TIPS
1. DON'T DRINK AND BET
Our first tip is a pretty obvious one, but also easy to forget at times.
Since you will be betting your hard earned cash, never bet when you are under the influence of drugs or alcohol. Once you are done placing your bets, by all means feel free to enjoy a cold beverage or two while watching the game.
2. STICK TO SPORTS YOU KNOW WELL
It goes without saying that the more you know about the sport you are betting on, the better you will do. Sticking to sports you know well, will lead to better choices which in turn should help you win more of your bets.
Once you have a good grip on the sports you know, you can start trying your luck with other sports you find interesting.
3. DON'T BET WITH YOUR HEART
If you are a casual bettor and gambles just to add an element of excitement, there is no real harm in placing a SMALL bet on your country, favorite surfer, player or team. However, if you want to become a successful sports bettor, learn how to put your emotions aside. Emotions can easily prevent you from making decisions based on logic and reasoning. Whether it’s your favorite surfer, player or team, using your heart to bet will often result in a loss.
So like the old saying goes: Bet with your head and not your heart.
4. UNDERSTAND BASIC MATHS
While plenty of bettors can be somewhat successful by betting on instinct and feel, to be successful long term you need a viable staking plan and you need to understand what the odds reflect in terms of probability.
In short, it's a numbers game, and you need an adequate understanding of division and multiplication as a minimum.
5. SET UP A BANKROLL MANAGEMENT PLAN
The idea behind a bankroll plan is to help you extend your bankroll as long as possible by calculating the percentage of your bankroll used on a bet. Also know as a unit. A unit is usually between 1-5% of your bankroll. By betting in units you will only risk a portion of your bankroll on each bet, instead of risking it all at once.
6. UNDERSTAND HOW THE BOOKMAKERS MAKE THE ODDS
In general bookmakers will set their odds to attract betting on either side of the odds, so as to balance their liability and take their commission. This means that the odds will be more a reflection of what they expect the general public to play, rather than on the actual probabilities of either outcome.
This gives smart punters great opportunities to find value where the general public's opinion might be wrong. It also means that great value can be found on events like the Olympic Games and the Football World Cup where there is expected to be greater interest than normal by the occasional bettor, who typically gamble just for fun and have no idea of how to implement a profitable betting strategy.
7. UNDERSTAND THE CONCEPT OF VALUE
Value is a simple concept, but most of the betting public don't understand this. And perhaps thankfully so, because it’s this naive money that can skew the market, leaving great opportunities for the punters who do know how to recognise value.
Being able to spot value means that you are able to spot odds that are too high compared with your calculated probability, and that you’re able to do this on a regular basis.
Spotting value is about judging probabilities more correctly than the market does. This is of course difficult to do for every game and every sport, but that isn't necessary. Your big advantage over the bookmaker lies in the ability to skip matches with unfavourable odds. The bookmaker pretty much has to offer odds for almost all games, at the very least in the most popular leagues.
8. UGLY DUCKLING
The less the general public likes an athlete or a team, the better they look in terms of value. Especially an athlete or a team that might have performed well over a long period but may have had a bad run of maybe 4 or 5 contests. Just watch the general public write them off, and watch their value rise.
9. DON'T DWELL ON THE PAST
Don't let a recent cold streak throw you off your game. Put it out of your mind and stay with your analysis and have faith that the wheel will turn. Similarly, don't let a recent winning streak give you false courage and lead you to over extend yourself. Again, stay with your analysis and stick with your plan.
10. FORGET ABOUT THE BIG SCORE
Know when to bet and when not to. Multi-bets. Parlays. Teasers. Whatever you like to call them, promise to give a big score, but unless you have done your analysis and have located true value, they are a terrible way to bet.
CONCLUSION
Like in anything, if you want to find success in betting you need to put in the hard work, and with the ability to identify value together with a sound staking strategy and disciplined betting, it’s possible to make consistent profits betting online.
