Many punters are so successful in placing wagers that they have become professional bettors. Their success stories have inspired many to dip their toes into the betting waters, eager to start making money. But besides choosing a good sport betting site, a lot goes into succeeding in this competitive field. We look at how punters navigate the ins and outs of betting to come out on top. Most importantly, how can you also succeed?
The Complete Guide to Successful Betting
How hard do you think it is to place good wagers? If your answer is “not at all,” you are right. While many beginners and intermediate punters think that placing wagers is a challenge, it comes down to the following tips and strategies:
- Choose a Niche
Consider what you would do if you wanted to start a business. Would you start a bakery and a hardware shop at once? Of course not! You would choose one business, build it, and once it was successful, you would consider starting another. Starting with too many options is a recipe for failure. As such, use the same logic when approaching sports betting by considering the following:
- What sports do you understand?
- What sport do you enjoy watching?
These questions will help you narrow your options so you can choose the best one. If you need help deciding, you can watch several games to understand your preference.
- Do Your Research
Most people will tell you that outcomes are a matter of luck. And while they are right to some extent, statistics also influence results. For example, anyone watching the EPL can predict the teams likely to win. They review the team histories, managerial changes, transfers, and motivations. They also watch the matches to understand how the teams perform. See? It takes more than a gut feeling. You should also review the options and determine the best bet based on stats. Also, avoid using subjectivity when making decisions.
- Have a Budget
Do you know how many punters turn their betting passions into careers? They treat them like businesses. And like any good business, you must understand how much money should go into operations, what you expect as returns, and what measures you can take to safeguard your capital. While there are no guarantees in betting, your money management determines how long you stay in the game. As such, you should be clear on the following:
- How much money can you invest in wagers? Choose an amount you can afford to lose and continue with your life.
- How much money will you reinvest in wagers? Like in a business, determine the percentage you will cash out in profits and what you will plow back into the capital.
The more you treat your earnings and capital like business resources, the harder it will be to make subjective decisions that can thwart your success.
- Start Small
Would a prudent businessperson start by opening five restaurants in one city? No, they would start with one restaurant. And after understanding the market dynamics, they would build their business to include more options. The same goes for placing wagers.
Start by placing large wagers or many wagers at once. But doing this robs you of the chance to understand whether you’re making the right bets. Moreover, starting fast can result in huge losses, especially when new to research. So, while you may be eager to start making big bucks, stagger your wagers for continued success.
- Don’t Chase Losses
Here is the thing – losing in sports bets is normal. Even pros report a 20% to 40% losing streak, which they accept. As such, while you may do good research, you should remember that stats may not cover some surprises like injuries and substitutes. If your wagers do not have the desired results, do not start placing more wagers to recover what you have lost. Instead, stick to the original schedule.
- Keep Records
Knowing where you go wrong can help you avoid recurrent mistakes. As such, you should record your wins, losses, and rationale. You will get an idea of where you often fall short and make changes that can improve your winning rate.
- Use Bonuses & Rewards
The easiest way to spend less money and increase your earnings is to use bonuses and rewards. These are often available to new and returning users on sports betting sites. As such, you should keep an eye out for any promotions, read their terms, and accept those that align with your betting plans. While bonuses are free, you should not look at them as such. Treat them like real money, and you can benefit from them.
- Avoid Strategies
There are no strategies that will help you win every game. Instead, you should focus on research, placing reasonable wagers, and avoiding subjectivity. Some punters use strategies to manage their budgets through progressive systems. But these help them manage their money but do not affect their earnings. Consider this before using any “proven strategy.”
Finally, approach all wagers with a sober mind – being drunk or in any other adverse mental state reduces your rational thinking.
