With all the enthusiasm that is surrounding our community and with some of our members making money in #live-betting, it is easy to get carried away and do some stupid things.
Don't let your emotions take control over your behavior.
Don't let your ego fool you into thinking that you can outdo the guys such as @acelad and @costanza. Behind their current high performance are the years of study, discipline, and lots and lots of losing bets. Seeing them placing in-play bets and minutes later collecting the winnings is something to marvel upon. It looks so easy, almost as if no effort is involved.
It's not easy guys. It's not luck either.
Word of the Day: Ludomania
Funny word, isn't it? Let's see what the free dictionary has to say about it:
A disorder of impulse control in which a person makes wagers of various types—in casinos, at horse races, to book-makers—which compromises, disrupts, or damages personal, family, or vocational pursuits. (source)
Gambling can become an addiction and mess up your life. Be on your guard!
Education & Discipline
The keys to successful betting are education, discipline, and the money you can afford to lose. If you lack any of those, don't be a fool. Observe the action, learn, and only on an occasion place a small bet.
Here's some betting wisdom from @costanza: Betting Wisdom | #8 Always Hold Yourself Accountable. Scroll down and start from the first installment of the series.
Once you've finished the reading of the above, read the @inittowinit's The Basics series:
In Conclusion
Let your emotions and ego take control, and you're in for an awful ride. Take your time, educate yourself, play with money you can afford to lose, and your sports betting journey will be an enjoyable one.
That's about all for now. Good luck!
Great post! Everyone has losing runs, so it's important to stake appropriately.
Example: In the last month I've been tracking my inplay football bets, I've been betting at average odds of 2.38 (implied chance of 42%). My longest winning run has been 10 bets, but my longest losing run has been 8 bets. Based on my current strike rate of 56%, my expected LLR is just over 6. To be absolutely safe, I'm going to double this figure to give 12, and stake accordingly - if I were to lose 12 bets in a row, how much of my bank would I be comfortable with losing? For me, I'd say around a quarter, which is why I've chosen 2% of my total bank per bet (2x12 losses = -24%).
Obviously if I was talking about a longshot betting strategy, the same concept applies but the stake % would be much lower.
Check out this handy calculator to identify your expected longest losing run
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I'm of the opinion that the bankroll management is the single most important thing when it comes to the sports betting.
You can half-ass in the other areas and still live to fight another day, but if you fail to run your bank properly it's not a question will you fail, but when you'll do it.
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Indeed, with bad bankroll management it doesn't even matter if your bets expect a profit. Variance will bring you down eventually
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Yet, that's the last thing that a sports bettor learns. Most of them don't learn it at all.
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Well said. Never lose control or go for the hail-mary, all-in kind of bets. And definitely no Martingale lol.
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Why not martingale? It's the fastest way to lose your shirt :-)
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I've definitely come across the bank management problem before. Definitely getting better at it now and it's nice learning new strategies etc along the way!
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As long as it is under your control and you're improving the sports betting is an exciting journey. Especially now when we have such awesome guys in our community to learn from.
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That's definitely a big thing is having others to learn from.
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Well thoughtful and helpful advice to us sport betters, o thing I always do first of all is to allocate an amount of money for my betting and I do not go beyond that amount , secondly I am always discipline in placing bets as I don't allow my emotions to control my action. I stick to my aim for that bet . Nice and informative post @beat-the-bookies
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Thanks @obest.
If you control your betting (and not the other way around), you are in for some fun and profits. Good for you for doing so. Cheers!
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The most important to me is self control and disciple that means I can only place bet with my spare money.
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Glad to see you back.
I'm putting the final touches on our bot, it will start upvoting all the members that meet the requirements starting the next week. @costanza will write the rules for the usage of the bot and publish it on Monday. Keep your eye on it. Cheers!
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Thanks, I will.
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