Written by Boxingfan
Presumably anyone that has signed up for this subscription service has a fair amount of gambling knowledge, but that may not be the case for everyone. It can be a precarious business, littered with pitfalls. If you don't plan correctly in advance you may find yourself so far into the red that you throw in the towel before you really get going. This is where the correct planning comes into play. I'm going to look at things from the perspective of a follower. Someone that doesn't pick out the bets themselves, but instead back the tips provided by a tipster, which is the case for you guys in this service. I've generated an extensive list of what I think it takes in order to give yourself the best chance at being successful.
- A large selection of bookmakers - it really is a case of the more the merrier when it comes to number of bookmakers you sign up to. That said, you should always research them thoroughly before signing up. There are a numbers of bookmaker review sites out there that do the leg work for you. It's good to check that they provide what you require in terms of sports, betting lines, odds, payments options etc. If you spread out your bets over a number of different bookies there is less chance that you will be limited, which brings us onto our next subject.
- Reputable bookmakers that are not quick to limit winning punters - sadly these are few and far between. Some are better than others, but most will limit you in the end. I call the worse offenders 'jokers' and they really don't like winners. I will create a list of bookmakers that I use and how I rate them, pulling no punches. I like to place most of my bets with the best bookies and use the 'jokers' sparingly and usually only where there are no other options available.
- Decide on stakes in advance - some gamblers choose flat stakes, a % of their betting bank, or variable stakes. I choose variable, but the choice is entirely up to you. The important thing is to keep the stakes uniform for a long period before adjusting them. For example, if you have a £5000 bank and give yourself a target of £1000 profit, you could then choose to increase your stakes when you reach that goal. Increasing stakes is where using reputable bookies that don't limit or aren't quick to limit are imperative.
- Never chase losses - we've all done it. You lose all your bets for the day. Ones that were well thought out and reasoned, but just didn't work out. We then decide to dip back in later on that day with the belief that things can't keep going badly. Not in 24 hours. Perhaps you even put on a little bit extra to get back what you lost earlier. This is the number 1 mistake made by gamblers. Train your mind and stick to the system you have laid out in advance. Take your losses on the chin and come back to fight another day. The next day!
- A track record of your bets - this one may seem pretty obvious, but it's so vital to a winning gambler. If you lose track of what you have bet, won or lost, just forget about continuing. You are no better than the average Joe in a high street bookie. Create a spreadsheet or copy one from someone else and update whenever you place a bet and again when the result is in. You may look back and see patterns of things that worked or perhaps didn't work and make adjustments where appropriate. Even if you don't look back on it, you need to know how well you're getting on at any given time.
- Follow tipsters that you trust - there are so many tipsters out there, it's difficult to know who to follow. There are those that make grand claims, such as a 40% ROI, where the goods times will continue to roll indefinitely. There are also those that don't sing about their abilities from the rooftops and have a far less impressive yield however, they are extremely consistent and reliable and as a result remain under the radar for most of us. Look for tipsters that have an extensive track record that can be verified, so that you're fairly confident they can ride out an inevitable losing streak. A common mistake that followers make is jumping ship when things start to get a little rocky, moving onto a tipster that is in the midst of a good run. Chopping and changing never works and only adds to the stress and irritability that can arise from this game. Talk to your tipster. Ask them questions so that you feel comfortable that your money is safe with them. If they don't like to address feedback or queries then perhaps that's a red flag right there.
- Follow tipsters that work for you - at first glance a tipster may appear ideal, but delve a little further before making the plunge. It's a good idea to test run any tipster before backing them with actual money or large stakes. That way you will likely uncover things that don't work for you, such as the timings of the tips, the speed at which odds drop, the clarity of tips. Don't try and force things to work out. They need to be right for you and you only.
- Limit your number of bets - has anyone found themselves backing so many tips in a month that they're forever updating their spreadsheet and clinging to their phones wherever they go? I know I have. Don't overload yourself with too many tips. Instead focus on quality over quantity.
- Diversify your portfolio - as is the case with the stock market, a diversified portfolio reduces your exposure to risk. If you follow too many tipsters from the same sport and then some unexpected results occur in quick succession, you may take a larger hit than you should have. Also, if for example, you follow two tennis tipsters and they contradict each other with opposing tips, you are left with a difficult decision to make. What you want is a nice mix of a few sports, using the best tipster that suits you.
If anyone has anything further to add please use the comments box below. We're all in it together so it's good to share.