Before you start betting please go through these points and answer yourself – can you say Yes to most of the points mentioned below? If most of the answers are No – don’t even start. You will save some money and most important your health as betting is quite stressful.
First of all, you need to have your betting bank. The betting bank is specifically assigned amount of money for the betting. It is not the money for your bills, it is not the money for your university fees or rent money. It is your money designated to your new business plan, your possible secondary income.
You need to understand that betting is not fun, placing bets to the left and to the right whenever you decide. This is your small business. And in business you want to make money, therefore you need to prepare well and think about every possible scenario.
I would suggest starting from small amount – depending on your income. Your first bank will be an area of experiments and there is big chance you will blow it. The question is will you learn from your first fail?
Let’s say you are starting with 300 euros. I see many so-called Facebook tipsters suggesting to place 7-8% stakes from your overall bank. This is absolute nonsense – never ever do that no matter how sure you are about your bet. This is the way to disaster or in other words blowing your bank up.
In my opinion, the most effective structure is 2-3% of your bank. In this case, you can place only 6-9 euros per bet. Ok, let’s say 10 euros is max bet – it shouldn’t do much damage to our bank. Will it make you excited winning such bet? Stakes are small, but you need to remember you are still in learning process and bigger money will come in the future if you keep on learning. So, are you sure you can follow such a small stakes or you will smash 40-50 euros if you see “really good bet”? Yes or No?
Good punters can make 6-7% profit of overall turnover per year. What does it mean for our 300 euros bank? Let’s speak some numbers. For example, you will be placing 3-4 bets per day and during the whole month, you will place 110 bets x 8 euros each. Your monthly turnover is 880 euros and you had a good month and made 7% profit which equals to 61.6 euros. Hardly life changing sum. But on the other hand, your bank increased from 300 euros to 361.6 euros (20.5% increase per one month!) – amazing returns keeping in mind that bank would pay you 0.1% per year interest rates for using your money.
Next month you are starting with 377 euros and your average bet can be bigger (do your maths). Don’t get carried away, you will not make 7% every month.
Let’s look at the grim scenario – you might lose 7-8% and your bank will shrink to 240 euros and next month your stakes will decrease too, but your bank is still quite healthy.
You can do your maths according to your bank (maybe for someone 1000-2000 is a small bank) and see what you can expect to make but always think about the long run (one year at least). One month means nothing on a yearly basis – you will have a month there you can make 20% or lose 20%, but over the year you could be expecting 4-7% which could be from 10 000 to 500 000 euros depending on your stakes and bets frequency. More about staking plans you can read here.
So, what you think about possible returns? Is it worth starting? Yes or No?
Recording your bets. Sounds easy, right? Believe me – it is quite time-consuming task. It is a pleasure to record your winning bets, but painful to add your losers to the sheets. Even me – I am not a big fan of doing it, but I can guarantee you it is very important and a must if you want to make money in betting. More information about recording your bets is coming soon.
Not so nice part – losses and discipline. Losses will happen (hopefully in the short run only) and it is a huge psychological issue for most of the players. Ask yourself can you accept 5-6 losing bets in a row? Will you blame team, tipster or yourself? Will you just forget lost bet and focus on the next one? Will you smash your laptop, pour yourself a drink and look for another bet straight away? Discipline is the most important part of the betting. Even more important that your staking plan and picking winners. The absence of discipline is the main issue why most of the punters are losing money and you need to ask yourself are you strong enough to control yourself?
Your knowledge on specific sport/league. Betting bank, discipline, and accuracy is important, but if you have no interest in sports, if you are not enjoying watching games and don’t know the difference between period and quarter – stop right now. You need to have interest and/or knowledge in specific sport or league. Otherwise, it will be difficult to find an edge against bookmakers. And to win the money from bookies your need to have an edge as betting on fair odds you will not make money.
Obviously, you can’t have knowledge on every league or sport but betting is a marathon and not a sprint and you will have plenty of time to learn if you will be patient and willing to learn.
Maths – yeap, betting is based on maths and probability theory. Probably not the most exciting stuff you studied at school or university, but very important in betting. The more familiar you are with probability theory the more chances you have to make a successful bettor. Odds set by bookmakers are based on probability theory and you need to beat bookie to make money. Don’t be afraid it is still not too late to learn basics and move forward step by step. But will you be willing to learn? If Yes, I am here to help.
Time – people usually forget about time. This is the most expensive tool and usually, we are short of time. You will need to spend a lot of time to make successful bettor, but hopefully, rewards will be sweet and worth it.
This is mine 6 most important points in betting. If you can be disciplined and eager to learn, we can begin our journey! Let’s rock and roll!
Impressive stuff, enjoyed every bit of it!
Thanks Rytis. I am glad you liked it.