Friday, 10 October 2008

Gambling for Profit

Gambling is mainly associated with losing money. This is a good enough reason not to gamble, as it is absolutely true. Bookmakers make money because they set the odds in their favour, it is no wonder more people lose money than gain, but there are other reasons for this.

Most gamblers do not have a clue on how to gamble and do not give enough thought to the process of betting.

There is money to be made on betting but like most things you need to know exactly what you are doing and have lots of research behind you betting.

You have to understand the various risks in gambling. Making a bet at random or just from a tip given from someone else is no way to making profits in this business.

You need to set a budget and stick to it. This makes so much sense Set a maximum amount you can afford to lose a month and stop if that figure it reached. With this in place you will have monthly funds to play with. If you divide portion this money figure, i.e. so much each day this is a goof plan otherwise you are likely to run out of money more quickly.

Another good plan is to set a maximum stake for bets. This has to be based on your daily allowed funds with a build in system where your daily stake may be lots of small bets or one big bet.

One of the biggest mistakes you can make is to try and make up for losses by ploughing more money into bets that are over budget. Not a good strategy.

Recover from a loss needs to have a slow and calculated approach and waiting for good opportunities. The process should be done slowly, slowly and not an all or nothing bet in panic.

On the other hand it is very easy to get carried away if you're kin a winning streak. You should have a daily plan and budget and whether you win or lose you should stick to that plan. Most who don't, end up losing their winnings.

It is a good idea to step away from the gambling business from time to time. This amongst other things is a good test. If you find you can’t do this then you may well have a problem and should seriously consider giving up on that basis.

Too many punters try and find that one big bet that will get you rich quick. This in terms of business is not a good strategy. Try to make you gambling business work by using the tactics of a series of smart and small bets.

Only bet on things you understand or have good experience in. If it hasn't then don't bet on it. You're far more likely to lose!

The difference between the odds offered by bookmakers can be diverse. Up to 50% difference in some cases. Always look for the best odds so when you do win you are going to get more winnings. To so this make sure you have a choice of accounts to choose from that may give a choice of better value odds.

You can make money our of gambling but it has to be approached like any other business in a professional way and make the most of you knowledge and understanding of what you are betting on. Most don’t and fail!!


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