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Betting Strategy: Betting for Profit - Requirements for Success

Betting Strategy: Betting for Profit - Requirements for Success

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Posted Wed, 13 Sep 2017 17:10:34 GMT    

Betting Strategy: Betting for Profit - Requirements for Success

Before we get started, we need to make one thing very clear. We’ve labelled this section “requirements for success,” but this doesn’t mean you need to meet all these requirements before even TRYING to make a profit from sports betting. Many of them can be learned as you go along. That’s why we ask you not to get discouraged if you don’t meet these requirements right now. Some of them aren’t vital; they are just designed to make things easier for you.
Still, it’s important to be aware of what these requirements are. We’ve discussed them all below, and divided them into three separate categories. First we look at the personal characteristics that would be helpful. Then, we go over the knowledge and understanding that you’ll need. Lastly, we cover the skills required to be successful.
Personal characteristics
Certain personality traits will make betting for profit easier. We’ve listed the most valuable of these below. If you have all, or even most, of these characteristics then it’s fair to say that you’ve got a good head start in your quest for success.
Analytical mind
Let’s take a look at exactly why these characteristics are so important to sports bettors.
Anyone who expects to make an easy fortune from sports betting is sadly mistaken. It takes hard work and commitment to even have a chance of making money on a consistent basis, and there are never any guarantees of success.
Realists will understand this, and will set their expectations accordingly. With realistic expectations, it’s much easier to approach things in the right way and deal with situations where things don’t go as expected. Unrealistic expectations, on the other hand, are a surefire way to experience disappointment and frustration. That can lead to all kinds of other problems.
Analytical Mind
Analysis plays a huge role in sports betting. We need to be able to analyze all the possible factors that can affect the outcome of events, and determine which ones are the most relevant in any given situation. We then have to analyze the strength of any impact that they will have, so that we can determine the most probable outcome.
We also have to analyze movements in the betting markets and interpret what they mean. We need to be able to analyze our own betting performances too, and assess where improvements can be made.
These things are, somewhat obviously, much easier with a naturally analytical mind.
Patience really is a virtue for a sports gambler. There’s always going to be some level of desire to place as many wagers as possible, but it’s the quality of the wagers placed that matters: not the quantity. The key to success is waiting for the right opportunities, which can be hard to do for someone who is impatient.
This is arguably the most important characteristic of all. It’s vital for any form of gambling, as a lack of discipline can end up being very costly. Without discipline, we can easily end up taking far too many risks. In a worst-case scenario, a situation could get completely out of control with disastrous financial consequences.
If you don’t think you have the ability to remain disciplined, then you need to seriously question whether sports betting is right for you. At the very least, you should proceed with extreme caution.
With the exception of discipline, none of the characteristics we’ve listed above are 100% essential to be successful at sports betting. You can still make money if you’re an eternal optimist who is very impatient and has no analytical mind. Just make sure that you recognize WHY these characteristics are important, and act accordingly. Try to balance optimism with a more realistic outlook if possible, and try to curb impatience as best you can. If analysis doesn’t come naturally, then you’ll just have to dedicate some time to improving in that area.
Knowledge & Understanding
The requirements listed here are perhaps the easiest ones to accomplish. It’s really just a case of learning the necessary information, and most of what you need to know can be found right here on this website.
The concept of value
General sports knowledge
Betting options
Betting strategies
The Concept of Value
It’s no exaggeration to say that understanding the concept of value is vital for anyone who wants to make regular and consistent profits from betting on sports. Value is something that we have to consider for each and every wager we place. If there’s no value, then we shouldn’t be betting. It’s as simple as that.
Don’t worry if you’re not familiar with this concept yet. As important as it is, it’s not particularly complicated. Please take the time to learn about it though by reading our article on The Importance of Value Betting.
General Sports Knowledge
A lot of people believe that simply knowing a lot about sports is enough to be successful when betting on them. These people are wrong.  Sports knowledge alone is very unlikely to lead to betting success. This doesn’t mean that sports knowledge is not important though. In fact, the opposite is true. We really need an in-depth understanding of the sports we’re betting on if we want the best chance of making money. It’s not essential to be a bona fide expert, but the more knowledge we have, the better our chances of making accurate predictions.
Take soccer for example. The relative strength of a team can easily change from one season to the next with a few changes in personnel, so we need to keep up with all the relevant transfers. The current form of teams and individual players is a big factor in the likely outcome of results, so we need to keep track of who’s playing well and who isn’t. Injuries and suspensions are also relevant.
Staying up to date with everything we need to know can be very time consuming. It usually proves to be time well spent though.
Betting Options
Choosing which type of wager to place on a sports event is just as important as choosing which selection to back. To do this effectively, we obviously need to know and understand all the different options. Or at least the main ones.
If you’re not familiar with the various options available, you should read our article on the different types of wagers.
Betting Strategies
There’s an almost endless list of different strategies that can be used when betting on sports. It’s impossible to learn them all, but it’s important to spend some time studying the basic concept of sports betting strategy and learning about things such as hedging, handicapping, and predictive models.
The eventual goal should be to develop your own systems and strategies. To start with, though, we recommend reading through our strategy section. It’s packed full of useful information and advice that will teach you a lot.
Learnable Skills
There are many skills that will help you along the path to sports betting success. The four skills listed below are the ones we feel to be the most beneficial.
Basic math skills
Sense of value
Good bankroll management
Emotional control
Basic Math Ability
It’s not necessary to be a math genius to bet on sports. We do need to be able to carry out certain calculations though, so some basic math skills is definitely a requirement. Some people might say that this is something that comes naturally, and you either have the ability or you don’t. We don’t subscribe to this theory.
We recognize that some people really struggle with math, while others find even complex calculations super easy. That doesn’t mean those who struggle can’t improve. Just because you don’t currently have strong math skills doesn’t mean you’re never going to make it as a sports bettor. It just means that you need to focus on finding ways to sharpen your math skills.
Sense of value
We’ve already mentioned just how important it is to understand the concept of value. Simply understanding value is not enough by itself though. We also need to be able to identify value in the betting markets. This isn’t an easy skill to master, but it IS a skill that greatly improves our overall chances of success. So, it’s worth spending time on.
Although this is a learnable skill, it’s not really a teachable skill. It’s something that can only really be developed with time and experience. We do have one tip though; this is something that has helped us improve our sense of value over the years.
The main reason why it’s so hard to find value in the betting markets is because the bookmakers are exceptionally good at pricing up those markets. Why are they so good? They have had plenty of practice. By pricing up your own betting markets, you can get plenty of practice too! This may not be a particularly exciting way to spend time, but it can definitely pay off.
Good Bankroll Management
Bankroll management can be classified as an essential sports betting skill. There have been many bettors over time who were very good at what they did, but ultimately ended up broke because they were no good at managing their money. There’s a lesson to be learned from these people.
The good news is that bankroll management is easy to learn and simple to do. It involves setting aside a sum of money that should be used exclusively for betting purposes. Then, some rules must be set in place for how much to stake on each wager placed. Sticking to those rules can be challenging if you’re not naturally disciplined, but you try your best.
Emotional Control
There are many scenarios in life when showing emotion, or making decisions based on emotion, are the right things to do. Sports betting is NOT one of those scenarios. To put it bluntly, there is no room at all for emotions. Why? Because emotional decisions are not rational decisions, and rational decisions are what lead to financial gain.
We’ve all been tempted to put a few bucks down on our favorite team before, or to back a well-loved underdog for sentimental reasons. And this would be fine if we were betting purely for fun. However, betting with the heart is not the way to go for the serious bettor.
Emotion can manifest itself in other ways too. Imagine being on a really bad run, for example, when every single result seems to go the wrong way. It’s natural to get disheartened and lose confidence during such times. This is an emotional response though, and not a rational one.
The rational response would be to analyze WHY the results are not turning out as expected. It could easily be just a few freak results that nobody could have realistically predicted, in which case the right thing to do is just carry on as before. It could be that you’re making some fundamental errors in the way you’re predicting results though, in which case you might need to change your whole approach.
It’s a simple fact that keeping your emotions in check and looking at things objectively will almost always result in making better judgements. This will not be easy, but emotional control is a goal worth pursuing.
We’re almost done now, but there’s one more requirement that’s important if you want to be a successful bettor. We strongly recommend developing a proper plan for how you’re going to approach your sports betting. Among other things, this plan should include the following.
Starting bankroll
Proposed staking levels
Which sports to bet on
Which leagues/competitions/events to bet on
When to do the necessary research and analysis
Short-term goals
Long-term goals
Writing everything down on paper may not seem necessary, but trust us when we say that it is. It will help keep you focused and motivated. When your goals are clear and your approach for meeting those goals is planned out, everything works out much more smoothly. Please read our article on planning your sports betting success for more information on this subject.
Remember, failing to plan is planning to fail. Although this may sound cliché, it’s still true nonetheless. A solid plan can have a huge impact on your overall profit.
All that’s left now is for us to wish you the very best of luck in your sports betting endeavors. Regardless of whether you decide to bet for fun or for profit, we hope that the advice we offered will help you reach your goals.

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