Betting is all about making money. However, it is often easy to forget that the bookmakers, who set the rules and odds, are also trying to make a profit. It is also unsurprising that they do quite a good job of it, too. Online bookmakers Bet365 recently revealed that they had made £320 million in profits over a 12 month period, while overall revenue had risen by 38 percent since the previous fiscal year to £1.26 billion. Similarly, betting giants William Hill made £371 million in profits throughout 2014, while revenue from their online services had risen 18 percent.
It is clear from those statistics that the amount of people betting on sporting events is increasing, largely due to the ease of placing a bet through the internet, but it is also clear that it is mainly the bookies that are benefiting, as the vast majority of these bets aren’t placed without any real thought or consideration. Nobody places a bet thinking that they are going to lose, but most of the time they do.
Most people are prone to throwing their money at bookmakers without really putting much thought into their chances of success, in the hope that it will pay off and earn them a quick and easy profit. However, while there is obviously always some chance of grabbing a win, this is not an effective way of making money through sports betting in the long run, and your hard-earned money will most likely eventually end up in the bookmakers pocket. Although, that isn’t to say that it is impossible to beat the bookmakers, as there are methods that you can follow in order to ensure that the bets you place are making you a profit over time.
A betting strategy is a great way of transforming mindless gambling into a structured, profitable activity. These systems are made up of a set of long term decisions, which should be stuck to whenever you place a bet. While it is impossible to ensure success 100 percent of the time, approaching betting with some kind of strategy greatly increases the prospect of doing it successfully over time.
While there are a number of betting strategies that you could follow, whether you are a beginner or professional better, there are a few rules that almost all successful strategies incorporate in order to get you betting profitably:
Manage your money
In order to make money through sports betting, you want to avoid becoming a ‘gambler’. If you are spending money that you can’t afford to lose, you more than likely aren’t approaching things in a rational way and will ultimately end up losing a lot of money. In order to avoid this, many seasoned betters and traders set aside a certain amount of money for a certain period of time, be it a week, month, season or year, which they can afford to lose over that amount of time, which is referred to as a ‘bankroll’. You should only look to place a small percentage of this on each wager, and aim to slowly increase your funds as your bets start to pay off.
Use your head
It is easy to stick some money on the underdog when you see the return that a winning bet would give, but you should also remember that the odds are that high for a reason. This also goes for betting on your favourite team – just because they are your favourite team, it doesn’t mean that they are the best team. You should not be betting based on emotions, but honest, logical assessments of the teams involved.
Similarly, in order to be successful in the long run, you should avoid chasing your losses. It is impossible to win 100 percent of the time, and betting large amounts on unlikely outcomes will only lead to further losses.
Do your research
As a sports better, you should be using detailed statistical analysis in order to consider the actual likeliness of beating the bookies at their own game. While betting based on a hunch may occasionally win you some money, betting based on a comprehensive understanding of a team, their strengths, weaknesses, home and away form, injuries, energy and many other factors will provide you with a much better chance of earning profits on your bets.