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.