Profitable Sports Betting
It’s commonly quoted online that 98% of bettors lose money but can that really be true?
The answer to the above question is of course true. In fact the number might even be closer to 99.9%.
Below I will outline what it takes to become profitable at Sports Betting
Ability to focus long term – Profitable Sports Betting
Every professional knows that he will eventually hit a 10 game losing streak and he has a plan in place for when that happens.
He knows not to let his emotions take control.
Or to chase his losses on the next Horse race.
He knows that this is all just part of the long game.
Similarly, he doesn’t let his emotions get the better of him during a winning streak either. Too many bettors suffer from overconfidence during a hot streak and it can often lead to unnecessary losses.
Looking at my Football results over the last six years.
I can see a return of 6.83% I can see a bumpy path that led to my current total of €15,000.
You so those tiny dips that I marked with arrows? At the time it felt like my world was ending and that I was finished betting.
Looking at the long term it’s easy to look back and laugh at how insignificant and normal those drawdowns were.
Having done this for so long (over a decade) I try not to sweat the small stuff and trust my process.
Bankroll management – Profitable Sports Betting
If you’ve been betting efficiently you should have an idea of what Bankroll management is. I have a beginners guide here if you want to read that before continuing.
I will use my own personal strategy and maybe that can guide you.
If I add up all my assets my total worth is somewhere around the region of €200k.
Nothing special for a 34-year-old but I’ll use this to show you how much I’m willing to dedicate to betting.
My Betting bank consists of 100 units. 1 unit for me is €50 so that means my total funds dedicated to betting is €5,000.
The means I’m risking 2.5% of my wealth for Sports Betting.
If the unthinkable happens and I hit a losing run as I’ve never seen before I won’t be ruined financially. In fact, I’ll barely notice it in the grand scheme of things
I will also have the ability to start a new Betting Bank should the unthinkable happen.
Looking back across all Sports we track, it’s not uncommon to see -20 or -25 unit drawdowns.
Typically this can happen at least once per year. With that in mind, you can see why having a strategy in place is essential for long-term profits.
Finding value consistently – Profitable Sports Betting
What does this actually mean? Well to put it simply I’ll give an example of a coin toss. We can both agree that the chances of a flipped coin landing on heads or tails is 50% (2.00) for heads and 50% (2.00) for tails.
Now let’s suppose a bookmaker is willing to offer us odds of 2.2 on heads coming up next.
We know that the true odds of this happening are 50% (odds 2.00 in decimal) so we would, of course, place that bet every time the bookmaker offers the wrong odds.
We’re not doing this because we know we’ll win, but rather over the long run we’ll win as we’ve placed our bets with +EV (Positive expected value)
The same principle rings through for us in Sports betting, if after our research and analysis we see a bookmaker offering a price higher than what we perceive to be the correct true odds we will have a bet and advise our members why we are doing so.
Bettor vs Bookie – Profitable Sports Betting
It’s commonly misunderstood that it’s Bettor vs Bookie, this isn’t true.
Betting is a zero-sum game, so for someone to win, somebody else has to lose.
Bettors are the ones who influence markets as soon as they are opened.
Bookmakers aren’t doing anything sinister to trick you into betting on one team or another.
With this in mind make sure your doing something different to the rest of the masses.
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