The main goal for those who gamble on sports is to make a profit whilst enjoying our favourite sport. Unfortunately, for the majority of gamblers this is an elusive dream. But by putting together and following a stratagem any person can turn this dream a reality.
There are two elements to take into consideration when deciding whether to make money from gambling on sports:
- Bet Selection
- Staking Plan
The first, Bet Selection, is obvious it is important to be betting on winners at the very least the time. Let’s take a look at Horse Racing, anecdotally there are numerous professional punters who make an income from the selection of horses, but the key word is professional. Analyzing and analyzing each horse on the 59 racecourses across the UK requires a significant amount of time and experience. If you want to be successful then you’ll need to work full time! For the majority of us this means we have to follow the advice of experts to take care of the work for us.
Horse Racing Tipsters
UK horse racing isn’t the only sport that has an ending of self-proclaimed “experts” on the Internet offering up to PS100 for a month. When selecting horse racing tipsters, the primary factor we need to consider is long-term outcomes.
The Internet is filled with tipsters who’ve had one great month but follow up with losing numbers for the next six months – however, you’ll only see the one month on their main page! Be sure to never follow any tips without first checking the tipster’s full result history. Choose a tipster who publishes all their horse racing tips background, and in the ideal case, with results that are published. tips are released the following day with a complete history of all their tips.
Look at the Tipster Proofing site like Racing-Index who grades the results for a variety of tipsters. Consider which tipster gives you cash and that is compatible to your betting style Are you able to put the hundreds of tips per month that certain tipsters need?
A simple approach to tipsters is not likely to make us rich The most effective tipsters are not available to the first time members, or they charge such high fees that the profits go to waste immediately. The solution is to develop our own system that incorporates advice from experts combined with our own research. This is the method that has been successfully employed in greyhound racing by followers of the site. Like most things, the more you put into your system, the more will reap.
Once we have a winning betting strategy in place, it’s time to consider an staking plan. One of the most basic is Fixed (or Level Stakes where we simply wager the same amount in the form of the 2% portion of our initial bank each time we bet for our chosen horse but we’d prefer to increase the amount we bet as the betting bank increases New online casinos This is the reason for Percentage Staking where a percentage of the betting account is wagered every time. As we win, the stakes get bigger and vice versa, the stakes are smaller when the betting bank shrinks.
However, intuitively we know the stakes we are putting on would be overly naive as we would be placing the exact amount of money on an animal with low odds compared to the horse with high odds. If we want to maximize our winnings, it is best to put higher stakes on the odds that are low as the returns will be lower.
To find the optimal staking plan we could take an online course in statistics, and then dedicate several years into research. Fortunately we live in age when this knowledge is available at our fingertips. From probability theory we have The Kelly Strategy where the optimal proportion of our betting bank is determined from the odds of betting and our own estimate of the likelihood that the horse will win.
Utilizing any online Kelly Strategy Calculator just feed into the values and you will get how much of your betting bank we put on each horse. Now , the Kelly Strategy can give us some spooky percentage stakes should there is a first series of high-risk horses therefore we could change it to a Half Kelly Staking Plan where we bet half of the percentage that is recommended by Kelly Strategy. Kelly Strategy. This would result in an accelerated accumulation of profits but a less hair-raising riding.