Is Your Sports Betting Entertainment or to Make a Living
Although some bettors bet for fun and entertainment purposes, there are plenty out there that want to make a living from betting. Anyone serious about betting knows that it takes time and dedication to become a professional bettor. Building expert knowledge of a sport and gathering enough funds to invest in betting full-time is merely the starting point of making a career out of beating the bookmakers. Access to information that others don’t have is a refined strategy that has been used and tested with a staking method to reap the profits.
One of the keys to success is to limit your losses. The concept of limiting losses is to use the right staking method that will manage your money bet which controls your bankroll.
- How important is your staking method
You could create the perfect model with better results than anyone else but if you don’t use the right staking method, you will eliminate any edge you have. There are a handful of staking methods that most bettors will be aware of but which staking method is best.
Bet a fixed amount for each bet and do not change your stake bet no matter how much you win. This method means you’ve dramatically reduced your chance of losing your entire stake. it also means your winnings are limited to increase in a “slow and steady” fashion. If you are betting nickels and dimes then slow and steady winnings add up over time. A favorable way to make a living.
A small stake bettors ($25 to $50) will eventually get bored with small returns and deviate from the fixed wager strategy. What is your risk reward tolerance level and what can you afford. You cannot use your living money (rent, food) to bet or else you wind up broke and hungry. You are using “scared money” to bet where losses become more devastating and your betting skills diminish from the pressure of losing money you cannot afford.
- Understanding the value of information
Bookmakers will effectively buy information from bettors by offering odds and then make adjustments to the market depending on how valuable is that information. Professional bettors can make money by predicting the outcome of a match based on skill, but they can also do it by using information no one else has at that time.
The most successful bettors will use a combination of current information and opening soft lines.
If you want to make enough money from betting to earn a living, you need to use a bookmaker that consistently offers the best odds. Being able to bet as much as you want is also important, so using a bookmaker that offers the highest limits online makes sense. Finally, you need to bet somewhere that welcomes winners and won’t restrict or ban anyone that makes money from betting. A professional bettor practices some basic rules that all bettors should try and use consistently. Don’t let your emotions obscure your way of betting and don’t get fooled by randomness or controlled by optimism bias. A fixation or a random bias grabs your one way attention span on a certain game you think is a lock. This is tunnel vision that leads you down a one way street to a biased assumption.
Professional bettors do not get stuck on their favorite team because they have no favorite team. They know the winning trends of certain teams they favor only when that situational matchup is evident.
Discipline is the name of the game when betting high stakes and following the action for a better view of which teams will cover the spread.