Are you really making money with betting?

How much profit are you really making from your betting? Be honest!

Chances are that most of you are not winning overall, as a staggering 98% of gamblers lose money over the long run.

Here are some of the reasons why you might not be winning:

a) You’re betting in the wrong types of races

b) You’re blindly backing favourites (especially odds on shots)

c) You have no sense of betting money management

d) You have an undisciplined approach

e) You’re chasing losses

f) You’re maintaining a ‘gamblers mentality’

Of course if 98% of gamblers are losing money, then 2% must be winning, so that means it is definitely possible to make money from betting.

Who are these 2% and what are they doing that is making them profits? They are the professionals and semi-professionals that approach betting as a business.

The betting industry like to call them ‘professional gamblers’ but this couldn’t be further from the truth. Professional bettors are not gamblers at all – there is no fun or thrill-seeking involved – they bet only to make profits.

From a psychological point of view the result of just one race becomes almost irrelevant, as in the long term following the right betting strategies will ensure consistent profits.

If you are planning to treat your betting as a business, then in order for it to be profitable you need the following:

a) A betting bank

b) A staking plan

c) A betting strategy which will deliver profits over the long term

The betting bank needs to be big enough relative to your stake size to
withstand the inevitable losing runs.

It is also important that psychologically your betting stakes are well within your betting comfort zone, (Big Mike recommends never betting more than 5% of your bank) meaning that your pulse is never racing either before, during or after a bet. A racing pulse is a warning sign that you have started gambling instead of betting professionally. This means that something has gone wrong with your strategy and you have become either uncomfortable with the size of your stake or have lost confidence in your chosen betting approach.

The inevitable result of this will be a breakdown of discipline and a desire to start chasing your losses, which is something you should never do.

Betting Bank Management

One of the most important factors in making money betting is learning how to set up a betting bank and manage it properly.

Gamblers won’t bother, and this should tell you something, as gamblers never win in the long run. However if you are planning to make money betting , you need to treat it as a business, and having a betting bank will help you to do this.

The great advantage of a betting bank is that it means you have a sum of money (set aside from your main finances) specifically for betting. It helps you keep a level head, preventing you from panicking and chasing losses, or from getting carried away when you win and losing those profits you made.
When setting it up you must make sure that you can afford the money you set aside and decide that you will use it specifically and only for betting. Don’t use money that you will miss or that you need for anything else. If you do you won’t be able to completely detach yourself from it psychologically and emotionally, and this is vital. Choose an amount that you are entirely comfortable with for this same reason.

Any money you need to run your “betting business” will come from this bank, including all expenses you incur, such as subscriptions, software, etc, and any losses you make.

Big Mike recommends that you only stake a maximum of 5 percent of your betting bank on a single event, so that you can easily withstand any of the unavoidable bad runs you have without too much stress. Over time, if you follow a sound betting strategy, you’ll see your betting bank grow and start to generate profits. This long term approach is what will help you to be successful in your “betting business”.

3 Common Betting Mistakes

We often talk about what you should do to increase your profits in sports betting, so for a change I thought I’d discuss some of the things you shouldn’t do instead.

These are some common mistakes made by those who are failing to profit from their betting:

1. Letting your heart rule instead of your head

Let’s face it, most of us can be quite passionate about the teams and players we support in our favourite sports, but betting with your emotions is a sure fire recipe for disaster. Making consistent profits involves using your brain, not your heart.

2. Thinking short term

Betting profitably involves sticking to your long term strategy. Panicking after a few losses or getting carried away after a few wins isn’t the way to lasting success. If you know that your betting strategy will generate consistent profits in the long run, it makes no sense to chuck it out the window based on short term results.

3. Putting all your eggs in one basket

It is dangerous to rely on just one betting method, as if that strategy stop being profitable for a while your income stops altogether. In betting even proven strategies will go through winning and losing streaks over a period of time, so you need to invest in a variety of strategies to protect your income. At Big Mike Betting we encourage the portfolio approach to betting and trading, choosing a diverse mix from a ‘menu of bets’.

Even seasoned punters are often guilty of these mistakes, but they will keep you from making profits from your betting over time. Stop making these and other needless mistakes and start generating consistent profits instead by following Big Mike’s betting advice.

Stop Chasing Losses

Everyone knows that chasing losses is a stupid thing to do, so why do so many people do it anyway, even those who are trying to make an income with their betting?

Some people chase their losses because they don’t have a strategy and so are easily panicked into when things don’t go well. Perhaps they can’t afford to lose that money and they more they try to recoup it the more they lose and they get themselves into a vicious cycle. This is one of the things that makes gambling so addictive.

However those of us who are making an income with our betting are not gamblers. Because we have a long term strategy to follow, we don’t get unnerved by short term losses, as we know that over time our betting will generate profits. We bet with our heads, not our hearts, so we don’t get caught up in the heat of the moment (take a look at my post on Common Betting Mistakes for more about this).

You should expect to both win and lose over the short term, so you won’t be panicked when you do occasionally make a small loss. Always keep the bigger picture in mind and remember that you must keep your head to generate long term profits. The bookmakers love it when you chase your losses, as it puts the odds firmly in their favour.

The best thing you can do to guard against this is to have a proven betting strategy that you stick to no matter what. Big Mike Betting has written a free Betting blog containing the instructions, tools and resources you need for a variety of profitable betting and trading strategies.

Why Listen to Good Betting Advice?

Many punters step into the world of betting eager to make money instantly and most of them end up losing a lot more than they gain.

Have you ever wondered why this happens? In most cases a lack of proper betting education is the cause.

Why Get Betting Advice?

Whether you are an already experienced punter or a newbie to the game, it is better to learn some new and old strategies that will help reduce the chances of making costly betting mistakes. A good betting strategy will transform the way you approach betting and could allow you to enjoy a steady income from your betting or help you take your current betting earnings to the next level.

Where Can You Find Betting Advice?

You can find many online sites and forums that offer tips and advice on how to bet. These may be a good starting point to learn about sports betting if you’re new, but you need to be selective about the advice you follow, or you could get burned. Does the person giving advice have a good reputation already within the sports betting community? Are they actually making money themselves from betting?

Betting Advice: Advantages

After betting exchanges entered the scene, the process of betting changed radically. Now it requires expert advice and a thorough understanding of the sport you are betting on to make profits. For that you need to have access to betting strategies that distinguish your betting approaches.

Big Mike’s betting advice and strategies offer you many advantages:

  • Betting advice across all sports
  • Relaxed ‘investor’ like approach
  • Bank building place bets
  • Innovative trading bets

Whether it is horse race betting or sports betting, now you can get winning betting strategies and advice easily online. Join Big Mike Betting now to transform the way you bet forever and grow your profits with proven betting advice.

Is it possible for newbies to make money betting?

Firstly let me clarify, I’m not talking about whether it’s possible for a newbie to have a lucky win, or even a lucky run of wins. What I’m referring to is whether someone new to sports betting can make consistent profits on an ongoing basis, despite their lack of experience.

Those who are new to sports betting are more likely to make mistakes as they experiment, and are probably also more likely to get caught up in the excitement of it all and end up gambling, rather than betting for profit. However it doesn’t have to be this way.

Big Mike Betting’s strategy for making profits is an excellent way for a newbie to avoid all the most common betting mistakes, and start off on the right foot from the start. In fact, being new to sports betting may even be an advantage, as you won’t have any preconceived ideas about what works and what doesn’t, and therefore you may be more likely to follow the instructions to the letter.

For example those who are used to relying only on ‘tipsters’ to provide them with winning betting advice are likely to be disappointed with their results these days. The introduction of the betting exchanges has changed the betting scene tremendously, and some long term bettors may be struggling to adjust. A newbie will be able to start with the right approach from the beginning.

Big Mike Betting provides a sports betting blog that will educate you on how to make consistent profits by following our low risk betting and trading strategies. We cover everything from making money on the betting exchanges to avoiding expensive betting mistakes and the advice is as suitable for newbie’s as it is for the more experienced punter.

So while newbies may initially find it extremely difficult to make money betting on their own, with the help of Big Mike’s Betting advice they have an excellent chance of generating good profits right from the start.

Top Ten Betting Mistakes

The first step to formulating a solution is to define the problem.

The following points are areas of betting where many punters often get it wrong. My views arise from long personal experience and years of communication with successful and unsuccessful punters alike.

My aim here is to highlight these common areas of failure in the hope that I can speed up your learning curve towards successful betting.

Read the following thoughts and you may be able to side step many of the potholes others have fallen into in the past.

1) Failure to Use Betting Banks

Most gamblers fail to understand that the best method of achieving a healthy and sustained long term profit from betting is to set aside a sum of money away from your main finances, solely for the betting.

Whatever method or system you are using, whoever you are following or subscribing to or however your own bets are calculated, you are better off with a “Betting Bank” that has built in advantages that can help you. It needs to be independent from your own personal finances and needs to be protected from factors that can threaten it. This can take a lot of emotion out of the decision making process. Emotion is a factor that threatens all punters.

The size of your betting bank will of course be dependant upon your own individual circumstances and free capital available. An analogy to the world of shares perhaps may be that no financial advisor worth his salt would advise you throw all your capital into the stock market alone.

The vast majority of punters fail to use any form of set aside bank. They bet randomly with whatever money they have in their pocket at the end of the week or go in too deep with stakes far in excess of their personal safety levels.

A punter with a professional attitude will set aside what he can comfortably afford to invest and then determine the best use he can make of that fixed sum of capital.

With a fixed sum of capital available you now move on to the next reason for failure.

2) Failure to Stake Correctly

It is vital that you consider your betting bank as capped in amount. You do not have an endless pool of resources to dip into. Betting by its nature carries inherent risks. These risks include periods of low strike rates and long losing runs. Your betting bank and staking should be adapted for the method you use.

You must in advance, prepare yourself for the possibility of a worse than average sequence of losers through adoption of a sufficient number of units in your betting bank.

Correct methodical staking in addition to the mathematical advantage, can also help overcome the risk of emotional reaction to a sequence of unusually positive or negative results.

Take the Pricewise column in the racing post as an example. Long term if you could get on at the advised prices, it would have returned a decent profit overall. During this time however followers would have to have endured runs of up to 40 losers in a row!

Despite the overall long term profit I suspect the vast majority of Pricewise followers would have been terminated either by a failure to set aside a sufficient amount of points or through failure to cope with the emotion of the losing run.

in essence key to winning money is to manage your accounts in a way that protects them as far as possible from the element of risk that the game presents you. With a long-term profitable approach at level stakes you need to plan for and anticipate lean or losing periods.

3) Chasing Losses

Chasing losses at first sight may appear to be an easy way to guarantee an eventual profit but the true story is it is a game for fools and statistically will not work unless you generate an overall level stakes profit.

Chasing losses is a game for the ill informed who do not want to make the effort to seek value in their bets. Bookmakers have to price up every race. Punters don’t have to play in every race, they can pick the races they want to bet in ,and that is the main edge that people fail to understand. If you have had a losing day, by attempting to chasing your losses you give up that advantage and bet in the races that you should not be betting in. You are therefore betting the way bookmakers want you to and not in the way to win.

Many punters will alter their stakes in the last race either to
”chase” losses or “play up” winnings. Its no coincidence that the bookmakers have ensured that the last race on each day is often a handicap or one of the hardest races that day . There will be more racing the next day and the day after that. The secret is waiting for opportunities and only betting when you know you have circumstances, which favour you and not the bookmakers. You must never change your approach, or deviate from sensible staking as there is no such things as “The Last Race”.

4) Lack of Value Appreciation

Appreciation of “value” in a bet is core to long term success. 
To profit over a long series of bets you must be betting at odds greater than the true chance of winning your selection have. To do this however over the long term, you need to concentrate on each race individually and seek the value bet in that race.

There is value to be had in every race. The key to it is understanding where that value is. Many times a punter will screw up a losing betting slip and say “At least I had some value”. There is absolutely NO relationship between value and prices. A 33/1 chance may be diabolical value yet a very short priced favorite may be supreme value. It does not follow that the bigger the price you take the better “value” you have . The value is sometimes clear but more often well hidden and it takes a trained eye to see that.

Everyone has this “Foresight” on occasions, it is a game about opinions after all and nobody is always right or wrong. Value can be the most expensive word in racing if you can’t bet winner. The old cliché is that value is about betting a horse whose true chance is better than its price reflects. That’s only a small part of it. You also have to make sure that you bet in the right way and in the right races as that is the only way you can keep strike rates high and protect a betting bank.

You should continually strive to increase value in your bets. Once you have a selection you feel is value do not just take the first acceptable price that comes along. Seek to improve it by shopping around the various bookmakers or try and top the best bookmakers price by looking to the betting exchanges.

Marginal improvements on odds on each bet you make can have a dramatic effect on long-term profits.

5) Greed For Instant Wealth

Many punters seek the thrill of a life-changing bet that will produce huge gains of instant wealth for a small outlay. Bookmakers play on your natural desire and go out of their way to encourage you to bet exotic multiple selection bets that can in one hit, turn a small stake into a large sum.

Professionals however rarely bet in multiples. Most professionals bet singles and steer away from the multiple bets. Bookmakers relentlessly promote a host of multiple bets with exotic names such as Yankee, Lucky 15, and Goliath. The reason they are heavily touted is the profit margin in the bookmaker’s favour increases the more selections you add to your multiple bet.

Say you select any random 5/1 selection. If you bet this as a single the bookmaker may have a theoretical edge in his favor of 15%. Taking two such selections however and betting them in a win double, the bookmaker’s profit margin rises to about 30%!

Yes your win double can produce a much bigger win from the same stake however over the long term the bookmaker is eating away at your capital at a much faster rate.

It is a waste of time debating which type of multiple bet is ‘best’. Unless your prediction skills are supernatural or you are incredibly lucky, then betting in singles is more often the best option.

You may say that many “Pros,” do bet in multiples in bets like The Scoop 6 or the Jackpot, but that’s only because they know there is plenty of “Dead” money in any given Pool and they are betting against people who don’t understand the dynamics of those types of bet. There are times you should bet in multiples but in truth they are few and far between.

You can’t approach this as a “Get Rich Quick ” scheme. It is a long slow process of serious and sustained profit and not a game for Get Rich Quick schemers. If you go Into any Betting shop, have a look at all the posters on the wall offering “special offers”, “enhanced terms ” and “bonus offers”. You will see they are all multiple bets. Bookmakers want you betting in multiples and it is easy to see why. They carve most profit from them. You never see a Bookmakers promotion offering extra’s on a win or each way single. Ask yourself why.

6) Lack of Discipline

Lack of Discipline is the big hurdle for punters trying to turn a losing hobby into a winning one. Bookmakers know that. That’s why in every betting office you can bet on numbers, lotteries, ball games, racing from all over the globe with horses nobody has heard of before and even now computer animated, or as they call it, virtual racing.

Bookmakers just believe that its a case of punters sitting all day betting on what ever is put in front of them and sadly they are right in many cases. They are simply thrill seeking and don’t care what they bet on, as long as they can bet. There is no methodology at all and many betting office regulars are simply a bunch of headless chickens prepared to pay long term for the warming buzz of the occasional win.

Even more experienced regular gamblers who are savvy enough to turn down bets that they know are stupid always let themselves down by continually bleeding their profits with a fun tenner here and a fun tenner there.

It takes great discipline to NOT bet at times. It takes discipline to walk away from a horse when the price isn’t right. It takes discipline to say no to that small fun bet. It takes discipline to keep your money in your pocket and deny yourself the emotional buzz of watching your runner.

Punters come in all shapes and sizes. Even the shrewder punters, who could win at the game, fall into the trap of lack of discipline of study. After a winning period they forget that what made them winners in the first place, was the effort they put in. They fall victim to over confidence, laziness and indiscipline.

Being a long-term successful punter is like swimming against the tide. It takes an effort to stay still, even greater effort to move ahead and as soon as you relax or slack off you start to go backwards.

7) Emotion

Betting is a lonely game. Its also a highly skilled game. Emotion undermines success in many ways. There is comfort in knowing that as a sheep when you are wrong it is not your fault as you were simply doing what everyone else was doing. With betting, the laws of market supply and demand, dictate that long term, the sheep will get fleeced. Emotion neutralises discipline and long proven successful practices. The result of any isolated race has little or no relation to races just before that or just after that. Bets should be viewed in isolation from each other. We are all emotional in betting but the players at the top of the tree have this down to a fine art and can control those emotions. Other punters have long since been conditioned by bookmakers to EXPECT to lose rather than win.

They have an in built psychological factor that makes them feel like losers and they have been conditioned to losing by years of doing so.

Over 95% of punters are flawed emotionally. Examples of emotive gambling include punters following a horse, trainer or a jockey blind . The “Hype” horses are cannon fodder for emotional punters. They may also follow tipster’s blind as they “hate” the thought of missing out on a winner.

They pay no attention to the changing conditions of a race that may follow non-runners or the ground changing. They misunderstand confidence and can’t cope with a lack of confidence. Emotion also prevents people from advanced betting subjects such laying, hedging and arbitrages. Emotion forces some punters to bet horses with certain names that remind them of loved ones. Names such as “Long Tall Sally ” and “Susan’s Pride ” attract many to them just for a name that’s relevant to them.

Most punters have a grudge against their own money and winning and being successful is alien to them. Emotional punters lose their heads in barren times and fail to capitalise on winning runs. They mess about with systems and staking plans that make no sense. The more emotion you can rule out of your betting, the more successful you will become. You have to view everyone in the game as your enemy and as people trying to take your hard earned money away from you in the same way as you would a pickpocket. Once you can master your emotions you have made the first big step to betting profitably.

The Grass is Greener

The grass is rarely greener on the Other Side. The truth is that the grass that isn’t working for you has not been grown, cultivated or looked after properly. Many punters change approaches and methods so quickly that they don’t give any method a true test. If they find a system that works they don’t continue after a few bad results. It is the same as gamblers who write down every bet they have. Once they have a few losers they often lose the heart to do this and stop doing so and move on to another area.

They are like children with new toys at Christmas. They never stay with any method long enough to prosper. They always feel the” Grass is Greener”, when in truth the “Grass” they are using has been abused and left to deteriorate.

They want the next Big “new idea ” or “method ” and that doesn’t work either as the fault lies not in the Grass, but the Gardener. 
They have no long term consistency in their betting and are constantly tinkering with what wasn’t broke or moving on in search of the holy grail before a full evaluation of what they are currently examining has been completed.

A competition to win best garden will be won by the person who can spend most time in the garden and master its challenges, the gardener who is prepared to care about his garden and invest in the tools that will help his garden grow and keep the weeds at bay.

It’s the same with betting. You will do far better long term if you can make a concentrated effort of learning and research in one key area rather than flitting from this to that.

9) Laziness

Most punters are LAZY! They have religiously followed a doctrine of poor planning and lack of research. They refuse to study and spend hours looking at how they can win at betting. They refuse to invest in the game and invest in their own learning. You can’t refuse to spend money, just look at the racing for 30 minutes and expect to win long term. You simply can’t get away with that in the hardest trade of all, Winning Money at Betting. If it was that easy, then millions would do it .You must either invest in your betting, or pay someone to do just that .

Natural human tendency is to try and get away with the least amount of effort. Lazy punters are cannon fodder for the bookmakers. They make little or no effort in their selection process nor make an effort to extract maximum returns from their bets. Those who put the most work in are the more likely to succeed.

My philosophy is simple. I believe that if a bookmaker, journalist or odds compiler spends 3 hours on a race then I’ll spend 6 hours on that race to gain the edge.

The famous golfer Gary Player once said “The Harder I Work the Luckier I Get”. That is true about both golf and betting. Most people can’t spend 12 hours a day studying betting as they have families, jobs, commitments and lead their own lives. That is what you pay us for. We do that study for you and re-invest money in our betting so that we can find every edge possible to Help You Win.

10) Stupidity!

Amazingly most punters fail to learn from their mistakes. They continue for years making the same basic errors time and time again. Pure stupidity.

Strive to improve your betting performance by continually learning from the mistakes and weakness is your game.

Your bookmaker may have been laughing at you for years. You have it in your power however to improve your betting and hopefully wipe that smile from his face for good.

How to Make 2018 YOUR Year!!

It’s almost the start of a new year.

If you’re reading this post, you’ve probably been trying to make money from betting for a while and if you’re like most people, you’re ready to stop losing money and start MAKING some this year.

Or maybe you are not losing money but are looking to really make this the year that your profits take off… and jump to the next level.

Either way, here are some insights – my thoughts on what might make the difference to your betting and trading in 2018… what might take your betting profits to the next level, FINALLY!

1. Gambling

Firstly it is important to understand that gambling is a mugs game and for idiots, who try to guess the next number to feature in Roulette or alternatively waste money by gambling in 12+ Runner Handicaps in Horse Racing. So if you remain in this camp then the overall outlook for you this year is continued misery. Lots of it!

2. Betting

This is for arithmeticians who use betting odds in their favour to calculate a win. However the win will not be as big as a gambler finding the odd high priced winner but as win results will be more plentiful the overall outlook is much more happiness in 2018 for these people. Lots of it!

3. Trading

This is for those of us who want to make a smaller profit in an event by making changes to the initial bet after the start. Trading is for those who like to run their affairs with a limited loss liability and a decent opportunity of maximising their profits. The future!

4. Hedging

‘We have never had it so good’ said Harold Macmillan – and that was before BETFAIR, which has been the key to unlocking my profits. Reducing any controllable losses and protecting your potential profits almost like a reverse bookmaker, is the key to profitable betting and will enable you to protect your stakes and build your betting banks. I attach great importance in using Betfair to hedge whenever I am betting and trading.

5. Betting Banks

Sadly the vast majority of all losing gamblers fail to realise that the best way to deliver consistent long-term profits from betting is to specifically set aside a sum of money away from their main finances, solely for the purposes of betting.

As a consequence of this they end up betting randomly with whatever spare money they have available and this approach all to often leads to inconsistent staking with too much being staked on the losers and inevitably not enough being placed on the winners.

So whatever method or system you are using, whichever service you are following or subscribing to or however your own bets are being calculated, to enable you to succeed long-term when betting it is vital that you set up a separate Betting Bank.

Your Betting Bank should be money that is completely independent from your own personal finances and is money you set aside specifically for betting, it should be money that you will not miss and it is absolutely ESSENTIAL that you are able to remove ALL emotional and psychological attachment from it.

Then having arranged the capital your modus operandi is simple. Your MAXIMUM bet even if its Boxing Day to follow Christmas Day is 5%. NO MORE. By all means use an ongoing bank, which takes all profits and losses into account but that 5% limit is PARAMOUNT.

6. Betting with Portfolio Approach

The very nature of betting dictates that even proven strategies will over time experience winning and losing streaks, so the danger of relying on just one betting method is that if that strategy is not currently returning a profit, then you have no income.

However by investing into a diverse range of betting strategies, you will ensure that the likely hood of one strategy experiencing a losing streak is offset by the likelihood of others experiencing winning streaks.

7. Following the market

The advent of the betting exchanges has opened up a whole new facet of reliable ‘information’.

Reading the ‘smoke signals’ being given off by the betting exchanges and the market in general has now granted astute punters an almost unfair advantage over the majority, who are still only concentrating on reading the old ‘traditional’ lines of form. So whilst ‘classic’ line of form reading still has its place, the betting exchanges have now changed everything forever and reading the market has to become a fundamental part of any future betting strategy.

8. Selective Betting Approach

One of the most powerful weapons we hold is choice. The bookmakers and exchanges are committed to offering prices on virtually every single sporting event, but there are undoubtedly horse racing frames, football matches and other sporting events which are less “bookmaker friendly” than others. So betting successfully involves the discipline of being selective and keeping your powder dry until the opportunities arise in the ‘right kind’ of punter friendly races and sporting events.

9. Approach Betting as a Business

Make no mistake about this “Betting for profit Is a serious business and gambling is for thrill seekers” there is a HUGE difference. If you simply want to bet for the fun or for the thrill of it, then you will have to accept your losses as the cost of your entertainment. However when approached with a business like attitude your mindset will change as your sole reason for betting becomes generating those elusive steady long-term profits.

10. Failing to Take a Long-Term View

I don’t use the phrase ‘long-term’ lightly, because it is essential that you understand that it takes this long-term approach in order to succeed with any betting strategy be that mine or anyone else’s.

Far too many punters change their betting approach at a whim – so quickly that they don’t give any new method a fair test. For instance should they find a strategy which works, often they fail to continue with the same method after just a short run of losing results or after one comparatively poor month.

That’s it!

If you can integrate some of these 10 things into your mindset and your betting this year, I’m confident this year could be the one you look back on in 10 years time and say “THAT was the year that I transformed my betting forever. After 2018 I was never the same!”

Here’s to higher profits in 2018!

Betting For a Living – Is it Really Possible?

Betting For a Living – Is it Really Possible?

Is it possible to make a good living from betting?

Well many betting professionals myself included are living proof that it is indeed possible to do just that, however success as a betting professional requires a lot of endeavour and a long term approach.

Betting for a living is not an easy career path to follow. There will be many sleepless nights and much disenchantment along the way. However provided you have an interest in betting, understand betting principles, are numerate, determined and posses the ability to become emotionally detached – then the goal of betting for a living is achievable.

“Is gambling for a living too risky for the average person?” you ask. Well the truth is, as betting professionals, we don’t really consider ourselves gamblers at all.

We like to think that we are on a par with Investor’s playing the stock market – selecting the right opportunities – when to bet and when not to bet. So operating a safe, reliable and profitable betting business has nothing to do with blind luck or chance; rather, it is the combination of our observations, form study, selectivity and intelligent decision-making. Additionally it is important that you thoroughly understand betting money management and posses the required discipline to bet with only a percentage of your total betting bank. By following such a course, betting professionals will make a living.

Like any self-employed individual, there are advantages and disadvantages in betting for a living. One of the advantages of this career path is that you have the opportunity to build the new business slowly in your spare time without giving up your day job. This approach will enable you to determine if & when the time is right to become a full time professional. However as with any new venture it will take time and dedication to succeed, so please don’t think for one minute that you are about to become a ‘betting pro’ overnight. Nothing could be further from the truth and you will need to take time serving your apprenticeship, making mistakes from which you will learn, while also becoming the master of your trade and capitalising from the errors you will have made along the way.

Thanks to the proliferation of the online betting exchanges and bookmakers, betting is now a worldwide industry. Thus another advantage of betting for a living is that you can now run your betting business from anywhere in the world and operate with minimal overheads. Finally betting is a truly recession proof industry with downturns in the economy having no effect on the betting exchange markets – even when money seems to be ‘tight’ betting markets are always awash with money.

Of course there are one or two disadvantages associated with betting for a living. Most notably this is tough work psychologically and your lifestyle will change dramatically with no more 9-5 days in the office, instead they will be replaced with long lonely hours, spent 7 days a week in front of your computer and TV screens with no work colleagues to interact with. Secondly, you and you alone will ultimately be responsible for placing bets and trades on the exchanges in order to ensure the success or failure of your financial future.

There are literally hundreds of sporting events available for betting on during any given afternoon and unlike the stock market where it can take days or weeks to receive settlement one way or the other, sports bets are settled within minutes of the event completing – often in minutes.

So your financial outcome is known within minutes of an event finishing. Therefore cash flow is always positive but bear in mind whenever you play a bad bet the impact on the cash flow is immediate, so good money management is therefore the ‘key’ to success in your new career and it remains an essential skill for the betting professional to master.

What really draws people to this profession though is the potential tax-free (in the UK!) return on investment. So just what kind of return can you expect? Anywhere between 15% and 25% of your annual betting turnover would be typical, even as much as 30% in a good year. The exchanges offer the professional opportunities for hedging so that we can take profits, reduce losses and maintain that all important positive cash flow.

Clearly for the individual with a strong enough mindset, capable of withstanding adversity there are distinct advantages to making a go of this new career. However it is important to ensure that you have enough capital to commence and also posses the required discipline to use a small percentage of that capital each time you place a bet, then provided you follow strict guidelines betting for a living can become a difficult but achievable goal!

Each Way Betting on Horse Racing Explained

The main point to understand with each way betting is that basically you are placing TWO equally sized bets one part is a bet on the horse to win the race and the second part is a bet on the horse to place in a race i.e. finishing in the places 1st, 2nd, 3rd or even 4th in some types of races (see table below).

Thinking about Each Way Betting in this way as two separate bets will make it far easier for you to understand each way betting.

For Example

If you placed a £20 EW (each way) bet on a horse in a race your two bets are a £10 bet on your horse to win and a second £10 bet on your horse to finish in the places, so the total cost of the bets is therefore £20. The win part of the bet is fairly easy to understand it is the same as if you had put £10 to win bet on the horse concerned. Explaining how the place part of the bet is settled by your bookmaker is a little bit more complicated and depends on the type of race you are betting in. The following table explains how the bookmaker’s rules for settling each way bets works.

No. of Runners/Type of Race Place Terms
2-4 Runners No Place Betting Allowed
5-7 Runners 1st and 2nd 1/4 of the odds
8 + Runners 1st, 2nd and 3rd 1/5 of the odds
Handicap Races 12-15 Runners 1st, 2nd and 3rd 1/4 of the odds
Handicaps 16+ Runners 1st, 2nd, 3rd and 4th 1/4 of the odds

As you can see from the above example, races with up to 4 runners are win only (so each way betting is not offered by Bookmakers).

You will also notice that handicap races are treated in a different way. Theoretically all the horses are given different weights to carry. The ‘weighting process’ is compiled by an Official Handicapper and its his job to try to arrange for all the horsesin the race to acutally finish together in a straight line! Therefore forecasting which horse will finish placed is considered a more difficult task (the handicapper may make a mistake with one or two horses but surely not with the whole field.) So for the purposes of Each Way Betting in handicaps the bookmakers offer improved place terms i.e. one quarter of the odds instead of one fifth and in fields of over 16 runners they generally offer one extra place position (1st, 2nd, 3rd and 4th).

Each-Way Bet Example

You decide to place a £10 EW bet on Loopylu in the 2.30 at Newmarket at odds of 10-1 (the race is an 8 runner race non handicap, so the EW terms are 1/5 of the odds for 1st, 2nd or 3rd place.)

Your bookmaker will take the £20 stake out of your betting account (remember £10 EW is TWO £10 bets) the first bet is a £10 win bet at odds of 10-1 and the second is a £10 bet at odds of 2-1 (2-1 being 1/5 of 10-1) the second bet is for Loopylu to finish placed (i.e. 1st, 2nd or 3rd.)

Now there are 3 different outcomes for this bet as follows:

1. Loopylu Doesn’t Win or Place

Loopylu finishes in none of the places (1st, 2nd or 3rd) i.e. 4th or worse, so if this outcome was to occur you have lost both your £10 win bet and your £10 place bet so in this case the total loss is £20.

2. Loopylu Places but Doesn’t Win

Loopylu finishes 2nd or 3rd but doesn’t win. There is no difference between 2nd and 3rd; they count as the same i.e. they are both “a place”. So if this outcome was to occur, remembering that your £10 EW bet is two bets (£10 win and £10 place) your win bet of £10 has lost and your £10 win stake remains with the bookmaker. However your £10 place bet has won and your return at 2-1 (2-1 being a 1/5 of the odds) = £30, that’s £20 profit and your original £10 place stake. So the overall profit on this bet is £10 (you staked £20 (£10 EW) and received £30 back.)

3. Loopylu Wins the Race

If Loopylu wins the race then both of your bets are winners as a win also counts as a place (1st, 2nd or 3rd.)

So if this outcome occurs the win part of your bet returns £110 i.e. £100 profit at 10-1 and your £10 original stake.

However the place bet of your bet has also won and as already explained above in number 2., that bet returns £30 (£20 profit and your £10 original place stake).

So the total return in this instance is £140 i.e. £120 profit and the original £20 stake.

Sometimes bookmakers will offer enhanced place terms on races with well in excess of 16 runners, a good example is the Grand National which usually has over 30 runners, and in this instance many offer a 1/4 of the odds for a horse finishing 1st, 2nd, 3rd, 4th and 5th and sometimes even 6th.

Having explained the concept of how Each Way Betting on horse racing works I would like to point out that the placing Each Way Single Bets is only one of my recommended approaches to betting.