Some people make money year-after-year betting on sports while most people lose their deposits. Well, this is because amateur gamblers invariably go bust due to not having any type of system in place, while sports gamblers often have some very strict rules to follow. Since amateur gamblers make the same mistakes over and over again, bookmakers exploit them.
1. Identify your strengths and weaknesses
You’re not dealing with fake monopoly money; you’re dealing with real money. So, keeping track of your progress is important. Purchase a good app that gives you access to features such as live bet cover probability, odds shopping, etc.
These things help you identify your strengths and weaknesses. For example, you can find out whether you have a better success rate with player props or over/under; or perhaps you’re more successful betting on the NFL than on the NBA. With this kind of information, you can exponentially maximize your overall success rate and winnings.
2. Keep track of your betting records
Almost every professional bettor keeps a log of their betting history. This offers a number of benefits.
Firstly, based on the betting history, they’re able to analyze their moves. Based on past performance, you can see certain strategies forming and patterns emerging. This helps with improving your strategy and the evaluation process.
Secondly, you know your exact bottom line at all times. Based on that, punters know how much money they can stake on the subsequent bets. By recording your betting, you can stay more organized and disciplined. This is very helpful in the long run. For an average bettor, having every gambling result in a spreadsheet is an incredible way to keep winnings and manage losses.
3. Manage your bankroll and create a unit size
In betting, the probability of winning money is always less than that of losing some (especially for beginners). Therefore, deciding how much you can afford to lose on sports bets is vital. While this will mostly depend on your financial situation, managing your finances and knowing how much you’re making and losing every month is important.
Betting more money than you can afford to lose is never sensible. You should decide the unit size for every bet. Here’s a little financial advice for beginners: don’t stick with stakes higher than 1-5% of your total bankroll on every bet you place. This means if you have 10,000 in your bank, don’t place bets higher than $100-$500.
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