TipsterConnection / Jul 30,2015 / FOOTBALL
10 Tips on How to Get Rich with Sports Betting
1. What is your Perception of being Rich?
What is your acceptable level of wealth before you consider yourself rich? Without knowing the answer to this question, you will be unable to set wealth targets or plan for how much money you wish to earn over the time period you have set yourself. Obviously, the answers are different for everyone but the question is relevant to us all.
2. “SMART” Targets
Success with online sports betting should be planned for as thoroughly as setting-up a business. It requires a well-thought out and methodical approach. There is no get-rich-quick scheme or system and commitment to your chosen strategy must be applied long-term. Targets have to be ‘SMART’: Specific; Measurable; Achievable; Realistic; Timed.
3. Start-up Capital and Money Management
Like a business, money is needed to bankroll the venture and we suggest a starting betting bank of no less than 1,000 currency units if you are serious. You will need to open accounts with at least one of the major betting exchanges, Betfair or Betdaq, in order to place ‘lay’ bets, and perhaps up to 20 bookmakers (or more) to achieve the best possible price when placing ‘back’ bets.
You can easily convert many bookmaker bonuses (free bets) into cash without risk using matched betting techniques to boost the size of your war chest, and this is where we would recommend you begin.
Ultimately, a wide range of bookmaker accounts is also needed to dilute and spread your success. You will need to consciously minimise the risks of account closure for being too successful with some bookmakers. Perhaps withdraw winnings via matched betting into your betting exchange account rather than withdrawing directly from the bookmakers.
4. Understand the Different types of Bets
Absolute clarity and a firm grasp of the differences between back and lay bets is needed. This is especially the case when trading or hedging for a profit with little or no intended risk of loss involved. Spend sometimes to study different type of bets and it's odds in reliable liveodds comparison.
5. Excel Spreadsheet Competence
A strong knowledge of Excel spreadsheets is also needed to save time calculating formulas, staking plans, net winnings, effects of betting exchange commissions (i.e. their slice of your winnings), and also to record your results for full control and continued focus on how well the ‘business’ is performing.
How do you get rich with a business? You become rich by constantly monitoring and evaluating performance, fine-tuning trading areas that require improvement, and cutting away the loss-making areas. What is going right; what is going wrong? Without a spreadsheet or copious written records, you will have no idea and the question, “how do you get rich?” will have had no chance of a solution from the outset.
6. Enough Knowledge to Recognise a ‘Value’ Bet
Absolute knowledge of what a ‘value’ bet is and how to calculate value bets using statistics is paramount in order to add the ‘edge’ that you will need in order to compete with the bookmakers on level ground. It is a myth that people ever become rich gambling on gut-feeling alone.
7. Staking Plans
These are an essential element of any successful sports betting strategy. Without a staking plan, your sports betting will be directionless, unreliable, and unrewarding. The staking plan will also help minimise losses and keep your betting bank trading for as long as possible (with a stop-loss mechanism in place), seeing out the losing streaks you will undoubtedly have to endure.
Equally important is the ratchet mechanism, to increase staking levels when you have achieved desired betting bank targets. Ratcheting stakes down again (i.e. stop-loss) is required if the bank drops back to previous target levels.
Ratcheting your stakes in this way will ensure you achieve the most reward for your money when things are going well, but retain full control when you hit troughs of losses. “How do you get rich” will be a roller-coaster ride, full of highs and lows.
8. Identify your Target Leagues and do your Homework
Only analyse and bet on league games with plenty of historical statistics as cup matches tend to be one-off events, are more volatile, and include too many upsets or giant-killing episodes.
Which leagues do you want to research? Do your homework; is there liquidity with the bookmakers or betting exchanges for your chosen markets to allow the size of bets you wish to make?
9. Be Disciplined, Unemotional, and Patient
If you are gambling because you are desperate to earn money then you are doing it for the wrong reasons. You are already too emotionally attached to the task ahead.
If you enjoy the buzz and have decided to adopt a business-like approach to securing a regular income then you have a chance of succeeding.
Start by stop asking “how do you get rich?”. There is an established theory that if you put 10,000 hours of time into a project and really apply yourself to it, then success will invariably follow.
Keep financial records, just in case the taxman needs answers as to how you became rich! (We are being serious here!).
10. Never Gamble Tired or Drunk and Never Chase Losses
A fool and his money are easily parted. Casinos ply customers with free alcohol because they know it is a surefire way of unhinging your discipline and sense of reality.
“Never gamble more than you can afford to lose” is a mantra you will see repeated many times over in this article.
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