The first step towards reaching a solution is to identify the problem. This article highlights some common areas of failure that every new punter encounters.
1) Failure to Set up Betting Banks:
Most gamblers do not realize that the best method to achieve a healthy and constant long term profit from racing is to put aside a portion of money away from their personal finances, only for the betting purpose. Whatever method or system you use, it is necessary to set up a “Betting Bank” that offers some built-in advantages to help you.
2) Failure to Stake Properly:
It is very important that you consider the betting bank as capped in amount. You don’t have an unlimited source of funds to dip into. Betting always involves a great number of risks. You may face periods of low strike rates as well as long losing runs. Right methodical staking besides the mathematical advantage also helps to overcome the risk of emotional response to a series of extremely positive or negative results.
3) Getting Caught in Chasing Losses:
Chasing losses may sound to be an easy way to ensure an eventual profit but in reality, it is a strategy for ill-informed. Statistically, it will never work unless you make an overall level stakes profit. Unfortunately, chasing generally results in more losses and then it leads to more chasing, thus a vicious cycle that is very difficult to break.
4) No Appreciation of Value:
Appreciation of “value” is a major factor to long term success in betting. To earn a profit over a long series of bets it is important to bet at odds more than the true probability of winning your selection has. Value often considered as the most expensive word in racing if you fail to bet winner.
5) Greed for Fast Money:
Many bettors seek the excitement of a life-changing bet that will help them earn instant wealth for a small expense. Bookmakers exploit your natural desire and promote their exotic multiple selections of bets saying they can turn a small stake into a huge sum in a single hit. Professionals however mostly bet singles and stay away from the multiple bets as in long term the bookmakers eat away the capital at a much faster rate.
Betting is always a lonely game. It also requires a high level of skills to really succeed. Emotions can simply prevent us from taking the right decisions with the help of sound logic and reasoning, thus becoming a winning bettor will be almost impossible. The best bettors can put their emotions aside when making important betting decisions.