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Professional Gambling Part 2

The following chapter is taken from mathematician-betting.com

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 racing is to set aside a sum of money away from your
main finances, solely for the betting of horses.
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 what ever 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.
We have long since established here a strike rate of about 35% on our Best Bet
selections and at an average S.P. of over 5/2 for each winning bet. We feel able to
protect clients banks as long losing runs haven't happened and the strike rate and odds
have been more than enough to ensure long steady and safe growth for your betting
profits. That is in essence the key to winning money. Manage your accounts in a way
that protects them as far as possible from the element of risk that the game presents
you.

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".
 

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