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The first step to formulating a remedy, is to define the situation.
The following points are areas of betting where many punters are often it wrong. My views arise from long personal experience and years of communication with successful and unsuccessful punters alike.
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.
See the following thoughts and you'll be able to side step a lot of the pot holes others have fallen into in the past.
1) Failure to utilize Betting Banks
Most gamblers don't understand that the best method of achieving a wholesome and sustained long lasting profit from racing is usually to set aside a sum of money out of your main finances, solely for your betting of horses. Whatever method or system you use, whoever you are following or signing up or however your own bets are calculated, you might be better off with a "Betting Bank" which has built -in advantages that can help you. It needs to be independent from a own personal finances as well as to be protected from factors that may threaten it. This can take a lot of emotion out of the decision making process. Emotion is a factor that threatens all punters. The dimensions of your betting bank will needless to say be dependent upon your own individual circumstances and free capital available.
An analogy to the world of shares perhaps could possibly be that no financial advisor worth his salt would help you throw all your capital in to the stock market alone. Most punters fail to use any type of set aside bank. They bet randomly in what ever money they've in their pocket following the week or use too deep with stakes far in excess of their personal safety levels. A punter having a professional attitude would set aside what they can comfortably afford to invest and after that determine the best use they can make of that fixed quantity of capital. With a fixed amount capital available at this point you move on to the next reason for failure.
2) Failure to Stake Correctly
It is essential that you consider your betting bank as capped in amount. You don't have an endless pool of resources to dip into. Betting by its nature carries inherent risks. These risks include periods of low strike rates and long losing runs. Your betting bank and staking ought to be adapted for the method you have. You must in advance, prepare for the possibility of a worse than average sequence of losers through adoption of a sufficient number of units within your betting bank. Correct methodical staking beyond the mathematical advantage, can also help overcome the risk of emotional response to a sequence of unusually good or bad results. Take the Pricewise column within the racing post as an example.
Long term if you could easily get on at the advised prices, it will have returned a decent profit overall. During this time however followers would have to have endured runs as high as 40 losers in a row! Despite the overall long term profit I suspect the vast majority of Pricewise followers would have been terminated either by the failure to set aside a sufficient amount of points or through failure to cope with the emotion with the losing run. We've got long since established here a strike rate of about 35% on our Best Bet selections at an average S.P. that could reach over 5/2 for each winning bet.
We're feeling able to protect clients banks so long losing runs haven't happened and also the strike rate and odds happen to be more than enough to ensure long steady and safe growth to your betting profits. That is certainly in essence the key to winning money. Manage your accounts in a fashion that protects them so far as possible from the part of risk that the game presents you.
3) Chasing Losses
Chasing losses in the beginning sight may appear to become an easy way to guarantee an eventual profit but the true story can it be is a game for fools and statistically is not going to work unless you generate a total level stakes profit. Chasing losses can be a game for the ill informed who do not want to make the effort to get value in their bets. Bookmakers have to price
up every race. Punters don't have to play in every race, they are able to pick the races they would like to bet in,and that is the main edge that people fail to understand.
If you have had a losing day, by trying to chasing your losses you provide up that advantage and bet in the races that you should not be betting in. You're therefore betting the best way bookmakers want you to instead of in the way to win. Many punters will alter their stakes in the last race either to
"chase" losses or "play up" winnings. Its no coincidence that the
bookmakers have ensured that this last race on every day is often a handicap or one of the hardest races that particular day. There will be more racing the very next day and the day after that.
The trick is waiting for opportunities and just betting when you know you've got circumstances which favour you together with not the bookmakers. You must not change your approach, or deviate from sensible staking because there is no such things as "The Last Race".
4) Lack of Value Appreciation
Appreciation of "value" in the bet is core to long term success.
To profit on the long series of bets you have to be betting at odds higher than the true chance of winning your selection have. To get this done however over the long term, you need to concentrate on each race individually and seek the value bet for the reason that race. There is value that can be had in every race. The key to it is understanding
where that value is. Many times a punter will ruin a losing betting slip and say "At least I had some value".
There is absolutely NO relationship between value and prices. A 33/1 chance might be diabolical value yet a really short priced favorite might be supreme value. This doesn't follow that the bigger the purchase price you take the better "value" you might have. The value is sometimes clear but more regularly well hidden and yes it takes a trained eye to view that. Everyone has this "Foresight" on occasions, it is a game about opinions in the end and nobody is always right or wrong. Value can be the most costly word in racing if you fail to bet winner. The existing cliche is that value is around betting a horse whose true chance surpasses its price reflects.
Measuring only a small part of it. You need to to make sure that you bet properly and in the right races as that's the only way you can keep strike rates high and protect a betting bank. You ought to continually strive to increase value inside your bets. Once you have a range you feel is value don't just take the first acceptable price which will come along. Seek to improve it by doing your research the various bookmakers or make an attempt to top the best bookmakers price by looking to the betting exchanges. Marginal improvements on odds on every bet you make may have a dramatic effect on long-term profits.
5) Greed For immediate Wealth
Many punters ask for the thrill of a life changing bet that can produce huge gains of instant wealth for any small outlay. Bookmakers experience your natural desire and go out of their way to encourage you to bet exotic multiple selection bets that can in one hit, turn a little stake into a large sum. Professionals however rarely bet in multiples. Most professionals bet singles and steer away from the multiple bets. Bookmakers relentlessly promote a number of multiple bets with exotic names for example Yankee, Lucky 15, and Goliath.
The main reason they are heavily touted is the profit margin in the bookmaker's favour raises the more selections you set to your multiple bet. Say you choose any random 5/1 selection. If you bet this being a single the bookmaker could have a theoretical edge in his favor of 15%. Taking two such selections however and betting them in a win double, the bookmakers profit rises to about 30% ! Yes your win double can make a much bigger win through the same stake however in the lon run the bookmaker is eating away your capital at a much faster rate.
It is a waste debating which type of multiple bet is 'best'. Unless your prediction skills are supernatural or else you are incredibly lucky, then betting in singles is a lot more often the best option. You could say that many "Pros," do bet in multiples in bets much like the Scoop 6 or Jackpot, but that's only given that they know there is a lot of "Dead" money in any given Pool and they are generally betting against those who don't understand the dynamics of those types of bet. There are occasions you should bet in multiples however in truth they are quite few.
You can't approach this as being a "Get Rich Quick " scheme. It's a long slow process of serious and sustained profit and not a game for Make money fast schemers. If you go Into any Betting shop, take a look at all the posters on the wall offering "special offers", "enhanced terms " and "bonus offers". You will notice they are all multiple bets. Bookmakers would love you betting in multiples and it is easy to see why. They carve most profit from them. You never visit a Bookmakers promotion offering extra's with a win or each way single. Ask
6) Deficiency of Discipline
Lack of Discipline will be the big hurdle for punters wanting to turn a losing
hobby into a winning one. Bookmakers understand that. That's why in every
betting office you'll be able to bet on numbers, lotteries, ball games, racing from all over the globe with horses nobody has been aware of before and even now cartoon, or as they think of it as, virtual racing. Bookmakers just feel that its a case of punters sitting throughout the day betting on what ever lies in front of them but yet they are right in most cases. They are simply thrill seeking , nor care what they bet on, as long as they can bet.
There isn't any methodology at all and a lot of betting office regulars are simply a bunch of headless chickens happy to pay long term for your warming buzz from the occasional win. A lot more experienced regular gamblers that are savvy enough to change down bets that they know are stupid inform themselves down by continually bleeding their profits with a fun tenner here plus a fun tenner there. It requires great discipline never to bet at times. It will take discipline to walk away from a horse in the event the price isn't right. It will require discipline to say no to that small fun bet.
It will take discipline to keep your cash in your pocket and deny yourself the emotional buzz of watching your runner. Punters are available in all shapes and sizes. The shrewder punters who could win with the game, fall into the trap of lack of discipline of study. After having a winning period they forget that what built them into winners in the first place, was the time and effort they put in. They become a victim of
over confidence, laziness and indiscipline. Being a long term successful punter is a lot like swimming against the tide. It will require an effort to stay still, sustained effort to move ahead in addition to being soon as you relax or slack off you start to go backwards.
Betting is a lonely game. What's more, it's a highly skilled game. Emotion
undermines success in lots of ways. There is comfort in understanding that as a sheep when you are wrong it is not your fault when you were simply doing what all others was doing. With betting, the laws of market demand and supply, dictate that long term, the sheep will get fleeced. Emotion neutralises discipline and long proven successful practices. Caused by any isolated race has little or no relation to races right before that or just from then on. Races should be viewed in isolation from the other. We are all emotional in betting however the players at the top of the tree have this right down to a fine art and will control those emotions.
Other punters have long since been conditioned by bookmakers can be expected to lose rather than win. They have got an in built psychological component that makes them feel like
losers with been conditioned to losing by a lot of doing so. Over 95% of punters are flawed emotionally. Types of emotive gambling include punters after a horse,trainer or a jockey blind. The "Hype" horses are cannon fodder for emotional punters. They will often also follow tipsters blind because they "hate" the thought of missing out on a winner. They pay no care about the changing conditions of the race that may follow non runners or the ground changing. They misunderstand confidence and should not cope with a lack of confidence.
Emotion also prevents people from advanced betting subjects such laying, hedging and arbitrages. Emotion forces some punters to bet horses with certain names that remind them of household. Names such as "Long Tall Sally " and "Susan's Pride " attract many to them just for a name that's strongly related them. Most punters use a grudge against their own money and winning and being successful is alien for many years. Emotional punters lose their heads in barren times and are not able to capitalise on winning runs. They mess about with systems and staking plans that produce no sense.
The more emotion you can exclude of your betting, the more successful you will become. You have to view everyone in the game since your enemy and as people looking to take your hard earned money away from you in the same way when you would a pickpocket. When you can master your feelings you have made the first big factor to betting profitably.
8) The Grass is Greener
The grass is rarely Greener on the Other Side. In fact the grass that isn't working for you has not been grown, cultivated or looked after properly. Many punters change approaches and methods so quickly they don't give any method a true test. If they discover a system that works they do not continue after a few bad results. Oahu is the same as gamblers who jot down every bet they have. Once they have a few losers they generally lose the heart to achieve this and stop doing so and start working on another area. They are like children with new toys at Christmas. They never stick with any method good enough to prosper.
They always feel the" Grass is Greener", a lot more truth the "Grass" they're using has been abused and left to deteriorate. They desire the next Big "new idea " or "method " knowning that doesn't work either since the fault lies not from the Grass, but the Gardener.
Other product long term consistency in their betting and are constantly refining what wasn't broke or moving forward in search of the ultimate goal before a full evaluation of the items they are currently examining continues to be completed.
A competition to win best garden will probably be won by the person that can spend most time in the garden and master its challenges, the gardener that is prepared to care about his garden and purchase the tools that will help his garden grow whilst the weeds at bay. It's the same with betting. You may do far better long-term if you can make a concentrated effort of learning and research a single key area rather than flitting from this compared to that.
Most punters are LAZY! They have religiously followed a doctrine of poor planning and not enough research. They won't study and spend hours taking a look at how they can win at betting. They won't invest in the game and invest in their own learning. You cannot refuse to spend money, just go through the racing for A half-hour and expect to win long lasting. You simply can't get away with that in the hardest trade of, Winning Money at Betting. If it was that easy, then millions would get it done.You must either invest in your betting, or pay a person to do just that. Natural human tendency is usually to try and get away with the very least amount of effort. Lazy punters are cannon fodder for your bookmakers.
They make no effort in their selection process nor seek to extract maximum returns from their bets. Those who squeeze most work in would be the more likely to succeed. My philosophy is easy. I believe that if a bookmaker, journalist or odds compiler spends 3 hours on a race then I'll spend 6 hours on that race to get the edge. The famous golfer Gary Player once said "The Harder Sometimes the Luckier I Get". That is true about both golf and betting.Many people can't spend 12 hours each day studying betting because they have families, jobs, commitments and lead their own lives. That is what you have to pay us for. We do that study for you and re-invest money in our betting to ensure we can find every edge easy to Help You Win.
Amazingly most punters neglect to learn from their mistakes. They continue for years making the identical basic errors repeatedly. Pure stupidity. Try to improve your betting performance by continually gaining knowledge through the mistakes and weakness will be your game. Your bookmaker might have been laughing at you for years. You have it in your power however to improve your betting and hopefully wipe that smile from his face permanently.