- Remember the end goal | betting principles
- Know your competition
- It’s not always about winning
- Look after your money
Sports betting transcends merely adhering to a set of guidelines or rules to ensure success. Individual strategies vary significantly. Nonetheless, several fundamental principles universally benefit bettors. This article delves into five essential principles every bettor should integrate into their approach.
7x7Bets' extensive Betting Resources archive, with thousands of articles, underscores the vast learning scope in betting. The foundational success elements remain consistent across different sports. These basic yet crucial elements form the cornerstone of betting success.
Many bettors tend to overlook these basic principles, a misstep that could jeopardize long-term profitability. Embracing and adhering to these principles is pivotal for a positive betting experience, although it might seem straightforward.
The inception of one's betting journey focuses on grasping basic concepts. However, seasoned bettors, who are often looked up to, have spent years honing their skills and knowledge to exploit market inefficiencies effectively. This journey begins with fundamental lessons that are never forgotten.
Irrespective of your stage in the betting journey, the five key concepts outlined here should guide your betting decisions, ensuring they remain aligned with your goals.
Remember the end goal
Bettors occasionally lose sight of their ultimate objective. While betting for entertainment differs, the primary goal for many is achieving a positive return on investment.
Top-tier bettors excel not just because they win but because they handle losses effectively, understanding the long-term nature of sports betting. It's crucial to view betting as a marathon rather than a sprint, focusing on long-term gains rather than short-term outcomes.
Getting too caught up in individual bets only makes you more likely to forget the bigger picture. Whether it’s reacting to a loss and trying to recover some funds or getting too carried away after a win and placing bets with little thought or reasoning, bettors should always think about the impact these decisions could have in a week, month or a year’s time.
Betting requires hard work, patience and dedication. You aren’t going to enjoy overnight success and even if you do, you could just as easily lose the fruits of that success the very next day. Whether you win or lose a bet, analyze the bet for what it was, move on and remember your end goal.
Know your competition
Initially, betting might seem like a battle against the bookmaker. However, understanding betting markets reveals that the real competition is against other bettors. It's the collective action of these bettors that shapes the odds, making it imperative to identify and seize market value.
Of course, it is the bookmaker who posts the odds that you bet with and the bookmaker who collects the deposits you make so it’s easy to see why people want to take them on. Unfortunately, that is a battle that you are never going to win - even if you do win the odd battle, there are plenty more people that have lost it (bookmakers wouldn’t exist if this wasn’t the case).
Once the odds for a market are initially posted, it is other bettors that help shape them. It is these bettors that you are competing against to try and get any value that might be on offer in the market.
It is also important to remember that this competition with bettors is all relative. It doesn’t matter if you can accurately predict the outcome of soccer matches before they are played, if there are people out there that have more accurate predictions than yours, those are the ones who will get the reward.
It’s not always about winning
Betting inherently involves randomness, leading to inevitable losses. Successful bettors understand that it's not about winning every bet but maintaining a favorable win-loss ratio over time. Analyzing losses to refine your betting strategy is crucial for long-term success.
An extra €3.40 for one bet might not seem like a lot, but that could soon add up to over €1,000 in a year. All of sudden, it then becomes a lot more appealing. People may believe that bettors who are known to make large sums of money from betting have some kind of golden touch. But the idea that an individual can always find the perfect bet and have everything go to plan so that they always win is complete nonsense. These bettors will lose, but they will just lose less often than they win.
Given that losses are one of the few certainties in betting, knowing how to deal with them is a fundamental part of being a bettor. One exercise bettors might find useful is to try and analyze why a bet lost, review everything you knew beforehand and ask whether you would place that bet again. If the answer is yes, then you’ve done all you can. If the answer is no, perhaps it’s time to rethink your decision-making process in the first place.
The best bettors out there aren’t just the best because they know how to win. They are the best because they know how to lose and not let it affect them.
You don’t have complete control
Acknowledging the limitations of your control over betting outcomes is essential. Behavioral biases can significantly influence betting decisions. Awareness and management of these biases are vital for making rational betting choices.
Behavioral biases can have a massive impact on your decision-making process in betting and the sooner you become aware of that, the better. This is not only something you should acknowledge as a bettor, but something you should constantly remind yourself of. You can’t have control over these behavioral biases, but having an awareness of them and how prevalent they are will certainly help you.
Everything from selective memory of certain events and changing a past opinion, to the reason why we do or don’t place a certain bet can be impacted by these biases. By their very definition, they make us deviate from rational judgment – which obviously doesn’t bode well in a world of risk where money is involved.
Look after your money
A €10 bet and €10,000 bet can mean the same thing to different people. It doesn’t matter how much or how little you bet, optimizing your bankroll is key to achieving success over a long period of time.
Effective bankroll management is essential for sustainable betting, regardless of the stakes involved. It involves prudent stake allocation and seeking the best odds to maximize returns and minimize losses over time.
These principles, while basic, are fundamental to successful betting. They provide a solid foundation for developing a comprehensive understanding and strategy for sports betting, aiming for long-term profitability rather than short-term wins.
Getting the most out of your money doesn’t just apply to optimizing your stake for each individual bet, it applies to the odds you bet with as well. The difference between odds of 2.34 and 2.36 might seem minimal but in the long run, even a small difference counts in betting.
Comparing odds (or line shopping) might seem like a lot of work for little reward, but this is another example of where the narrow mindedness of looking at your results from bet to bet can have a negative impact. An extra €3.40 for one bet might not seem like a lot, but that could soon add up to over €1,000 in a year. All of sudden, it then becomes a lot more appealing.
These five key principles are still such a small part of betting. However, out of the countless things to learn, remember and consistently execute, they are a good place to start. Remembering your end goal, knowing your competition, understanding it’s not all about winning, that you don’t have control and that you need to look after your money isn’t going to guarantee success. It will certainly help though.
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