Studies have shown that a shocking 98% of gamblers lose money on a long term basis. Yeah, I just hit you with the facts straight up. I know a few of you are reading this with raised eyebrows and thinking, “well, that can’t be right”, sadly, however, it totally is. The question to you gamblers out there, including the rare winners is, are you really making as much as you could be? Now say you are not winning at all, do you know why? I’m going to go ahead and make an educated guess that the reasons look a bit like this;
You’re betting in the wrong type of races,
Backing favorites blindly,
A bad sense of money management,
An undisciplined approach,
Maintaining what is known as a ‘gambler’s mentality’
Now, going back to the statistics initially stated, if 98% are losing money, then that would mean that 2% must be winning. Faced with this grossly imbalanced percentage, two questions come to mind and that is, who are these select 2%? And how are they managing to pull off this feat? In answer to the first question, the 2% comprises of professionals and semi-professionals like yours truly and as for the second, well, it’s simple, we approach betting as a business. While the betting industry would like to address us as ‘professional gamblers’, this title could not be more inaccurate. The reason being that unlike the average gambler, we do not bet for fun, or for the thrill of it, rather, we bet for one singular reason – to make a profit!
After reading the title of this article, you might be inclined to ask, “so, what exactly is the difference between betting and gambling? Aren’t they the same thing?” Well, no. No, they are not. I am now going to attempt to explain the differences between these two concepts. As a professional, as previously stated, I am in the business of betting for one singular reason – to achieve a slow and steady long-term profitability. In order for this to happen, professional betting may be looked upon as lacking in thrill and banal and psychologically, the end result of just one race loses its overall relevance to me because I know that, long term, I will make a profit from the strategies I have laid out. A business is run for the singular reason of making a profit and in order to achieve this goal, three elements have to e working in my favor:
A betting bank,
A staking plan,
A betting strategy which will deliver profits on a long-term basis.
The betting bank has to be big enough in relation to the size of my stake in order to shoulder the unavoidable losing runs. Secondly, psychologically speaking, it is important for the stakes to be well within my ‘betting comfort zone’. By this, I mean that my pulse must never be racing before, during or after any bet. The reason for this is simple, the second your pulse starts to race, then it would mean that you are no longer just betting, but are now actively gambling. Furthermore, it means something has gone wrong with your betting strategy, you are no longer okay with the stake size or you are no longer confident in the outcomes you have bet on and your betting strategy in general. When this happens, it is not uncommon for there to be a corresponding breakdown in discipline, leading to a situation where one begins to chase losses. I always make sure NEVER to do that. I always approach bad days with the same attitude, that’s just how life is, there will be another day. My betting portfolio is home to different quality betting strategies, but for the sake of this exercise, I will be using my ‘Hughie’ Place Betting Strategy to portray the above philosophy. ‘Hughie’Place Betting Strategy Below are the Hughie results for a six month period. I have chosen these figures because they embody the points I aim to make.
These results are based on a betting bank of £400 and the stakes used are £2, £4, £8 and £12
It can immediately be seen that, in relation to the size of the betting bank, the stake sizes are rather small. However, betting this way ensures that my betting bank is never at risk of going bust and I am never uncomfortable with the stake sizes. There are some of my members who bet much higher stakes after going through Best Betting sites (https://www.topbettingsite.co.uk/bet365/) for 2017 – Online Bookies reviews, offers, how to’s and the likes, but for the stake size to be increased, then the betting bank must be as well. This strategy can be followed easily and you would be safe with the understanding that winning, losing or drawing over a long term period of six months notwithstanding, you would be turning a profit. There would be no need to suffer heart palpitations while the races or games are going on as you would be confident in the strategy knowing that one or two losses here and there would not affect the ability of the strategy to make a profit over a long term. A recurring phrase throughout this article is ‘long term’. This is only to emphasize the point that for you to turn a profit using any betting strategy, you would have to plan for it over a long term period. From the results above,
you will notice that the months of March and April were not good months, but it didn’t ruin the overall results. The fact remains that, we will definitely have bad days, but we will not be affected because, in the end, the idea is to maintain a long-term strategy. One must not lose faith. Assuming a member joined in March or April and listened to my instructions concerning following the ‘Hughies’, they would have been disheartened by the end of April. It would seem like they had made a bad bet. If any member joined in December however, they would have had a terrific run, and their opinion of me and my betting strategies would be different. This example, in my opinion, shows how necessary it is to take a long-term view of any betting strategy. It is my hope that, this example of how consistent albeit slow, safe and steady profits are generated long term, despite being just one part of professional betting, has shown the difference between gambling, and the business of betting.