Horse Racing, greyhounds and snooker specialist with thirty years experience of writing about sport across multiple platforms. A QPR and Snooker fan
What is the best way to seek consistent profit over a period of time?
A good question some of you may ask.
Whenever that question is posed to me from a novice or casual punter, my first reply to him ( or her ) is firstly to find out in which area of sport that your best knowledge is.
That is crucial, as if you continue to bet on a sport where your knowledge is limited then, in the long run, you will be likely to lose.
For example, my knowledge and interest in Cricket is very limited and I completely avoid that sport from a betting perspective.
I would be guessing most of the time which would leave me at a disadvantage in assessing the possible outcome of a Cricket match.
You must always play to your own strengths, and learn everything about the sport you bet on.
After reading my blog please check out the OLBG betting School which can assist you with this research.
Your Finances
Once you have established that, and that is the easy part then take stock of your financial situation, again this is a very important aspect of a punter's life.
It is essential that you only invest/gamble within your means, even if your situation does not allow you to have a betting bank set aside.
You can still be serious about your betting even if you only have say £5 per week to play with.
Make it as hard as possible for a bookmaker to take your cash from you, respect what is in your pocket or wallet because the bookmaker doesn't care where his takings come from.
Some weeks that may even mean not having a bet if you don't fancy something strongly enough.
Only punt when you are reasonably confident of beating the bookmaker at his own game.
Research
Do your research, whatever sport you will be betting on.
Many racing punters will spend hours buried in the horse racing form book or watching recordings of various races.
This can give them clues for future races that they plan to assess, clues on individual's styles of running, distances required to bring the best out of a certain horse, going requirements, and such like.
Also, pay close attention to the stable form, when a yard is completely out of form then reduce your stakes or even avoid completely until you see a turnaround in fortunes.
Some followers rely heavily on statistics, while this can be a useful guide, it may also be slightly misleading if a stable is not firing on all cylinders.
If you are serious about betting ( regardless of the stakes involved ) then watch as many races as you can and make your own notes for the future.
Research is not restricted to just horseracing though, if you punt predominantly on football it is vital that you keep up with news on injuries and suspensions,
For example you wouldn't want to have gone in heavily on Chelsea to beat Man City only to find out after your bet was placed that Chelsea were without Diego Costa and Eden Hazard, would you ?
Again, as with horseracing try and watch as much as possible, if an individual is lacking in confidence and playing below par then that may well affect the team performance.
Odds Compiling
Try and price up as many events as possible in your chosen field of betting without any outside influences,
By doing this you will then be able to identify potential value bets.
Remember the odds that you see quoted in various bookmakers lists are only a person's opinion ( or an average view of a group of odds compilers ) it doesn't mean that they are collectively correct in their view,
Your opinion matters just as much ( or maybe more ) as it is you that will be parting with your money.
Betting is not an exact science, it is down to how an individual interprets statistical facts and form.
If everybody interpreted things in the same way then we would all be backing the same horses.
Percentages
Understand percentages and probabilities.
For example if you have priced up a football match and say you assessed Man Utd's chance of beating Spurs at Even Money, you are in effect saying that they have a 50/50 chance of success.
When checking on the market availabilities you could find that the top quote is 6/4, in other words the bookmaker that is offering 6/4 only rates their chances of a win at 40%.
Having made them a stronger favourite in your opinion, the 6/4 would surely appeal as a bet.
In most cases the greater the prices available in excess of your own views, then the more confident your bet should be.
Betting Banks
This leads me on to betting banks.
Not everyone chooses to bet using a specific amount set aside at the start of the year for their punting for the forthcoming twelve months.
Regardless of if you choose to bet this way, it is still vitally important to adopt an approach of discipline.
Personally I would always recommend having a starting bank of 1000 Points.
If your lowest stake tends to be a fiver, then you betting bank at the start of the year would be £5000 ( 1000 x £5 ) if your lowest stake tends to be just £1 then that starting bank would be £1000.
Some bettors use a scale of 1 to 5 to determine a level of confidence, 5 being a full strength maximum bet, other punters prefer to use a scale of 1 to 10, so a punter betting at £5 per point using the 1 to 10 scale would have a maximum stake of £50 for a full-strength bet.
Using a betting bank needs strict control from the punter. It is essential that you don't chase losses when the results are not going your way, but by having a bank of 1000 points would give you some cushion on the losing runs.
Set aside your own list of rules.
My Golden Rules For Betting
With horseracing being my main platform for punting, here are a few of my own ‘ Golden Rules ‘
1. Never back at Odds On.
Some people may think having a thousand on a 1/5 shot is an easy way to make £200.
My view is if you have a thousand to start with then why risk it all just for another 20%. Lots of odds on chances do get beaten.
2. Keep your ‘ fun bets ‘ to a minimum, and set aside a separate bank ( lower than your main bank ) for these.
Many of us like a small multiple bet from time to time, or a placepot at the big festivals, but the best way to consistent long term profit is to back Win or Each Way singles.
3. Avoid betting in claiming races, these are often filled with disappointing or unreliable sorts, hence making them difficult to assess with great confidence.
These are just three of mine, decide what suits you best when you compile your own and stick to them.
For the beginner, I always advise trialing things on paper before betting with real money, particularly if betting mainly on football.
Try pricing up a list of matches and bet accordingly with ‘ virtual cash ‘ in the Free Tips Competitions, this will help you in the long term and you should be able to determine if you have the discipline for gambling.
There's a saying a fool and his money are easily parted ‘ don't let your bookmaker make you into that fool, and never be afraid to ask the more experienced punter for advice.
If you take all of the above advice on board there is still no guarantee that you will make any money from betting, but hopefully it will give you an understanding on how bookmakers work and give you an edge in the ongoing battle with the enemy.
Value, discipline, and knowledge are three things that will help you get ahead in this game.
Happy Punting & Be Lucky!
