1. Know exactly how much you are going to bet before you bet. Or to put in another way: have a budget! Many a gambler has lost everything by placing larger and larger bets in the hopes of recovering their previous losses. As seductive a prospect as it is to earn back everything you’ve lost on one bet—and that is why most of us gamble—it’s a very poor business model, if you will. Have a budget and stick to it. You might make money, but if you lose whatever you allocated for that visit to the bookies, then wait until you have more money to bet before putting down more money.
2. Keep meticulous records of how well or how poorly you are doing. It doesn’t matter if you’ve increased your net wealth tenfold overnight or if in the course of an after you had to sell your house and all your possessions in order to cover your gambling losses. Truthfully it must be said, if you don’t take serious approach to betting then you’re likely going to lose a lot more than you make. It’s crucial to your success that you’re able to track what you’ve done well and areas where you need improvement. No matter how good your memory is you’ll only really be able to do this if you keep proper records.
3. Before getting properly and truly involved in gambling, you will need to know (or at least have a little bit of an idea) about all the behind the scenes action in the gaming industry. Not only will you need to understand the sports you’re getting on but also you should know as much as you can about how bookies and casinos make their money. Obviously, they are in it for a profit, and obviously they are making profits otherwise they wouldn’t still be here. Once you understand how the industry functions you’ll have a different way of looking at what is a good or bad bet and you’ll be able to optimise you’re chances on making some cash.
4. Make sure your bets make sense. When asked why you bet on a specific team or athlete or match, you need to be able to explain why you placed that bet. Don’t chose a team to put money on because you like their logo, or you heard from a friend of a friend that might have a decent chance. Really think about why you are betting on that event and have sound, logical reasons for why you place your bet.
5. Always bet on what you know. This doesn’t mean that you can’t start betting on something new or expand your gambling horizons by betting on new or unfamiliar sports. What it does mean though is that before you place bets on that new, fun and exotic sport that you need to understand what is going on. Learn the rules, watch the matches, think about how you would bet on, but don’t actually bet on them, just follow your would-be success or failure rate before you actually starting putting your money where your mouth is. And when you do place a bet be sure it’s for sports you already understand.
6. Be sure you’re in the right state before you make your bet. It’s not a dramatic concept or one that is difficult to understand, but it’s one that is absolutely vital. Firstly, try not to bet when you’re drunk. Chances are whatever you think is a great idea, isn’t really a great idea. But beyond that keep in mind your emotional state as well. If you’re worried about money, then maybe it’s a good time to take a break from betting instead of placing larger and larger bets in the hopes of recovering some of your losses.