Do you find this hard to believe? So did I when I first heard about it.
“Discipline is the quality of being able to behave and work in a controlled way, which involves obeying particular rules or standards.”
Stock standard right?
Let me simplify it for you into four principles for disciplined sports betting
1. Bankroll Management
Probably the most important principle is how you spend your money.
Carelessly throwing money on poor picks is the easiest way to go bankrupt and become disillusioned to sports betting.
You’ll end up throwing in the towel before you’ve really started understanding and profiting from sports betting.
There are many, common money management mistakes to avoid.
Mistakes such as doubling up after a loss or a win. There are a lot of novice and experienced bettors who from time to time try to double up after a loss. However, most of the time it doesn’t turn out good.
And you WILL start to lose more than you win.
So it’s crucial that you develop your bankroll and your staking method.
And STICK TO IT! Like peanut butter sticks to the roof of your mouth.
2. Establish your Staking Method
First off, the money you set aside for sports betting is called your bankroll.
Your bankroll, as a rule of thumb, should be money you can afford to lose. This is not the goal, but it separates the money you require to live versus your bankroll.
So, your bankroll should be in line with these three factors:
What you can afford to set aside and potentially lose.
How many games you plan to wager on and how long you plan on betting.
How much you stake per bet.
Apply these factors when deciding your bankroll is crucial to successful money management.
Now establishing your Staking Method forms part of your bankroll and your betting strategy.
The money you place per bet is called your stake.
Your staking method should be thought of as a form of sports investing.
Like investing, you need to know how much money to place on each bet.
There are many different staking methods, each with their own strengths.
Here are just a few popular staking methods:
Kelly staking method
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3. Stick to your betting strategy
Do you think successful sports bettor, Billy Walters, got to where he is today by throwing darts at a bored?
When betting, you need to find a system that works for you and stick to it!
Variance can and will kill any betting strategy, but using a long sample size and by sticking to your betting strategy, you will combat this.
4. Understand your market
Like any investor or business, you must know your market.
It’s important to understand why the odds might change and what might have caused them to change.
Things such as:
A player injury
An influx of money on a single outcome
The list goes on, and that’s why you need to understand the market you’re betting on and how to take advantage of these line movements.
The biggest mistake you can make as an undisciplined sports bettor is chasing your losses.
Instead of chalking it up to a bad day, they chase their losses and end up losing even more.
This is a bad habit to form and will increase the likely hood of burning through your bankroll.
In the end you have to view your sports betting as a business and take a disciplined approach to how you bet.
Until next time,
The Winning Streak Team