|Monday 7th August 2023
Winning Long Term: A Blueprint for Sustainable Sports Betting Success
What’s an easy way to make money? Many successful punters will tell you that sports betting is the way to go. After all, many UK betting sites allow punters to start wagering with minimal amounts, as low as £10, and pay thousands to hundreds of thousands. But while many punters agree that sports betting is a goldmine, not everyone has such exemplary results. What strategies can you use to be part of the winning group and avoid the common pitfalls?
Sports Betting as An Investment
The thrill of sports betting often excites new punters so much that they forget it is an investment. If you want to make money from anything, even sports betting, you must abide by some core principles as follows:
Choose Your Game
Sports betting has many options, which is a good thing. But this variety can also confuse you. One day, you want to bet on football, and tomorrow, you have your eye on basketball. Doing this often delays your progress. It would be the same thing if you invested in stocks today and tomorrow, you wanted to open a business before buying bonds the following day. Such varied investing or betting denies you the chance to understand a niche well enough to progress.
So, what do successful punters do?
- They consider the sports they enjoy,
- They review how well they understand the sports, and
- They choose the sport they understand and enjoy most. And they stick with it.
For example, if you enjoy F1 racing, know the rules, and are familiar with the tournaments, this would be a good choice. Avoid choosing sports just because they are popular. While this is good as it increases the betting markets, it robs you of the chance to progress fast.
Lead with Research
Betting based on gut instincts is a common mistake. Instead of doing this, try the following:
- Watch enough games or events to understand the sport,
- Review past and present records to gauge an event’s likely outcome per the players, drivers, or even athletes,
- Keep up with updates about the event, e.g., injuries, weather, etc.
Use these facts to back your wager. And even when your favorite player or team seems to be on the losing end, do not wager on them just because you like them. If you have difficulty being objective regarding your favorites, skip wagering on their events.
Watch Your Money
Suppose you invest £1,000 in a company. Would you keep tabs on the amount and what it had earned? The same concept should follow in sports betting. New punters often focus on investing more funds even when they lose without understanding their previous expenditures. Here is how you can wager without putting your finances at risk:
- Assess your finances and determine how much you can wager without affecting your life adversely. Create a budget based on this, which should be money you are okay with losing. After all, investments can gain or lose value.
- Record all your wagers, outlining how much you invested, what you chose, and how you decided the wager amount and option. Doing this will help you determine if you are objective in your approaches. It also helps you assess if you should wager less or more money.
Also, do not chases losses. Once you deplete your budget, stick to watching the games and doing research. Chasing losses does not always help you recoup your money and can land you in financial trouble.
Besides having a budget and researching games, you should stay on top of your mental well-being. Placing wagers while drunk or in an adverse mental state often results in poor decisions. You may use too much money, make subjective decisions, or take unnecessary risks.
Take your time and treat sports betting as an investment, and you will have an easier time progressing in this lucrative business.