People lose money on betting most of the time due to silly mistakes. This is true for the amateurs. But if you can avoid these mistakes you will be able to win like a professional bettor. Here are the main reasons people lose money in sports betting.
They make decisions emotionally
People often make decisions based on their emotions. For example, they bet on their home team favorite without thinking much. You should take decisions objectively and keep your emotions aside.
Not shopping around
People stay with their favorite bookie all the time. But you need to shop around and find out who is the best. If your bookie is not giving you the best odds then find another bookie.
Betting on unknown teams
When you bet on teams you don’t know much about, you tend to lose the bet. You should put your money on the team you know more about. This increases the chance of your winning.
Betting too much on few games
People get into problem when they bet too much money on only a few games. You should spread the risk and bet on many games. This way the risk of losing a large amount of money is low.
These mistakes are usually made by the amateur sports bettors. You should avoid these mistakes and act as professionals. You will see that you are winning more bets this way. You should learn from the professionals always.
Bookies offer us odds and close us down when we win. If you can beat the bookies, you can get a huge amount of cash when you win. Here are some potential ways you can beat the bookies.
You can beat the bookies through matched betting. That is, you can use the bookies’ free bets to get profit. This is a risk-free deal. You can earn lots of cash this way.
It is very hard to beat the bookies at betting. According to statistics, only 2% people can make money this way. There are many good tipsters who make a consistent profit every month. So, if you don’t have the time to look at replays of races repeatedly then it’s better to follow a good tipster.
Consider a portfolio approach
You should spread your risk across many tipsters. You can follow few different tipsters of very high quality and good track records. This will give you better chance in the long run. It is a safer approach.
Find a niche
You should try to have your own betting strategies by developing a niche in a specific market. You should study that niche well and work out an approach to get an edge.
These tips will help you to beat the bookies. You need to develop strategies and practice them. A lot of hard work is needed. You can get good money in winning by beating the bookies.
Becoming a bookmaker is not an easy task. You need to follow certain guidelines to become a good bookmaker.
1. Select a sport
The first step is to select a sport. You should start with something simple. You can choose something that has two outcomes: win or lose. Horse racing, for example, is something difficult to start with. Whereas, Tennis will end in a win or draw so it’s simpler. You can also try pool, snooker or darts.
2. Choose the favorite
You should choose the player who is the favorite. The chance of winning is more in this case. For example, Rodger Federer is a favorite in Tennis, so you can bet on him.
3. Price the favorite
A bookmaker works out the chance of the favorite winning. They turn it into odds and shorten them. This way they don’t have to pay much if the favorite wins. So, they can make a good profit.
4. Price the outsider
You should join the price of the favorite winning by the price of the favorite not winning. Remember that the offering odds on the non-favourite winning are same as that of favorite winning.
5. Balance the betting book
A bookmaker pays out less compared to the stakes they take when they lose selections. They wait to see home much money is staked on the players. Then the bookmaker adjusts the odds and balances their book to make a profit.
A bookmaker balances the book to ensure a profit. They don’t focus on one event. They want to make sure that all the events give them a profit.