This article is for those of you who want to be able to regularly turn a profit while betting. This is for you if you are new to betting or just want to get better at it.
When placing your bets you can’t make the odds better or control them. But what makes the difference between profit and loss is how you approach the things you can control: how much you bet, what odds you consider good, how much you know about the sport you are betting on.
This article will help you to change your betting mindset and will take you from someone who makes bets to someone who makes good bets. While working through these 10 tips you will discover the weak areas in your betting skillset, and the tips will help you strengthen them.
By the time you finish this article, you will be a well-rounded betting expert who is capable of beating the bookies.
#1 – Bet on what you know
We’re starting with the obvious, but many movies do fall at this first hurdle.
If you want to make money when betting then you should only be betting on what you know well. If you know nothing about politics, don’t bet on election night results. If you only watch hockey, do not bet on the Superbowl.
Another thing that is worth mentioning, is that you can always know more about your chosen subject. Make sure you keep yourself informed and up to date. You never know which new piece of information might be the key to your next win.
#2 – Stop when you are no longer having fun
Our final tip is to stop betting when you are no longer having fun. We also recommend that you stop betting when it gets too fun as it is easy to get carried away after a win and spend too much.
The easiest way to combat this is to set yourself limits. Budgeting helps but you should also limit yourself to placing less than three (or a number that works for you) bets a day, no matter how well you are doing.
Remember that you want to turn a profit and you can’t do that if you place too many bets.
#3 – Don’t put all your winnings back into betting
When you win big it can be really tempting to ‘reinvest’ that money back into new bets. This is something you should avoid doing.
It’s an attitude that has transferred over from the Stock Industry. Here putting your profits into new stocks is a good idea. In betting it is not.
The odds are not in your favor and it is likely that you will lose most of that money.
So instead, when you win, enjoy your winnings. Use them to pay some bills, pay off a little bit of debt, or treat yourself to something nice. And put about 10% of your winnings back into bets.
#4 – Proposition Betting can add some fun to your day
If you find yourself getting too caught up in the world of betting and getting stressed – try placing some Proposition Bets.
Proposition Bets are bets that you can place on anything that isn’t the score of the match.
These can cover anything from when a sports player is going to retire to how many goals someone will score in the next 5 matches.
Our favorite Proposition Bet of the year is guessing what color the vat of Gatorade the winning Superbowl team is going to dump on their coach.
Betting doesn’t have to be all research and strategies.
#5 – In-Play betting is trickier than it looks
We recommend that beginners stay away from In-Play betting.
It is very easy to get caught up in the constantly changing odds and offers. Until you are used to the betting industry and are able to place bets without getting caught up in adrenaline. Lots of newbies lose a lot of money to In-Play betting.
If you feel like you are ready to give it a try, set yourself a limit to how much money you will spend during the match. And look up some In-Play betting tips before you start.
#6 – Go for the short odds
You will find this piece of advice in every article about improving your betting skills. Lots of new gamblers want to ignore it because it’s not glamorous and it’s not exciting.
But, it is essential if you want to turn a profit while betting.
You have to resist the long odds. They don’t pay off frequently enough to be worth taking the risk.
Instead, you should be opting to place more bets on short odds. The prize money is smaller but you are a lot more likely to win it.
Always pick the short odds.
#7 – Have a betting system
The internet is full of betting systems and most of them are not worth your time.
However, what will be really vital if you want to start making money while you bet, is to find a system that allows you to identify which odds are worth your time.
For example, some people have a system that means if the odds are longer than +200 (2-1 in British odds) they don’t bet on them. Some people’s systems don’t allow them to bet on any positive odds, as they are too unlikely to consistently make a profit.
Do some research and find a betting system that works for you.
#8 – Set yourself a budget
Just because this tip is towards the end of our list, it doesn’t make it any less important. Just like with any other money-making enterprise, sticking to a budget is essential when betting.
You want to set yourself a monthly budget and then break that down into a smaller weekly budget. The most important thing is that you never overspend. Overspending makes your winnings less valuable.
We would also recommend that you follow Tip #3 and add no more than 10% of your winnings back into your budget. This will help you to keep turning a profit.
#9 – Don’t chase losses
Following on from the last tip, one of the most important reasons to set a budget is to prevent you from chasing losses. Which becomes all too easy when you haven’t set yourself limits.
Betting more and more money to try and make up for your losses will only lead to you losing more. This can lead to you betting money you don’t have, or borrowing money from others to try and recuperate.
It is best to avoid this at all costs. When you are setting aside your betting money, don’t allow for more money than you can afford to lose.
#10 – Pick the right site
You should place as many of your bets as you can on one site. Jumping between sites can get you flagged up to the betting authorities for suspicious activity.
So, when you start taking your betting seriously it is important you pick the right site to trust with your money. If you’ve been betting for a long time you may already have a favorite, but this choice will be more difficult for beginners.
This is where a good site comparison company can come in handy. They will break down the pros and cons of each site, so you can get all the information you need in one place. A place that has never steered us wrong is https://www.bettingspot.co.uk/reviews-comparison.