Many punters have been so successful in betting that they have turned it into a career. Part of this success owes to the increased access to bookies. Nowadays, punters don’t need to find their bookies on foot or head to cyber cafes to review the matches.
Thanks to online bookies, punters can place wagers, watch matches, and get paid without leaving their homes. And while this has aided punters in making more money, most of their success comes down to the factors detailed in this guide:
Making Money in Betting
The betting industry keeps growing at a CAGR of over 10% yearly. Of course, much of this money goes to bookies profiting from their increased popularity. But punters who have learned the art of placing good bets account for a significant share of this big chunk. So, how do they do it? It’s all about good decision-making and impeccable risk management, as follows:
Start With a Strong Foundation
What does any punter need to start their betting journey? A good bookie! Luckily for anyone starting this journey, there are many reputable options, including Bet365 Slovenia, which accepts new players. But, of course, with so many options, making a choice can be challenging. You will have a much better chance if you consider the following factors:
- Do they have a valid license?
- Do they offer the games you want to play?
- How many betting markets do they have?
- Do they have mobile apps?
- What unique features do they provide, e.g., live bets,?
- What payment options are available?
- Is the customer support convenient?
- What is their overall rating?
Why does your bookie matter? They influence the odds, betting markets, when and how you get paid, etc. So, like you would assess any business platform before onboarding it, do the same with your bookie.
Choose One Sport
Many people believe in having their eggs in different baskets. And while diversification is always a good thing, it does not work in betting. You must choose one sport as doing this enables you to do the following:
- You can understand how the game works, which enables you to follow the games,
- You can watch several games and keep tabs on the statistics during the seasons,
- You can follow the news updates, and
- You can master the betting strategies that work for that sport.
Sports are so highly varied that focusing on multiple options can be confusing. So, from the start, you should choose one thing you know you love enough to stick to over the years.
Do Your Research
Betting can be objective or subjective. But what do these terms mean? An objective punter reviews the facts and makes decisions based on this.
For example, if Team A has a strong defense while Team B has a weak attack, it’s unlikely that Team B can score against Team A. The punter will review all aspects of both teams, look at their past statistics, and determine a likely result.
A subjective punter will decide on the outcome based on their gut feelings, public perception, or where the coin toss lands. There are many ways to make betting decisions outside the facts. But these often lead to losses.
If you have trouble being objective, try this:
- Look at past team analyses to understand their strengths and weaknesses, and
- Review the current updates, e.g., injuries, transfers, etc.,
Note that the odds are not good likelihood measures as these factor in public perception and bookie profits. So keep them aside when reviewing any teams or players.
Keep a Record
How will you know when you are making the right decisions? Successful punters treat their wagers like investments and have records showing their past decisions. These allow them to figure out mistakes they have been making.
For example, if you often bet on a team because you support it, you will notice your subjectivity and address it in later wagers. Or, if you have been placing wagers even when there are close calls, you may reduce the risk by sticking to wagers with bigger differences. Don’t wait until you are well into the wagers to keep records. Instead, start from the first game.
Have a Financial Goal
If you want to make money, you must determine the best amount for you. For example, a punter can decide they want to make $1,000 out of their wagers each month. Once you have arrived at a figure, you must make the following decisions:
- How much will you invest in the wagers?
- Will you re-invest the profits? What will you do with the profits?
- What happens when you hit your target before the month ends?
- What happens if you make a loss?
These are all crucial questions you must answer like you would when starting any business. That way, you will not struggle with what to do when the money starts coming in.
Create a Budget
Placing wagers is a profitable business. However, like any investment, it does not have any guarantees. You cannot assume that the $100 you have invested will have a positive ROI. Losing is always a probability which you must factor into your finances by making a budget as follows:
- Determine how much money you can afford to lose: This amount should not have other uses, e.g., paying bills.
- Set this amount aside, preferably in another account or in your betting account,
- Use only this amount when placing wagers, and
- Do not chase losses. Once you have depleted the set amount, walk away from playing. Otherwise, you might spend much more than you can afford, which can have negative financial effects.
Even seasoned punters still lose wagers and must thus budget for all their wagers.
You will encounter many strategies in the betting world. And while they may seem compelling, they cannot help you place sound wagers. The trick comes down to understanding a sport, reviewing the teams, keeping your eye on the news, placing wagers you can afford, and waiting for the results. It is that simple!
Finally, start small before increasing your budget. While the urge to go big may hit you early in your journey, avoid doing this until you have mastered wagering and increased your winning rate.