something like5% of all sports bettors) who have an edge over the bookies and who are less likely to lose money when they make any bets.
Can't you just do this research yourself? Absolutely! The thing to remember here is that you would need to have this in-depth knowledge about every team, every league and every sport if you were to maximize your returns. After all, the goal of sports betting is to make money.
Even though it can feel great to beat the bookmaker, it is about the time we spent and how effective we are. So, following all sports and related news, watching the races or matches, and gathering all of the details can allow you to make important calculations and value bets, and you may win. However, can you realistically do all of this work yourself? The answer is no.
The smart business professional knows when to bring in consultants who paint the most accurate portrait. And with the mention of a "portrait" we need to begin to consider how you can draw up a plan for success, and how to make use of your own research combine it with some advice from betting experts and build a well-balanced and profitable betting portfolio. You will recall that failing to plan was first thing we listed among the three things NOT to do. Planning means research and information, and it means knowing what you should do in the event of certain results.
Our partners from Tipster Place have written an e-book that aims to educate people and increase their chances of making betting profits. We would recommend you yo have a look and see whether it can be useful to you.