Seven golden rules to boost your sports betting bankroll

by , 27 July 2018

When I first started out as sports bettor, I had many questions.

A lot of which, couldn't be answered by googling various vague terms like:

“Professional sports betting tips”

Or

“How to become a professional sports bettor”

These vague and useless questions got me nowhere, slowly.

So, over the years while perfecting my betting strategy I’ve come up with seven golden rules that I live by when going about sports betting.

And they’ve treated me well.

I know they’ll do the same for you…

Basic mathematical understanding

You don’t need a degree in applied mathematics, although that will be a great help. However, a simple understanding of maths is necessary with sports betting and investing in general.

While some gamblers rely on ‘gut’ feel or instinct alone, to become successful long term you’ll need a staking plan as well as understand what the odds represent in terms of probability.

Overall, it’s a numbers game, so you will need basic division and multiplication as a minimum requirement to become a viable sports bettor.

Understand the bookmaker makes the odds and what they mean to you

Knowing that the bookmaker makes the odds based on what they think the public will play, rather than on the actual probability of either outcome is crucial.

In the end, they are looking to make money.

So, they set their odds to attract betting from the public. The more attractive the odds, the more likely some poor soul is willing to risk their money.

However, the bookmaker’s odds reflect an implied probability.

And with this implied probability, sharp bettors are able to spot value bets that will make them money in the long term.

Understand the concept of a value bet

Ever heard someone mumble, “There is no way this team will lose”

Sure, they might be favourites, but is the probability of them winning better than the odds being offered?

This is critical and I highly recommend you start thinking with this frame of mind.

Don’t fall into the trap the bookies set with their odds!

Understand the concept of value, and never bet just for the sake of betting.

Know what staking strategy is best for you and stick to it

But how much do you place on each bet?

Easy…

As a novice sports bettor I recommend two staking methods.

A fixed staking method, where you place a fixed amount on each bet. It never changes.

I.e. if your fixed stake is R250, every bet, you will place R250 per bet.

A fixed percentage staking method, where you calculate your stake based on a chosen percentage.

I.e. 5% of a R10,000 bankroll, would mean:

0.05 x R10,000=R500

These are the two easiest staking methods I recommend to novice sports bettors.

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Discipline is the key to long-term profitability

“Discipline is the quality of being able to behave and work in a controlled way, which involves obeying particular rules or standards.”

This is your standard definition of discipline, and a trait that is extremely important if you want to become a successful sports bettor.

In fact, discipline is important if you want to be successful at anything.

In the end you have to view your sports betting as a business and take a disciplined approach to how you bet.

Do not get greedy

This is obvious, but many bettors fall prey to greed.

Greed can come in many forms, when you’re on a winning or losing streak, greed will rear its ugly head.

I’ve seen professional bettors on a hot steak, start doubling up on their next bet, just because they think they can’t lose.

Some will start chasing losses, when on a losing streak just to try break-even.

And in each and every case greed became their down fall.

Don’t dwell on the past and never celebrate for too long

Never let a recent losing run throw you off your game.

Put it out of your mind and continue with your analysis and betting strategy.

Like those who are on a winning streak, they let it go to their head and allow it to be filled with false courage.

This inevitably leads them to over extend themselves and fall prey to greed.

Stick to your analysis and betting strategy.

These are my seven golden rules when it comes to sports betting.

Apply these rules when you bet next time and continue to use them, you won’t regret it!

Until next time,
Christopher Ammon