10 New Year's Betting Resolutions
Want this year to be the one you stop losing on the punt and start making a reliable profit?
Or are you already betting somewhat successfully but want to turbocharge your profits to the next level?
Either way, here are 10 handy New Year's Resolutions to get your betting on track like a professional.
1) OPERATE A BETTING BANK
The reason many punters fail is that they do not adhere to the same strategies professionals use to succeed. All professionals have a betting bank, and keep this completely separate from their day-to-day finances. The funds should stay in bookmaker, Betfair and TAB accounts - the separation from your daily finances helps you to keep focused. A betting bank is also necessary so that you stake appropriately with your betting bank and avoid having to add funds to your bank.
2) STAKE CONSISTENTLY
Another error most punters make is following flawed staking plans. Progressive and regressive staking plans that increase or decrease based on previous results are mathematically flawed, as is level staking where you bet the same amount on favourites as you do on outsiders. Proportionate staking to your rated price, or if you don’t have a rated price, at least the market price, is advised to balance your risk/return and reduce variance and the risk of losing your entire bank.
3) MAINTAIN DISCIPLINE
Maintaining discipline is often the hardest part of betting for most punters. Once you have started a betting bank and consistent staking strategy, it can be difficult to maintain this during either a big winning or losing streak. As Mike Tyson once said: "everyone has a plan, until they get hit". Discipline is the key to success in this game, and that includes keeping records to analyse and learn from your mistakes.
4) TAKE A LONG TERM FOCUS
Remember betting is a marathon, not a sprint. It frankly doesn’t matter how much you won or lost on a given day, week or even month. All that matters are the long-term results, and if you focus on the long term (minimum one-year horizon) you will find your frustrations and concerns around your betting performance on a given day, week or even month is actually of no long term consequence, and is a natural part of the investment cycle.
5) FIX YOUR MINDSET
Staying positive and unlearning the betting myths that you would have learned from the 99% of unsuccessful punters over the years are key to betting successfully. If you have the right long-term mindset you’re already ahead of most punters, and are halfway towards success. If you have the wrong mindset, you are likely to fail at anything you attempt, and betting is no different.
6) ONLY BET WHEN YOU’RE GETTING VALUE
Make sure you aren’t simply following the big money, by which time you are often simply backing horses that are ‘over bet’ and no longer value. Always ensure you are also betting when the odds available exceed your expected chance of that horse winning.
7) FIND AN EDGE WITH A NICHE
This is a great way for people to find success. Whether it’s following certain tracks, betting in certain states, focusing on country or provincial races, or whatever your area of interest - whether it’s a particular sport, trots or dogs - find something you can immerse yourself and find an edge that others may have missed, rather than haphazardly betting on anything and everything.
8) FOCUS ON PROFIT
Just remember that whilst factors such as Strike Rate and Profit on Turnover are useful calculations, at the end of the day the most important number is the Profit you’ve made at the end of the year. Maximising Profit should always be your number one primary objective and shouldn’t be sacrificed solely in an attempt to improve Strike Rate or Profit on Turnover percentages.
9) GET YOURSELF EDUCATED
Make this year the one you get educated – whether by reading books, listening to true experts in their field through the media, or searching online for podcasts and webinars - start learning from those who are successful in their field. By trying to replicate what they do, you will begin to generate consistent profits.
10) FOLLOW A PROVEN STRATEGY
Whether it is using your own successful betting strategies, and/or following services run by professionals with a long term proven track record, make sure your betting activities have a purpose this year. Long Term Profit!