5 Rules To Improve Your Betting in 2019
A New Year is coming up and once again you hit your realisation that you have wasted your money away betting every week with little to show for it. Yes, you had the odd decent win, but clearly, in the long run, your hobby is costing you more than you would like. Now is as good a time as any to change that and with my helpful recommendations, we can make that happen for you. By heeding my advise YOU can improve your chances of making a profit in 2019.
- Keep a betting bank: How many times have you been paid and start betting in £20s down the bookies or online and hit a bad run? Before you know it you are down to your last few quid for the month and have to pack in betting until you get paid again! Having a betting bank means putting aside a few quid to bet with and only betting from that money. It doesn’t have to be a fortune, even just a couple of hundred pounds. With £200 that is 40 £5 bets you can have. The important thing is that any bets you place must come from money in that bank, what you have set aside to bet with. What I do is have a separate online account where I transfer money to and from whenever I deposit or withdraw money into my online accounts (Or take cash out if betting in shop). It means I can easily see what I have in my betting bank and if checking my profit/loss then I can easily account from the deposits and withdraws made. I actually take this one step further as my wife deals with all of that. I find this helps as it makes you question yourself a lot more on each bet. If I was to make a significant deposit into a betting account then she would question why it was more than normal. This helps prevent me from chasing losses or gambling on other things such as roulette or slots. Obviously not everyone’s partners are as reasonable when it comes to betting especially when you see the significant ups and downs you can have, though it does help when you can prove that you are profitable at doing so.
- Strict on Staking: Anyone can pick winners, every race has a winner and every football match can only go three ways. The significant part is how much you bet on the winners and losers. Take our example above where we blew most of our money betting in £20s. If we only had £20 left we may decide to have 10 bets at £2 a time. We then hit a winning streak but betting at only 1/10th of what we were previously it would need to be an exceptional run to get our money back. To level stakes your betting may be profitable but because of the haphazard way our staking went from £20 down to £2 it meant you had no chance of making money once your first few bets lost. It is often suggested to split your bank 100 times, meaning you need to have 100 losers before all your money is gone. For a start, if you have 100 losers in a row then you should probably give up betting anyway! Secondly, every bet is relative. Do you want to be having the same amount on an odds-on favourite as you do on a 6 team football accumulator? That is why staking is so important when it comes to making a profit from betting. This is where us experts from BetHub come in as every tip we provide includes a recommended points stake. This is done to help you maximise profit from the selections. We are all extremely experienced when it comes to betting and understand how our tips should be bet to make money. However, just because we may recommend a 1pt bet, doesn’t mean you should only bet 1pt of your betting bank! I suggest keeping all of your ‘fun’ bets to 0.5pt of your bank. At the end of the day, you still want to enjoy your betting and still have your weekend football accumulator or two. By keeping them to 0.5pt of your bank it reduces the damage done to your bank whilst still giving you the chance of winning something nice to boost your pot. Your serious bets can then be a bigger part of your bank. For example, you could bet all BetHub tipsters selections at 2 points per 1 point recommended. So if a tipster gives a selection as a 2pt win, you would bet 4 points of your bank, still only 1/25th of your overall bank. This still leaves you 1pt of your own bank to bet on your own fancies or selections if you see something that represents value; which leads me nicely onto no. 3
- Betting value: This is probably the hardest bit to explain and to be honest I find comes from years of experience, which is why with a lot of my betting I leave it to the experts. Value is when you take a bigger price on an event than the chances of it actually happening. For example, if you got 6/4 (60/40) on the toss of a coin when its true odds are even money (50/50) then, in the long run, you would make money. Obviously, this is a simplistic model and a lot harder to apply to horseracing. However, for me personally, I can gain a picture of what I believe the price of a horse should be, if it is bigger than that then I consider it for a bet. Depending on how much different my price is to what is available determines how much value there is in a selection. This is why with many of my selections you will find they start at a shorter price than recommended. Each time I am getting value, as the price at the off time represents a closer match to the true chances of a horse. It doesn’t mean the horse will win but in the long run, you will make a profit, as I have proven to do for several years now. Personally, it means I do have significant losing runs but with controlled staking and constantly betting value then a profit is invariably made. The problem for the inexperienced gambler is recognising the value. All I can suggest is to specialise in one area of your betting, whether it be handicap hurdles, corners in Premiership matches or even beach volleyball and get to know everything about it. What makes a bet win or lose and every nuance about how the bookmakers come up with the prices. To beat the bookmaker you must have an edge, that edge is what gives you the value selections.
- Take the best price: These days it is important to have several betting accounts, especially with the major online bookmaking companies. To make a profit it is important you can eke out every bit of value you can, that includes taking 2/1 when everyone else is going 7/4! Every little helps when it comes to making money and so we must be in the best place to do so. It can also help to spread the money about. If you always use the same one or two companies then they can quickly crack on that you are making a profit and restrict or even close your account. Whereas if you are spreading the bets about then it is less likely to flag up to their betting control team. The same goes for your ‘fun’ bets. Take it in turns where you place your weekend acca and less significant bets. There is no harm in making your account look more like a mug punters. A common trick is if you have a couple of good wins with one company then go play the slots for a little bit. Doesn’t have to be much, even on minimum stakes and doesn’t matter if you win or lose, if you show you are prepared to play these games then companies are more likely to keep your account open thinking they will get their money back on the ‘mug’ games. I have to admit to doing this with one company as I have been in profit with them for 10 consecutive months with no restriction. I am however down on the slots a small amount with them which I would put forward as the reason why my account still has no limits. When it comes to betting always use a comparison site such as Oddschecker to find the best prices available. It also makes it easier to consider which firms offer best odds guaranteed (if you take a price and it starts off bigger you get that price) and also differences in place terms. This is something that happens a lot in golf where you may get some betting ¼ odds 4 places while others may be 1/5th odds 8 places. It is about taking the best value available, which means the more accounts you have the better chance you have of getting the best value.
- The Psychology of Betting: While value is the hardest one to explain, the psychology of betting is the hardest to deal with. Losing runs are common, especially for someone like me that often bets at big prices and so can incur long runs without a winner. It is hard to get your head around when you haven’t had a winner in a while, start doubting your methods and your betting bank is diminishing. There is also the tendency to start chasing your losses, backing horses at shorter prices and betting more than you would before in an attempt to stop the rot. This can only make matters worse. Your judgement becomes clouded and you make mistakes in your selection process. You must have faith and trust in your ability that in the long run it will all come good and you will return a profit. Many a good tipster can fall apart when they are going through a bad patch. For me it is years of experience that helps me through the bad times, knowing that losing runs are inevitable but can easily change in a matter of days with sensible staking. For you, if you stick to the above recommendations you will be in a much better place to cope when winners are tough to find.
Happy (and profitable) New Year to you all.
Early Bird Racing