Money management is one of the hotly debated topics among sports betting enthusiasts. Which bet is the right one? How do I end up on the winning track in the long run? What are the basics of money management? Should I bet cautiously or riskily? – All these points are part of the subject matter, and books could be filled with individual questions. There are many books on risks in sports betting, and different sports betting strategies, for example, the bestseller of Ed Miller “The logic of sports betting”, who has written many books on poker and gambling. In this Podcast: Ed Miller on the Logic of Sports Betting, the author has revealed many factors which have motivated him to write this book. In the following, we would like to limit ourselves to some of the most important basic rules of successful money management in sports betting. Since many people ask themselves whether it is possible to achieve a permanent income or even become rich with betting, this idea remains a dream for many of them.
What must the bettor achieve to become a professional? You need a lot of self-discipline to get into this group. In addition, it is important to eliminate your greed.
Table of contents
DOES SUCCESS DEPEND ON EXPERTISE OR LUCK?
Contrary to the opinion of many, sports betting and especially soccer betting is not a game of chance. So, it would be a mistake to compare the betting market with online casinos or lotteries. The luck factor in sports betting is replaced by probability in the form of odds. In just about every sporting event, there is also a favorite. Betting odds are used by bookmakers as a way of presenting the probability of a specific outcome in a sporting event. They are often written as fractions (2/1) or decimals (3.0) but can also be written with a plus or a minus in front of a number (+200). Betting markets different outcomes in sporting events. To get acquainted with the world of betting, and odds, take a look at the odds at 22Bet – 22Bet odds Kenya.
EXPERT KNOWLEDGE & MATHEMATICAL SKILLS ARE AN ADVANTAGE
In betting it is also necessary to estimate the probability with which the teams and athletes will be successful. Corresponding expert knowledge is therefore essential if you want to be successful with sports betting in the long run. That’s why a certain mathematical knowledge is very useful if you want to bet successfully. Those who play the system should calculate exactly how many mistakes they can afford to make to make a small profit at least still. Financial knowledge would also be a big advantage for you. For example, even the tips about trading on Forex, so as the newest financial reviews can help you to obtain financial knowledge. So, betting is not a matter of luck, it is about skills, knowledge, and experience.
Of course, before betting on the match you also should inform yourself about the line-ups of the teams and players who are suspended or injured. It will increase your chances of winning significantly. In individual sports like tennis, this information is even more important than in team sports. For example, if you win sprint races in the Tour de France, you will hardly stand a chance in mountain stages. The same is true in tennis. Players who are successful on clay don’t necessarily have to win grass tournaments.
WHAT ADVANTAGE DO BOOKMAKERS HAVE OVER THEIR CUSTOMERS?
Since the odds are set by the bookmaker, he naturally has a certain advantage. The betting odds always include the bookmaker’s profit margin. A good example of this is the tennis match of two evenly matched players. The bookmaker offers odds of 1.8 for both players. Even if you bet 10 euros on both players, your profit would only be 18 euros. The loss in the amount of 10 percent, in this case, is the bookmaker’s automatic profit.
THE WORST MISTAKES THE INEXPERIENCED BETTORS DO
Well, there are quite many mistakes which the inexperienced bettors make. Firstly, most players are hindered by their greed. For example, with combination bets with too many tips, the risk is increased many times over. The mistake is to be successful with the smallest possible stakes and high odds. With such a strategy, the loss is already pre-programmed.
In addition, many sports bettors do not pay enough attention to their tips. Instead of concentrating on a league in which they know their way around, they bet on all leagues and competitors. In most cases, only the odds are taken as a criterion for a bet. For example, if you bet on the first French league, you should be informed about the current statistics and special features. So, the most important strategy for soccer betting is the appropriate expertise.
In conclusion, if you have the big goal to become a millionaire with sports betting, you need a lot of patience. You can become rich with sports betting, but this road is rocky. If you have the necessary talent and put in a lot of effort, you can gain small advantages that will lead you to regularly land in the success zone with sports betting in the long run.
The mathematical skills and financial knowledge will help you, anyway, you can’t win every bet. Even if betting is not primarily based on experience, there is also a component of luck. So, even if you want to get rich with sports betting and eventually achieve this goal, you should never imagine that you can force luck with sports betting. It is always important to assume that luck can turn against you once in a while. If you are unlucky with a few bets, it doesn’t necessarily mean that you will be lucky again with the next bet. But in the long run, the luck factor balances itself out, so the most important thing is whether you practice good money management.
However, there is no guarantee that you will achieve your goal. Not everyone has what it takes to become a sports betting professional. There are only a few people who have been very successful with sports betting for a long time. It is much easier to focus on having fun with sports betting and consider the visits to the bookmaker as a nice hobby. Even then you can make lucrative profits, but you save yourself all the stress that a sports betting professional has.
