I don’t really need to know the answer to that question but there is a very important person who does
Are you mad I hear you saying. Of course I know. I like betting on sports.
But that really is not good enough if you are to remain in complete control of your betting and this should be a prime consideration for every single one of you.
Start by asking your self this question:
“Can I afford to lose the money I will be gambling with?”
If your answer is Yes then carry on below. If it is NO then the best advice I can offer is that you read no further and do not consider placing any bets or if you feel compelled to do so then seek professional help from an organisation such as Gambling Aware.
To those that said yes then the next stage is to decide if you are a casual or serious punter. A casual punter will either be betting for entertainment and the possible thrill of a winner but will have no structure to their approach. The money spent gambling will be similar to that you might spend at the pub or cinema – a conscious decision to spend some of your cash betting. Rather like those who put a couple of quid on the Lottery each week just in case. You are the sort of gambler the bookmakers are desperate to have on their books as they will make money from you.
Such gambling is fine so long as you know that is what you want to be doing and do not really mind if you win or lose. But if this is not the case you are then entering the world of the serious punter.
And here the first question you might consider is your attitude to risk. Is the amount of cash you have set aside to invest in gambling intended for steady or spectacular growth? If steady then you would class your self as having a low risk profile and if 5 match footy accumulators are your thing then you would be in the high risk category. And of course there are shades of grey between the 2 extremes.
So long as you know how your attitude to risk will allow you to function in the betting world you can then start building your portfolio. No pension fund or stock market investor would put all their eggs in one basket and nor should you. Spreading the risk not only helps you to achieve a steady growth if you pick the right investments but will allow you to maintain a positive approach mentally when the odd element has a bad day.
Being able to cope with losing days is critical if you are aiming to be a serious punter. It will happen and the service or system that has previously never had a losing month is bound to at some point. There is no such thing as a dead cert which is why there are odds in the first place! You must learn to take an overview of your portfolio and fine tune where necessary but regular wholesale changes in your set up are only likely to lead to your losing cash. Like the stock market betting investment should be viewed as a medium to long term project. The skill comes in selecting the right components for your portfolio and that is what this site is all about.
Only if you are aware of your personal limitations will you ever have a chance of being successful in the gambling world. Nobody has a silver bullet so you will have to work to be the success that you deserve to be. It could be fun along the way but if you have a tendency to say BOOM or similar when a bet wins then you should really examine which category of punter you really are.
Last but not least – if you are starting out on your betting journey then it should be compulsory to take advantage of a formal matched betting scheme. The industry standard is Bonus Bagging and what using such a service will do is give you a RISK FREE boost to your betting bank of around £1,000 and almost more importantly teach you all the basic skills you need to move on to “ordinary betting”.
As always we are happy to answer questions – just email email@example.com