Last Updated on June 17th, 2020
Many people fail to capitalize on plentiful opportunities that exist in an online betting. Actually, most people consistently lose money on betting. Yet, it does not need to be that way.
It is quite possible to create a supplemental and steady income from this fun to do activity. Yet, in order to do that, one has to do almost the same thing that a professional risk takers do, like stock or forex traders, and that implies doing a proper preparation and setting up a set of rules that will help you along the way.
Why Do You Need Rules ?
When you bet online, you experience freedom like not many other jobs can give you. Everything is left up to you to decide. You pick the game, pick what aspect of the game you want to bet on, and you choose how much money you want to work with.
You may not control the outcome of the game, but you really do control almost everything else. So, setting up some betting rules that may limit that freedom may seem something you are really not ready to commit to.
But you need to think twice about this. Without rules, you are easy to fall into a chaos, and let your emotions dictate your actions. If you want consistently positive results, you have to accept that the best way to bet is to be objective, and being emotional is the best way to lose that objectivity.
Betting is like Alchemy – Wealth Or Doom
Setting up rules to govern your behavior and control your emotions can help you to remain objective and focused on selecting the most probably outcomes.Create A set of Rules for Managing your Money
The first Betting rule you have to set up before you even enter betting on games is how you plan to manage your money. So, here you should figure out things like what is the maximum I am ready to bet on a single event. Many professionals say that you should never bet more than 10 percent of your working capital on a single event.
This means that, regardless of how certain you are that a certain event will occur, you should still bet not more than one tenth of what you have. The rules like this one comes from the understanding that anything can happen.
How many times we have seen games that are ending in minutes and the score changes drastically in those last minutes. So you can be wrong even 10 times in a raw before you capital gets depleted.
10 percent rule I stated above is an arbitrary number, and you can certainly change that by making it bigger or smaller depending on your risk tolerance. Just understand that, more you risk per bet, more difficult it will be to recover that loss once it happens.
And it does not matter how many consecutive winners you have. All those streaks end with a losing bet. And you do not want that one losing bet to clean you out.
You should also decide what is the maximum you are ready to lose in a day as a whole before you decide to walk away. Usually one mistake leads to another, and you do not want one bad day to wipe you out.
I like to think that if my account goes down by 25 percent in a single day, that points out how I am not on top of my game for that day, and I need to walk away before I get hurt even more.
There are many compulsive gamblers who have winning day after winning day. But once they start to lose, they do not stop until it is all gone. You do not want to be that kind of a person and you need a rule to stop you from doing exactly that.
Also, consider the maximum amount of money that you are ready to deposit in the case that your balance goes to zero. Many betting establishments will help you with this by letting you set your own daily deposit limits.Never Bet Your Rent
This concerns the rule mentioned above about financing your betting account. In other words it means that the money that you need to pay for day-to-day expenses, you should never risk on betting.
This is a very simple, common-sense good rule, but you really need to adopt it for number of reasons. First of all, it permits you to take a lot of pressure away from betting.
In reality, betting is a high pressure activity, and a lot of mistakes are made unnecessarily due to that fact. If you have to, absolutely have to make money, then your pressure level will increase so substantially that it will be very difficult to stay calm and calculative.
Also, equally important, you really do not want to get in a situation that you can’t pay for your expenses. That can create a sever friction in relationships that you have with others and will put a pressure on you to stop playing all together.
The good rule of thumb here is that what you cannot afford to lose and live without, you should not risk on betting. If you are short on money and still want to bet, consider working extra hour or cutting your unnecessary expenses. Sometimes it is more enjoyable to finance your betting than to go and eat at some fancy restaurant.Do Your Homework
Before you start committing any money, it is always a good idea to do some research. Getting informed about the latest information might just give you an edge or point you in the direction of the play with the best risk/reward ratio.
Reading online news and even checking tweeter activity for the latest updates might take only 15 minutes, but it can help tremendously. For example, would you still bet on Real Madrid against Atletico Madrid if you knew that Ronaldo and Ramos was out of lineup ?Keep a Journal of Your Betting
It is a good rule to keep a tab on yourself by writing down your bets and what enticed you to select them as well as how you felt before, during and after the play.
Keeping this kind of a journal for a long time will help you a long way track down mistakes you make as well as provide for organized, systematic way of selecting your plays, and that is exactly how you want to bet.Be Disciplined
Creating a working plan is a wonderful thing but matters very little if you do not have a discipline to stick to it. Being disciplined to stick to your rules is one of the most noted requirements that many famous traders mention as a necessity.
If you lack discipline, you will most likely not be able to make money consistently in the betting world. You may have some truly great winning steaks that will eventfully turn to dust and misery. But the good point is that discipline can be acquired through practice and learning, and there are a number of programs that can help you in that area.Protect Your Earnings
It is always a good idea to take part of your earnings out as times as your wins pile up. The rule can be stated in a percentage, like taking 50 percent of your earnings every winning day, or a total amount, like withdrawing the first $500 you make in a day.
This will prevent your great day turning into a bad one as you will be able to count on that money regardless what happens for the rest of the day.Learn about psychology and do some self analysis
What moves you to bet ? Is it because you like the thrill of it? Is it because you find it the only way to make money? Is it because you like to brag to your friends ? Do you feel sorry for yourself and have low self esteem and losing on betting is a way to self punish yourself? Or are you really betting to create a steady additional income for yourself?
Self analysis of yourself can go a long way for you to track what part of your mental software is creating you problems. But for you to be able to straighten those problems out, you have to be honest with yourself, brutally hones, as only the truth can point you in the right direction.
So, if you are betting because you do not like to work, and think that you can make money easily, you should think again. Betting might seem easy because it may be easy to open an account, deposit the money, and place your bet.
But, if you want to make money consistently, it is not an easy thing to do, and will most definitely require a lot of work.
Let me share something with you, The Reason these betting websites always have the last laugh…
Probably you are not aware of the fact that bookies profit, in most cases, comes because of the bad money management by their customers.
Very often, after a profitable round, bookies publish exceptional odds, handicaps and variety of new games on their site, which drives players to raise their deposits and stakes dramatically.
Half-time and full-time bet has higher risk and higher returns.
This situation ends with a few wins for players, but bookies know that in few weeks that account will be empty – because of the bad money management one applies.
Professional players are well aware of this, and they are patiently waiting for opportunities and they bet with precisely defined stakes. Being a professional bettor does not mean that you need to know football more than your bookie, but knowing how to manage your betting funds.
You Can Only have this laugh if you follow the Rules stated above,
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In a way, entering betting world is like entering a road of self discovery. So, in the end you will have to understand that the person who is keeping you away from consistent winning is not on the other team, but it is you yourself.
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