Control your hard earned money Similar to a Manager

You can have the best betting success rate in the world, but if you aren’t managing your money efficiently then your career as a punter with ambitions of making a secondary income will be cut cruelly short.Some punters stake more when they are on a hot streak, some when they are losing. Here’s the problem with that: there is no such thing as a streak of any kind. It is a statistical certainty that you will connect wins or losses together at some point in your betting before regressing to the mean. As such, no particular emphasis should be placed on a perceived good or bad run; it is natural if you bet long enough that you will experience both.

The second mistake that bettors make is in staking different amounts based on the perceived ‘value’ of the bet, e.g. they will wager £10 on Man City to beat West Brom and £1 on Bournemouth to beat Chelsea.Now, it is easy to see the logic behind that, but we must remember a key point: the bookmakers have already performed the ‘value’ task on your behalf, so don’t be tempted to make their lives easier by doing what they want. Remember, these odds have a margin  แทงบอลออนไลน์ built in to protect them – very rarely do the bookies get it wrong!So what is the solution? Well, you have two options: wager level stakes for EACH and EVERY bet you place (regardless of the price taken), or bet a certain percentage of your bankroll EACH and EVERY time.For the first option, you can place a specific amount and thus budget for your activities each month, e.g. if you wager £1 each time then you will need x amount to satisfy your betting each week/month. This ensures that you will never lose excessive amounts, because you have already set your budget. It will also mean that any winnings accrued are not wasted in being added to mega stakes bets when you’re feeling a bit frivolous.

The second option ensures that your bankroll has a specified lifespan, assuming your bets are unsuccessful on a consistent basis. So if you had a £1000 bankroll and wagered 5% of it every time, you could place 50 consecutive bets and STILL have money in your bank – assuming all of those 50 lose.Luck plays a part in winning football matches on occasion, and as such it plays a part in successful betting too. The bad refereeing decisions, the players falling over at the wrong time, the injuries and the weather conditions all play a part, and as punters who were on the Liverpool vs Sunderland match in 2009, when Darren Bent’s wayward shot hit a beach ball that had blown onto the pitch and ricocheted into the net, will testify, luck is hugely important.There’s that old saying – ‘the harder I work, the luckier I get’, and that sums up sports betting to a tee. Doing your research is the most essential component to success. You need to be like The Rainman: you need to know injury and suspension news, current form, the league table, head-to-head stats, the profile of each referee and many other facts before you can attain the level of insight required to become a successful long term bettor.

And this is helpful for the most popular leagues around the world, but imagine the advantage you would attain if you knew this information for the more obscure divisions in world football? You would instantly have a headstart on the bookmakers’ traders, and can then tap into Skill #1 as outlined above: identifying where value does and doesn’t exist.Emotional responses; they tend to get us in trouble in all walks of life, don’t they?They are a particular enemy to the football bettor, as well. There are a number of situations where emotions can get the better of us – where we experience a ‘bad beat’, e.g. a late goal ruining our wager, and the usual upshot is that we then go and place a succession of bets (usually at inflated stakes) in response to assuage the frustration we feel.This is bad. Always.Chasing losses, overconfidence, hypersensitivity, illogical perception, inherent bias….these are all emotion-based creations that can shape our betting careers. And you will need to find your own solution in how to deal with them.

But the very best bettors are methodical in their approach. They pick out the matches and the selections they want to back in advance, place their bets and then walk away. If the week ends in profit then great, if not then back to the drawing board. But deciding upon the teams you want to back early and without emotion is the best way of going about your business.How can you expect to improve as a bettor if you aren’t recording and then analysing your results? Would a business just ‘fumble in the dark’ for profits, without taking stock of what they do well and areas of improvement?No, of course they wouldn’t, and neither should you. Keep a spreadsheet of your performance and be analytical in your approach: do you have a knack for backing favourites that get the job done? Can you spot a draw a mile away? Perhaps you have a penchant for backing winning outsiders?