THE GOLDEN RULES
Before anyone even dreams of succeeding in the gambling industry, they should be made aware of the four golden rules:
1) Bet only as much as you can afford to lose
2) Gambling is a marathon and not a sprint
3) Never chase your losses once you hit a losing streak
4) Always remember rules 1, 2 and 3!
BETTING PSYCHOLOGY
Many punters with a very good strike rate fail to show any kind of profit due to very poor money management and betting psychology.
Gambling ought to be thought of as an investment where money is ultimately earned from initial capital outlay. Good investors know how to protect their capital and not throw it away on a hunch. Betting should be approached in the same way.
One of the best ways to protect capital is to monitor results over a period of time, ideally for a whole season of the sport you like to bet on. You should then be able to calculate your strike rate and the average odds. From then onwards you can proceed to subdivide your strike rate according to the different odds.
You should now be able to calculate your LLR (Longest Losing Streak), your LWR (Longest Winning Streak), and the yield you accomplished in the different odds.
Once you have gathered and monitored your results, you can identify and remove any bets that caused you a negative yield and loss of capital, and then you can see what method of staking suits you best or improves your profitability.
Now you are becoming a more refined Bettor and assuming a mathematical/professional approach. What you are doing is following a simple investing rule by minimizing your losses and maximizing your profits. Consider your gambling as your own home business – try to achieve the maximum profit you can with minimum risk to your initial investment.
You must be aware that there is just as much chance of winning as there is of losing. DO NOT GET DISAPPOINTED if you hit a losing streak and DON’T GIVE UP. It is bound to happen and you should be prepared for it.
For more information on some excellent betting systems, please visit Cherry Bets.
Tags: Betting, Betting Strategy, Gambling, Money Management, Psychology