Read the following thoughts and you may be able to side step many of the pot holes others have fallen into in the past.
The following points are areas of betting where many punters often get it wrong. My views arise from long personal experience and years of communication with unsuccessful and successful punters alike.
The first step to formulating a solution, is to define the problem.
My aim here is to highlight these common areas of failure in the hope that I can speed up your learning curve towards successful betting.
1) Failure to Use Betting Banks
Most gamblers fail to understand that the best method of achieving a sustained and healthy long term profit from racing is to set aside a sum of money away from your main finances, solely for the betting of horses.
Whatever method or system you are using, whoever you are subscribing or following to or however your own bets are calculated, you are better off with a “Betting Bank” that has built -in advantages that can help you. Emotion is a factor that threatens all punters.
The size of your betting bank will of course be dependant upon your own individual circumstances and free capital available. An analogy to the world of shares perhaps may be that no financial advisor worth his salt would advise you throw all your capital into the stock market alone.
The vast majority of punters fail to use any form of set aside bank. They bet randomly with what ever money they have in their pocket at the end of the week or go in too deep with stakes far in excess of their personal safety levels.
A punter with a professional attitude will set aside what he can comfortably afford to invest and then determine the best use he can make of that fixed sum of capital.
With a fixed sum of capital available you now move on to the next reason for failure.
2) Failure to Stake Correctly
Correct methodical staking in addition to the mathematical advantage, can also help overcome the risk of emotional reaction to a sequence of negative or unusually positive results.
We have long since established here a strike rate of about 35% on our Best Bet selections and at an average S.P. of over 5/2 for each winning bet. We feel able to protect clients banks as long losing runs haven’t happened and the strike rate and odds have been more than enough to ensure long steady and safe growth for your betting profits.
Despite the overall long term profit I suspect the vast majority of Pricewise followers would have been terminated either by a failure to set aside a sufficient amount of points or through failure to cope with the emotion of the losing run.
It is vital that you consider your betting bank as capping in amount. Your betting bank and staking should be adapted for the method you use.
You must in advance, prepare yourself for the possibility of a worse than average sequence of losers through adoption of a sufficient number of units in your betting bank.
Take the Pricewise column in the racing post as an example. Long term, if you could get on at the advised prices, it would have returned a decent profit overall. During this time however followers would have to have endured runs of up to 40 losers in a row!
3) Chasing Losses
We have long since established here a strike rate of about 35% on our Best Bet selections and at an average S.P. of over 5/2 for each winning bet. We feel able to protect clients banks as long losing runs haven’t happened and the strike rate and odds have been more than enough to ensure long steady and safe growth for your betting profits. If you have had a losing day, by attempting to chasing your losses you give up that advantage and bet on the races that you should not be betting in.
Chasing losses is a game for the ill informed who do not want to make the effort to seek value in their bets. Bookmakers have to price
Punters don’t have to play in every race, they can pick the races they want to bet in, and that is the main edge that people fail to understand. If you have had a losing day, by attempting to chasing your losses you give up that advantage and bet on the races that you should not be betting in.
Chasing losses at first sight may appear to be an easy way to guarantee the true story but an eventual profit is it is a game for fools and statistically will not work unless you generate an overall level stakes profit.
Whatever method or system you are using, whoever you are subscribing or following to or however your own bets are calculated, you are better off with a “Betting Bank” that has built -in advantages that can help you. Your betting bank and staking should be adapted for the method you use.
