Revise the key strategies and systems for sports betting and how to utilise them, including how to research, plan and structure bets for long-term goals, without getting lured into common mistakes.
Strategies & Systems - Compound Interest
'Compound Interest' is when interest from an amount of money accumulates, generating higher amounts of interest with time. It is the idea of making further interest from interest already made. You may not have heard of the term, but either way you probably have used the principle. Many tipsters use this for generating higher winnings long-term through numerous bets.
For example, if you have an original deposit of £10 and you make 20% interest/profit from your first bet (at odds 1/5), the original deposit would rise to £12.
Then, if the next bet you make also returns 20%, your original deposit of £10 plus you previous winnings of £2 becomes £14.40 (£12 plus 20% winnings).
In the first bet £2 was made at 20% interest, whilst in the second bet £2.40 was made at the same odds with no extra investment to the original deposit. This is how compound interest works. These returns may seem too small, but over a period of time it becomes significant. A graph below illustrates this.
Strategies & Systems - Have a Structured System/Framework in Place
Have a system set out with a plan/strategy and stick to it.
1. Say that you start with a £10 stake and want to select games at odds between 1/10 and 1/20.
2. You then get your £10 stake up to £100.
3. Next withdraw 20% from your account (withdraw £20, leaving you with £80 to bet with).
4. Continue to withdraw 20% every time that your winnings increase by 50% (next withdrawal would be when your account goes from £80 to £120).
This is only an example, you can adjust the percentages and amounts of money to match your own personal preferences, but a system/framework is beneficial when employed.
Strategies & Systems - The 50% Strategy
'The 50% Strategy' is simply to only bet with half of your account. By only placing half of your account on a bet you will only gain half of the returns, but it is a strategy that holds great value for different reasons.
1. If you only ever bet half of your account, you will not have to deposit any extra money once the first stake has been placed. This is due to the fact that if you do incur a loss, you will still have half of your account left over for the next bet which you would then only use half of again.
2. In the long-term, the progress of your selections will be clear. This is due to the fact that you have a benchmark from which you started. For example, if you placed £10 and stuck with this strategy (depositing no extra money from your bank), further down the line you can easily see how well you are doing. To sum it up, if your account is above £10 then you're in profit and doing well, if your account is below £10 then your selections haven't been successful so far. Obviously success with regards to betting depends on the levels of profit targeted vs. the levels of profit attained, so £50 from £10 would be disappointing for somebody who is aiming for £500. This strategy is specifically good when adopting separate pots for bets with different levels of odds (see next strategy - number 4) because you can judge what odds you are best at selecting. So for odds below 1/10 you might have a higher loss rate when selecting bets compared to pots of lower odds (eg. odds between 1/20 and 1/50), but due to the higher rates of return from when you do select wins, this might be your most profitable pot. Therefore, you could conclude that so far, you are best at selecting odds below 1/10. Again, this emphasises how easy it is to analyse your own selections with this strategy employed.
By not having to draw out any extra money after the first deposit and then being able to clearly analyse your performance shows that this is a very useful strategy. It saves money by cutting spending and helps people review their most profitable selections.
Strategies & Systems - Have more than 1 'Pot' to Separate Riskier Bets
If you enjoy making some riskier bets in an attempt to turn winnings over faster, this method can help you. By having separate pots for bets of different levels of odds, the temptation of adding riskier selections to a safer bet is reduced. It is easy to add an extra selection that you fancy to win even though it is riskier than the original bet (or bets if opting for an accumulator). If you decide to add all of your selections into one bet and the riskiest selection does lose, then the other selections that you took time to pick out would be wasted.
However, that does not mean to say that you shouldn't place the riskier bet if you strongly feel that it is a good opportunity to turn money over for the odds given. To cater for this whilst protecting your safer bets, you can categorise the selections that you fancy into separate pots. These pots are categorised by different levels of odds.
Pot 1 - Selections that you feel are basically guaranteed to win (eg. selections above the odds 1/5)
Pot 2 - Selections that you feel should win (eg. selections between the odds 1/2 and 1/5)
Pot 3 - Riskier bets that you are tempted to try (eg. for any odds below 1/2)
The Safest Tips show how tipsters target certain levels of odds. This might give you an insight into the odds you wish to target and if you feel it would be beneficial to make your own pots. Also, you can follow the tips that you like the look of.
Strategies & Systems - Research
This seems pretty obvious, but sometimes you may feel that you get to know teams so well that you don't revise the selection. Teams might have suspensions or new injuries to key players, they might have a trickier game ahead so the manager rests key players or although the opposition seem inferior, they could be a dreaded 'bogey team' that do well in the head-to-head matches. Check fixtures, results and different websites with regular news on the teams to overcome these factors that can be easily overlooked.
'The Step by Step Guide' to the selection process is available in the eBook. It covers the research needed and how this is utilised. Also, all potential 'Influential Factors' are categorised with the different affects that they have on a game in detail, from team form to fixture type.
Mistakes to Avoid - Don't Bet with Amounts of Money that you are Not Willing to Lose
First and foremost, you don't want to lose an amount of money that is significant to you. So when placing a bet rather than looking at the winnings, think about the worst case scenario (ie. what you are risking/will potentially lose). This counts for winnings that you have rolled over as well money deposited directly from your bank account.
Another way to avoid being tempted into dipping into your account more than you would like to is to set a monthly budget of how much you are happy to invest in bets. With these figures that you decide on in mind, you are more financially disciplined, keeping a check on amounts invested.
Mistakes to Avoid - Don't Lose Your Composure
Keep composure win or lose. Go into each bet as if it is your first. This avoids complacency (if you are on a winning streak) and chasing losses (if on a losing streak). It's easy to start losing patience and take slightly riskier bets for higher potential reward. Remember what strategy you have put in place and stick to it. If you are unsure about a bet or one of the selections in an accumulator then don't pursue it. The likelihood is that in the long-run you will start employ riskier bets each time and start to lose more often.
Another issue to acknowledge is that temptation to 'chase the rabbit' after a loss. If you have a loss then try to keep calm and composed, remembering the long-term plan that you are focused on. Losses can be recuperated fairly quickly even with your safest bets (examples shown in eBook). If you get tempted to double up with money from your own account or select riskier bets in order to chase your winnings back you are diverting from your strategy and leaving yourself open to further losses (the snowball effect). It is better to acknowledge the loss and then focus on the next selection and move forward.
Mistakes to Avoid - Don't Forget to Double Check Your Slip
Although this seems like common sense, mistakes can easily be made. Some common mistakes are listed below (imagery available in eBook):
1. Accidentally making numerous three-fold bets rather than a single four-fold bet.
2. Accidentally betting on games that are playing on different dates when making an accumulator.
3. Accidentally placing the wrong amount on a bet.
4. Choosing the wrong bet (eg. meaning to select the away team to win or draw, but selecting no draw).