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Golden Rules Of Betting

Whether you are a seasoned pro when it comes to betting on sports or are a complete novice these nine Golden Rules of Betting should help keep you on the straight and narrow and help to maximise profits whilst minimising losses.

 

Rule 1: Do Your Homework

Betting on a whim is a sure-fire way to lose your money. With online sportsbooks making it easier to place bets, especially during live sporting events, many punters are failing to research their bets fully and are therefore losing more than they should and not winning as much as they possibly could.

 

Rule 2: Never Bet More Than You Can Afford To Lose

Although we all plan on winning every single bet we place that is never going to happen and losing is an all too real part of sports betting. The very nature of sport betting leaves itself open to unlikely events happening and ruining your bet.

 

For this reason and this reason alone you should only every bet with money that you can afford to lose and you should try to have a separate gambling fund, or bankroll, that is used for betting only. This will also make it easier to track profits and losses.

 

Rule 3: Never Chase Your Losses

There are hundreds and thousands of stories about how gamblers went broke by chasing their losses, increasing their bet sizes in an attempt to claw back a loss only to lose even more, often their entire bankrolls and more.

 

If you have placed a number of losing bets simply take the rest of the day off from gambling, don't even look at any of the results and go back to it when you feel refreshed and less annoyed. Having a clear head is crucial for gamblers because you can make rash judgements if not.

 

Rule 4: Know The Rules Of The betting Market

Most reputable sportsbooks have the rules for the market clearly set out but some are not as clear. Make sure you fully understand the rules of the bet when you place it, especially in special bets such as television awards, reality television and other non-sporting, novelty bets.

 

Rule 5: Look For The Best Price

Bookmakers are in the business of making money and they make that money through “juice” and offering different odds. They also have different opinions on the outcomes of particular events based on information available to them so it pays to shop around and look for the best price.

 

It may seem time consuming but the difference in betting odds can be huge and over the course of a year these differences can tally up to thousands of pounds, often more if you bet large enough.

 

Rule 6: Do Not Blindly Follow Betting Systems

There are many gamblers out there who have blindly followed betting systems and hoped they would find the proverbial pot of gold at the end of the rainbow. However, bookmakers often figure out betting systems and have measures in place to detect if you are using methods such as “arbing,” “matched betting” and other systems and can reduce the odds on markets and lower your betting limits accordingly.

 

Rule 7: Keep Accurate and Honest Records

It is vitally important to keep detailed and accurate records of every bet you place, including all losing ones. If you are serious about betting then you simply have to do this, even a simple spreadsheet is suffice.

 

Doing so allows you to research your results and make necessary adjustments to your betting. Keeping records will show you sports that you are profitable on and you can narrow that down further if needed and improve your profitability.

 

Rule 8: If It Looks Too Good To Be True Then It Is

If the odds you are being offered look too good to be true then they usually are. Bookies do make mistakes from time to time but as soon as they are discovered they will always either have the odds changed to reflect the actual odds or the market completely voided.

 

Also, be wary of those trying to sell special betting systems because they are almost always a scam. If you had devised a system that allowed you to win £10,000 a week from the bookmakers would you keep it to yourself and a few select friends or would you sell it to everyone on the internet for £25 and risk it being shut down by sports betting companies within weeks? Exactly!

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