With the popularity of recreational betting and the thrill of having the ‘odd flutter’, there’s a personal pleasure in scooping a winner, whether that’s from a wager placed on your favourite jockey at the horse racing or your football team. But can you really make money from betting and is it something you should look to do? While we all can be attracted to the idea of making ‘easy money’ the truth is, to make any return on your betting investment, you need to put in the time and the hard work. There is no 100% guaranteed formula for winning and chances are it will not make you mega money but with some prep and know-how, you can improve your odds while having some fun.
- Build your knowledge
A little knowledge can go a long way when it comes to betting, so if you have a favourite sport or a sport you are willing to get under the skin of, then a specialist knowledge of form will be invaluable. Researching for news on horse racing to find details on past performance and form of racehorses, jockeys, soccer players or rugby teams can give you the edge when it comes to knowing where to place your money, and where not.
A good grasp of numbers is also going to help, as betting it about statistics and probability and finding value and opportunity in all that form.
You also need to be committed as there is no quick fix – you will need to read, research and study all those numbers, as well as the background news and predictions and also watch and study races, games or matches.
- Put your plan together
Now you’ve done your research and have all the background information, you need to formulate your betting plan. But before you do, ensure you work out what your investment is, then put it to one side, in a separate bank account if you can. At this point, you need to be comfortable with the fact that you may lose this money, and that you can afford to do so. A limit on what each stake will be is also a good idea – decide on a percentage of your ‘bank’ you will use and stick to it.
Being strategic rather than emotional or knee-jerk with your betting is the long-term approach you need to take, so always plan the events, matches or meets you will be staking a bet on in advance and don’t get your head turned by sport or events you have simply not done your prep for. Playing the long game, rather than going for a short-term, spontaneous hit is more likely to see some return on your initial investment.
- Have the right attitude
Attitude matters when it comes to staking your money and that includes having the discipline and confidence to walk away. Don’t ever chase losses, thinking you can turn it around, stick to your ‘long game’ and be satisfied with smaller, steady gains which can build up into a profit over time.
How you approach your betting hobby is also going to keep you within limits, so knowing it is never going to turn you into an overnight millionaire will keep your plan in context and ensures, whatever happens, it always remains good fun.