Today I wrote an article aptly titled ‘WHY SPORTS BETTING WILL CONTINUE MAKING YOU POORER THAN YOU WERE YESTERDAY; One of our avid readers, and close friend wrote back to me complaining that I was too hard on sports betting. For the past three years in College, I had only known a friend of mine called Patrick as a forex trader, but he quickly informed me that he is also a professional sports bettor/punter, and that he makes a decent living from the ‘profession’.
Over the course of our conversation, I jokingly asked Patrick to write up for me a practical guide to sports betting and I hastily forgot about it. However, it turns out Sam took it as a challenge and spent the past month writing down one of the best guides I have read on sports betting. I enjoyed the article so much that I had to share it on the site. Don’t forget to check out his new ebook.
Hello there, I am Patrick, a pro sports bettor and forex trader by profession. Before I start writing this guide I feel that it is imperative that I distinguish myself from all the other amateur sports bettors out there – where a majority of you fall.
I like to separate sports bettors into two groups.
This is where most wannabe sports bettors fall today – I’d approximate that these make up more than 99% of bettors from what I see nowadays. I like to call them gamblers. Gamblers are those people who have extra money to burn and only engage in betting for the thrill, often highly invested in the game itself.
In the long run, gamblers don’t expect to make any significant profit from sports betting. Often, gamblers bet based on gut feeling and subjective thoughts. This is a 100% legit way of betting that many people use every day, but ultimately you are only gambling and bound to lose as highlighted here.
Group 2 – Professional sports punters
The other group is what I describe as a dedicated bunch, and this is where I like to fall into. Professional sports bettors spend agonizingly long hours keeping track of and analyzing match statistics. Professional punters bet based on strict rules that they set for themselves.
Most importantly, professionals track their financial progress, and play to maximize their Return On Investment (ROI). Professional bettors, like me, approach sports betting as a way of making a living.
This guide is certainly not aimed at the first group. I will not pretend to show you how to win the jackpot or where to find ‘fixed odds’. If that is what you are looking for then let me assure you right here and now – YOU WILL LOSE ALL YOUR MONEY.
In this guide I will write about.
- Bankroll Management
- Tracking Your Betting
- Avoid Low-Odds
- Don’t Multi-bet/Bet on Accumulators
- The no-nonsense guide to sports betting Like a Pro e-book (download)
This guide is targeted at beginners who want to join the second, elite group of pro sports bettors. I have been visiting all so-called local tipster sites and I can guarantee you that no other site will give you a guide like this one. I hate losing money, and you should too If you want to become a professional sports bettor.
I approach sports betting as a risky investment and certainly don’t aim to become a millionaire/go bankrupt in the process.
It is extremely difficult, often impossible, to make significant financial gains through sports betting. This no-nonsense guide provides you with guidelines aimed at significantly improving your chances of success, while minimizing loss. I will mainly refer to football in the guide but the concepts are basic and can be applied to all other sports.
This is probably the most important lesson that you have to learn when dealing with financials. Bankroll management has made me excel as a forex trader. This is a skill that is most valued by poker players, and a lack of it is certainly the number one cause for gamblers to go broke.
Bankroll management simply means that the amount of money you have set aside for betting should dictate the stake you place in all your bets. The bankroll is the total amount of money you have set aside for betting.
Sound bankroll management will ensure that you always have some cash left around to place bets on matches at the end of every match day. NEVER GO BROKE. This is the first and most important rule – again never lose all your money.
It is fine to have upswings and downswings in every investment, and the same happens in sports betting. Over the years, I have learnt how to navigate through the expected winning and losing streaks unscathed. I have learnt that it is of utmost importance to avoid losing all your money during a losing streak – and this is where bankroll management comes in.
Bankroll management is such a wide topic in sports betting, I couldn’t explain everything adequately in this post, but I have covered it in detail in my new ebook (more of that later). The main takeaway is that you should manage your financials through carefully planning your stake across different matches to avoid going broke.
TRACK YOUR BETTING
This might sound like a very dull waste of time, but trust me, without tracking your betting you will probably never know if you are making money or not. It is absolutely 100% necessary to write down all the bets you have placed along with the results.
This will help you to tell whether you a making a profit and your margins. This is what separates amateurs from pros. I create my own excel sheets for this but you can use an online tracker such as this one.
AVOID LOW ODDS LIKE A PLAGUE
I have seen this time and again and this is a trap that most new bettors fail into. New bettors often think that they have found the secret to sports betting success by only placing bets on odds as low as 1.05, assuming this guarantees a win.
These people think that if the bookie is giving such low odds, then the favorite team is guaranteed of a win. In reality, even teams with very low odds choke, and this happens very often, even if they are the absolute top teams in the world. There is nothing as bad as wasting huge amounts of your bankroll placing bets on the games where Bayern/Barcelona/Real Madrid lose every season, but somehow people still go for this system.
SEE ALSO: A List of 30+ of the Best Freelance Websites
STAY AWAY from odds lower than 1.5 to 1.4. The monetary gain from winning such bets in never worth the risk. Pro bettors prefer betting on odds ranging from 1.8 to 2.2. Anything higher than 2.2 and the risk is too high and generally harder to win.
DON’T MULTI-BET/BET ON ACCUMULATORS
I know, I know. You have heard story of a person who converted Sh.20 into Sh.100,000 through a multi-bet or a very similar story. This is every bettors dream come true, except the reality is that you hear about the guy’s single success and not the hundreds of times that one or two teams have let him down. Everyone likes flashy accumulators, but the truth is that the bet gets harder and harder to win with each added match.
Teams choke a lot in football and you will never have a guarantee that even the sure favorites will fail your entire slip.
I would also love to be able to win Sh.10000 from a Sh.50 stake, but you have to be very very lucky to pull it off. If you have to rely on luck in sports betting, then I am sorry to inform you that you will GO BANKRUPT. Multi-bets are an amateur move and you will pay dearly.
A NO-NONSENSE GUIDE TO SPORTS BETTING LIKE A PRO E-BOOK
Did you like the post? Well, this post barely touches on 1% of what you need to know about professional sports betting. I have written an e-book titled ‘The No-Nonsense Guide to Sports Betting Like a Pro’, that includes 5 chapters (over 5,000 words) of some of the most important lessons you have to learn in order to turn yourself from a broke wannabe gambler to a financially aware professional sports bettor.
Keep reading more about this blog and grab the ebook from this or a related post..