Gambling is a huge industry and even in times of global economic recession, betting continues to thrive. The reason is because the majority of gamblers do not follow simple rules, lack discipline and are unable to control their emotions. It’s not easy but by following a simple guide, you can turn yourself from a loser funding bookmakers to a successful gambler .
1 – Create a discreetly funded betting bank
Gambling is a hobby that if not taken seriously can lead to huge debts and losses. So the first rule is to make sure you bet what you can afford. If you initially set aside some money, which if lost wouldn’t be a big deal, you’ll quickly relieve stress. You can treat this bank the same way you would treat money you have set aside for social causes or personal gifts – but there is one major difference, you might see results!
Also as part of this step, break your bank into betting points. For example if you have a bank of 500 you can make 500 points and state 1 point will be placed on the bronze trust bet, 3 for silver and 5 for gold. Or you may prefer a bank percentage. Both ways are fine, once you have a clear, reasonable and controllable banking structure that will only wear off if you fail over a long period of time.
Finally as part of this step you should realistically know what you define as success. If you have a betting bank of 500, it won’t grow to a million overnight. Realism and reasonable goals are essential.
2 – Save notes
If you are going to take gambling seriously, you have to act in an efficient and controlled manner. The first key element in doing so is making sure you keep a complete record of every bet you place. A simple spreadsheet will do the job perfectly. Excel is of course ideal for this type of activity and offers a great way to break down your data so you can see where you’re going right or wrong. You can create headings and columns as you wish but it is recommended that you have at least the following –
Date – the date the bet was placed
Selection – what are you betting on
Amount – how much you bet
Your opportunities have been given
Categorization – bet type, for example system name or categorized description
Profit / Loss – your overall profit
Comments – notes for future analysis
3 – Study
Unless you are lucky enough to be friends with someone on the inside then relying on someone else’s word or so-called tips is basically just guesswork. Study rules mean every time you type a bet into your spreadsheet, you have a justification and a definite sense of why the bet was placed. If you can’t study the statistics/conditions and definitely know that you’re placing a bet for the right reasons, you shouldn’t bet in the first place.
This is unacceptable and will result in failure if your bet is not based on a thorough study of the betting event you are investigating. An absolute and very important study rule – this means finding suitable material, making sure you understand the results and giving enough time to really understand your findings. To summarize, without learning you are second-guessing and will lose in the long run.
4 – Know your opportunities and get their value
Whatever gambling choice you make, there has to be a price associated with it that you think is worth it. It’s no different than going shopping – you know what you want to buy and how much it’s worth, if it’s not as good as you believe it is, you won’t buy it. The same rule applies here, if you can’t get the odds you’ve set, then you don’t support it. Once!
Deciding about the correct odds is of course an art in itself but something you have to master in order to be successful at gambling. To summarize the rules – if you don’t know if the odds are good or not, how can you add them to your betting spreadsheet with confidence?
5 – Hunt for the best opportunities
Call it penny-pinching if you will, but the difference between 1/2 and 4/9 is huge in the context of the successful gambler. Now there are plenty of resources to compare all available prices and laziness just supporting with the same company or your local betting shop for convenience will not work if you want to be successful in gambling. Now that you’ve identified the bets to place and see you like the odds available, you should see the benefits of using this extra time to get the best prices available.
Check betting exchanges, online betting and as many places as you can think of. There’s no harm in opening multiple betting accounts if necessary, many of them will give you free bets as an incentive and in the process create extra ways to fund your betting account!
6 – Believe in your studies
It is human nature to doubt ourselves, but if you have managed to follow rule 3 (learn) then you must be very sure your betting choices are good and justifiable. There are so many seeds of doubt that love to creep into your mind – as long as you study them properly, then ignore them. Just because your newspaper tipster discounted your choice odds or the odds are much higher than you expected, doesn’t mean your study is wrong. In fact, it is at times like these that you will be very prosperous. When everyone follows the crowd, you will know, win or lose, your strategy is superior and in the long run 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, maintaining your discipline means accepting all of the following points and never changing your strategy.
You will lose days, days, and weeks
Luck comes by itself
You never bet just for fun, on hunch or without study/justification/reasoning
Many times your rules will stop you from betting even when you really like something
8 – Learn from your mistakes
A big benefit of your Excel record of all bets placed is the manipulation you now have over your betting spreadsheet. Not every strategy you follow will work, none will last forever and some will not be worth your time. Get rid of them, learn where you went wrong and don’t do it again. Never be too arrogant or stubborn to accept that you have made a mistake somewhere. If you were you would lose.
9 – Shut your mouth
Let me explain one thing first, this rule only applies to followers of all other rules. If you gamble like crazy and lose money you can’t afford then I suggest otherwise, scream as loud as you can and seek immediate help. Anonymous gamblers are definitely a good place to start.
For the rule follower – no one likes stupid people is the first thing to say, but more importantly if you are successful in any way, other people will follow what you say. By shouting from the rooftops what you bet, others will follow and this will cause the price to drop. Apart from that complications can arise from confusion about your betting portfolio, basically most people don’t understand gambling can be the work of an intelligent, learned and controlled process.
If you’ve gambled and moved in the right direction, be pleased with yourself about how things turned out. Your ego should not need to be boosted further.
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 provided you follow a basic set of rules and guidelines, there is absolutely no reason why it shouldn’t work out with your gambling.