Betting Mistakes

To bet successfully it is important to avoid betting mistakes that are, unfortunately, made fequenlty by novice gamblers.

The following points are aspects of betting where punters frequenlty make mistakes.

1. Not using Betting Banks
Most gamblers fail to appreciate that the best way of achieving a healthy, sustained long term profit from betting is to separate a sum of money away from your main finances, purely for betting.

A "Betting Bank" has many advantages. By being independent from your own personal finances it can remove a lot of the worry and emotion out of deciding bets. Emotion is a factor that threatens all punters.

The size of your betting bank should be decided in relation to your individual financial circumstances - no more than any free capital available.

Most punters fail to use any form of betting bank. They bet randomly with whatever money they have at the time and often gamble more than they can afford. With a fixed sum of capital available you should avoid such a problem.

2. Not making Stakes Correctly
It is vital that you cap the amount in your betting bank. You don't have a limitless pool of resources to dip into.

You must prepare yourself for the possibility of an above average sequence of losses by adopting of a high enought number of units in your betting bank.

Good methodical staking can help overcome the risk of emotional reaction to a sequence of unexpected good or bad results.

3. Chasing Losses
For some this seems a sensible way to make a profit - by constantly raising the stake so that winnings cover and previous losses. However this frequently results in punters betting in races they are much less sure about.

A more sensible aproach is to simply wait for races/events about which you have a greater understanding and therfore increasing your chances of making a winning bet.

4. Greed For Instant Riches
Too many punters expect betting to be a quick and easy way to get rich quick. Frequently bookmakers take advantage of this desire by promoting various multiple bet options, promising the chance of instant wealth. However as much as there is chance of great winings the bookie will raley lose as the chances of winning decrease with every successive bet. Seasoned professsional gamblers will rarely put money on multiple bets, prefering to select safer single bets.

5. Poor Discipline
A lack of discipline can be a huge barrier against beeing a successful gambler. Rather than choosing bets with care, some punters prefer to bet simply for the thrill of it, aimlessly throwing their funds down the drain. Bookies realise this and many will attempt to increase this tendency by bombarding punters with a constant stream of opportunities to bet - on events from all sports and as many countries as possible.

To make money a professional gambler has to now when and how to bet. He will understand the sport/event on which he is gambling. More importantly he will know when to walk away from a bet, through lack of knowledge or poor odds. Although sometimes an effort, this type of discpline will improve your chances immensely.

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