There are people in the world who place bets for a living. If people can do this, is there a secret formula to winning while gambling?
Many people have suggested that betting strategies are a good way to improve your odds of winning on bets.
Betting strategies are not new and they’re not foolproof. However, many people have had a huge amount of success with them. They act as a guideline for working out when the odds are worth putting money on. They are not a shortcut to winning, they are more of a set of guidelines for making sensible bets.
Today, we are going to talk you through what betting strategies are, which ones you should avoid, and which ones you should employ when betting.
What are betting strategies?
When you start betting it is very easy to dive straight into it. To make wild bets on anything that takes your fancy. Betting on both long and short odds. If this system pays off then it is because of pure luck.
If you are looking for a more consistent way to win then you should consider using a betting strategy.
Betting strategies are a series of rules and sums that you apply to a set of betting odds to decided if it is worth betting on. If the odds aren’t good enough then you choose not to bet.
This way you are making more bets with a higher probability of winning. While your winnings will be smaller per bet, on the whole, you should see a significant increase in the amount of money you will be winning.
Betting strategies focus on the long term. They aim to build up your bankroll slowly over time. Rather than blowing it on long odds in one weekend.
There are many different types of betting strategies that all claim to be the best ones out there. They all use a similar base premise. However, it is worth noting that some systems work better for different situations and sports.
For example, the Kelly Criterion method is a great choice when it comes to picking out bets to make on football, but it doesn’t translate very well betting on horses or political outcomes. You may need to be aware of multiple strategies if you are betting across multiple fields.
What ones should I avoid?
We understand that most people are more interested in hearing about what strategies do work, rather than ones that don’t. However, it is important to have a good knowledge of both sides of the coin before starting to employ your own strategies.
Understanding why one system doesn’t work will help you to spot systems that will work.
The Martingale Method
This method requires a large starting pot and theoretically brings in very little unless you win big (and we mean BIG). Originally, born at casinos, this betting strategy is now banned from most floors. To be successful with this method you will need a lot of money upfront and it might take a long time to turn a profit. Even longer if you’re betting on sporting events.
The Martingale Method is as follows, you place your first bet, then you keep doubling each subsequent bet until you win. This way you will always make a profit, even if it is a small one. The longer you go without winning the smaller your profit will be.
If you bet $1 and you go 9 bets without winning you will have to put down $512 on your 10th bet. To make a profit on this you will have to win over $1010.
This strategy is not reliable enough.
What betting strategies should I employ?
Here is the main betting strategy that we think you should consider for your next betting run.
The Kelly Criterion method
This method comes from the world of buying stocks but actually translates really well into the world of betting – particularly betting on sports games.
To do this calculation you need two pieces of information:
- The bookie’s odds (we will call this A) – visit this site for the best odds
- The real probability of victory *this you will need to work out yourself (we will call this B)
For this example we will use a bet that has 2.6/1, making the probability 42%.
- (A x B)-1 = C
- Note, if this calculation comes out negative then the odds for this bet are not considered high enough to bet on.
- (0.42 X 2.60)-1 = 0.092
Because this number is above 0, the odds on this bet are worth taking.
This strategy has a second calculation to help you choose what size bet you should place. You may find that it will come up with a very big final number. If you do not want to bankroll that much upfront, you can choose the size of your own bet.
- Part 1 – (C-A) = D
- With our example, this would work out at 5.75%. You can them times your possible bankroll by this to see what kind of profit you would be making. (Money X D = profit)
This method will not only give you the opportunity to work out if the bet is worth the risk, but it will also show you how much profit you could be making.
This method is particularly useful for betting on sporting outcomes.
A final note
Betting is something that is very easy to become addicted to. And may people who are addicted turn to bet strategies because they think it will solve their problems and they make them feel more in control.
Experts say that when betting stops becoming fun you should stop. If you start to feel out of control you should stop. And if you find yourself betting more to make up your losses you should stop.
Many betting sites now offer an option to pause your ability to bet for upwards of an hour.