In order to profit from betting you have to find not just winners but value winners. It is easy to find winners just back the odds on favourites but you are very unlikely to make a profit over time. Your profit is in value not winners
So what is value? Take a coin toss. Every time a coin is tossed, the probability of it landing on either heads or tails is 50%, in betting terms it is an even money shot, 1-1. If you and your friend bet on the toss you both have an equal chance of winning, if you play tossing a coin for long enough you should both breakeven however you both more than likely will have long losing runs on the way. However if you change the odds so now if you back heads at odds 1-2 and your friend backs tails at odds 2-1 I think you will find over time you will lose money and your friend will make a profit, that is because if you take the odds of 1-2 on heads you are not getting value because the true odds is evens, 1-1. Your friend has the value at 2-1. Try it and see what happens!
Value is as equally important to a punter as to a shrewd shopper. So shop around the bookies and get the best price on offer.
To determine what the value odds are for horse in a particular race is obviously more subjective and an art in its self, way beyond the scope of this website, however Simon’s Tips spot value for you.
Keep a record of each individual bet, amount staked, won, lost, odds, bookies and calculate your percentage profit/return on income (ROI)
Update you records every day that you have a bet.
Put your betting money in a separate bank account that you don’t use for anything else.
Bet to just 2% of your bank, so if you have £250 in your betting bank just bet £5 per point .
When you have a big win don’t go out and spend it all. For example if you have 50 £5 bets in a month you have staked £250 and in this time you have made a profit of £100 (so you have turned £250 into £350) you have made 40% profit ((£100/£250)x100) or some call it return on income ROI. At Simon’s tips we expect to make 15% profit on money staked overtime so if you have made 40% you are more than likely due a losing run so you need to keep the excess part of your winnings to cover a losing run because overtime you should only be making 15% not 40% so in this example you could take out/spend £37.5 (15% of the amount you have staked, £250) and keep the excess winnings of £62.5 in you betting bank.
All pro punters will have losing runs you need to be able to accept this and have a large enough bank to ride them out. As Simons Tips predominately tip larger price horses losing runs are to be expected even more so, but the reverse is also true so it doesn’t take many winners for to get your money back, you just need to keep faith
If you manage your money as advised above losing runs should not be an issue
If you want a full time income from backing horses you need to treat it like a job, putting in the hours and being disciplined. Being a professional punter sounds all very sexy but it truth it is hard work and at times can be very stressful.
It can be a challenge getting bets on. The bookies are increasingly intolerant of anyone they believe to not be a “mug” punter, this can be frustrating. The pro punter will just move on to another online account or another town/shop
Don’t attach yourself emotionally to certain horses, don’t bet on emotion or just to have interest in a race. Keep the faith when you are in a long losing run.
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