1) Failure to Use Betting Banks
Most gamblers fail to comprehend that the best strategy for accomplishing a solid and maintained long haul benefit from dashing is to set aside an entirety of cash far from your fundamental accounts, exclusively for the wagering of steeds. Whatever technique or framework you are utilizing, whoever you are taking after or subscribing to or however your own wagers are figured, you are in an ideal situation with a "Wagering Bank" that has assembled - in points of interest that can help you. It should be autonomous from your very own funds and should be shielded from variables that can debilitate it. This can remove a ton of feeling from the basic leadership prepare. Feeling is an element that debilitates all punters. The extent of your wagering bank will obviously be reliant upon your own particular individual conditions and free capital accessible.
An analogy to the world of shares perhaps may be that no financial advisor worth his salt would advise you throw all your capital into the stock market alone. The vast majority of punters fail to use any form of set aside bank. They bet randomly with what ever money they have in their pocket at the end of the week or go in too deep with stakes far in excess of their personal safety levels. A punter with a professional attitude will set aside what he can comfortably afford to invest and then determine the best use he can make of that fixed sum of capital. With a fixed sum of capital available you now move on to the next reason for failure.
2) Failure to Stake Correctly
It is essential that you consider your wagering bank as topped in sum. You don't have an interminable pool of assets to dunk into. Wagering by its inclination conveys characteristic dangers. These dangers incorporate times of low strike rates and long losing runs. You're wagering bank and staking ought to be adjusted for the technique you utilize. You should ahead of time, set yourself up for the likelihood of a more regrettable than normal grouping of failures through appropriation of an adequate number of units in your wagering bank. Amend orderly staking notwithstanding the numerical preferred standpoint, can likewise beat the danger of passionate response to a succession of bizarrely positive or negative results.
3) Chasing Losses
Chasing losses at first sight may appear to be an easy way to guarantee an eventual profit but the true story is it is a game for fools and statistically will not work unless you generate an overall level stakes profit. Chasing losses is a game for the ill informed who do not want to make the effort to seek value in their bets. Bookmakers have to price
up every race. Punters don't have to play in every race, they can pick the races they want to bet in,and that is the main edge that people fail to understand.
If you have had a losing day, by attempting to chasing your losses you give up that advantage and bet in the races that you should not be betting in. You are therefore betting the way bookmakers want you to and not in the way to win. Many punters will alter their stakes in the last race either to
"chase" losses or "play up" winnings. Its no coincidence that the
bookmakers have ensured that the last race on each day is often a handicap or one of the hardest races that day. There will be more racing the next day and the day after that.
The secret is waiting for opportunities and only betting when you know you have circumstances which favour you and not the bookmakers. You must never change your approach, or deviate from sensible staking as there is no such things as "The Last Race".
4) Lack of Value Appreciation
Appreciation of "value" in a bet is core to long term success.
To profit over a long series of bets you must be betting at odds greater than the true chance of winning your selection have. To do this however over the long term, you need to concentrate on each race individually and seek the value bet in that race. There is value to be had in every race. The key to it is understanding
where that value is. Many times a punter will screw up a losing betting slip and say "At least I had some value".
There is absolutely NO relationship between value and prices. A 33/1 chance may be diabolical value yet a very short priced favorite may be supreme value. It does not follow that the bigger the price you take the better "value" you have. The value is sometimes clear but more often well hidden and it takes a trained eye to see that. Everyone has this "Foresight" on occasions, it is a game about opinions after all and nobody is always right or wrong. Value can be the most expensive word in racing if you can't bet winner. The old cliche is that value is about betting a horse whose true chance is better than its price reflects.
That's only a small part of it. You also have to make sure that you bet in the right way and in the right races as that is the only way you can keep strike rates high and protect a betting bank. You should continually strive to increase value in your bets. Once you have a selection you feel is value do not just take the first acceptable price that comes along. Seek to improve it by shopping around the various bookmakers or try and top the best bookmakers price by looking to the betting exchanges. Marginal improvements on odds on each bet you make can have a dramatic effect on long term profits.
5) Greed For Instant Wealth
Many punters seek the thrill of a life changing bet that will produce huge gains of instant wealth for a small outlay. Bookmakers play on your natural desire and go out of their way to encourage you to bet exotic multiple selection bets that can in one hit, turn a small stake into a large sum. Professionals however rarely bet in multiples. Most professionals bet singles and steer away from the multiple bets. Bookmakers relentlessly promote a host of multiple bets with exotic names such as Yankee, Lucky 15, and Goliath.
The reason they are heavily touted is the profit margin in the bookmaker's favour increases the more selections you add to your multiple bet. Say you select any random 5/1 selection. If you bet this as a single the bookmaker may have a theoretical edge in his favor of 15%. Taking two such selections however and betting them in a win double, the bookmakers profit margin rises to about 30% ! Yes your win double can produce a much bigger win from the same stake however over the long term the bookmaker is eating away at your capital at a much faster rate.
6) Lack of Discipline
Lack of Discipline is the big hurdle for punters trying to turn a losing
hobby into a winning one. Bookmakers know that. That's why in every
betting office you can bet on numbers, lotteries, ball games, racing from all over the globe with horses nobody has heard of before and even now computer animated, or as they call it, virtual racing. Bookmakers just believe that its a case of punters sitting all day betting on what ever is put in front of them and sadly they are right in many cases. They are simply thrill seeking and don't care what they bet on, as long as they can bet.
7) Emotion
Betting is a lonely game. Its also a highly skilled game. Emotion
undermines success in many ways. There is comfort in knowing that as a sheep when you are wrong it is not your fault as you were simply doing what everyone else was doing. With betting, the laws of market supply and demand, dictate that long term, the sheep will get fleeced. Emotion neutralises discipline and long proven successful practices. The result of any isolated race has little or no relation to races just before that or just after that. Races should be viewed in isolation from each other. We are all emotional in betting but the players at the top of the tree have this down to a fine art and can control those emotions.
8) The Grass is Greener
The grass is rarely Greener on the Other Side. The truth is that the grass that isn't working for you has not been grown, cultivated or looked after properly. Many punters change approaches and methods so quickly that they don't give any method a true test. If they find a system that works they don't continue after a few bad results. It is the same as gamblers who write down every bet they have. Once they have a few losers they often lose the heart to do this and stop doing so and move on to another area. They are like children with new toys at Christmas. They never stay with any method long enough to prosper.
They always feel the" Grass is Greener", when in truth the "Grass" they are using has been abused and left to deteriorate. They want the next Big "new idea " or "method " and that doesn't work either as the fault lies not in the Grass, but the Gardener.
They have no long term consistency in their betting and are constantly tinkering with what wasn't broke or moving on in search of the holy grail before a full evaluation of what they are currently examining has been completed.
9) Laziness
Most punters are LAZY! They have religiously followed a doctrine of poor planning and lack of research. They refuse to study and spend hours looking at how they can win at betting. They refuse to invest in the game and invest in their own learning. You cant refuse to spend money, just look at the racing for 30 minutes and expect to win long term. You simply can't get away with that in the hardest trade of all, Winning Money at Betting. If it was that easy, then millions would do it.You must either invest in your betting, or pay someone to do just that. Natural human tendency is to try and get away with the least amount of effort. Lazy punters are cannon fodder for the bookmakers.
10) Stupidity!
Amazingly most punters fail to learn from their mistakes. They continue for years making the same basic errors time and time again. Pure stupidity. Strive to improve your betting performance by continually learning from the mistakes and weakness is your game. Your bookmaker may have been laughing at you for years. You have it in your power however to improve your betting and hopefully wipe that smile from his face for good.
Most gamblers fail to comprehend that the best strategy for accomplishing a solid and maintained long haul benefit from dashing is to set aside an entirety of cash far from your fundamental accounts, exclusively for the wagering of steeds. Whatever technique or framework you are utilizing, whoever you are taking after or subscribing to or however your own wagers are figured, you are in an ideal situation with a "Wagering Bank" that has assembled - in points of interest that can help you. It should be autonomous from your very own funds and should be shielded from variables that can debilitate it. This can remove a ton of feeling from the basic leadership prepare. Feeling is an element that debilitates all punters. The extent of your wagering bank will obviously be reliant upon your own particular individual conditions and free capital accessible.
An analogy to the world of shares perhaps may be that no financial advisor worth his salt would advise you throw all your capital into the stock market alone. The vast majority of punters fail to use any form of set aside bank. They bet randomly with what ever money they have in their pocket at the end of the week or go in too deep with stakes far in excess of their personal safety levels. A punter with a professional attitude will set aside what he can comfortably afford to invest and then determine the best use he can make of that fixed sum of capital. With a fixed sum of capital available you now move on to the next reason for failure.
2) Failure to Stake Correctly
It is essential that you consider your wagering bank as topped in sum. You don't have an interminable pool of assets to dunk into. Wagering by its inclination conveys characteristic dangers. These dangers incorporate times of low strike rates and long losing runs. You're wagering bank and staking ought to be adjusted for the technique you utilize. You should ahead of time, set yourself up for the likelihood of a more regrettable than normal grouping of failures through appropriation of an adequate number of units in your wagering bank. Amend orderly staking notwithstanding the numerical preferred standpoint, can likewise beat the danger of passionate response to a succession of bizarrely positive or negative results.
3) Chasing Losses
Chasing losses at first sight may appear to be an easy way to guarantee an eventual profit but the true story is it is a game for fools and statistically will not work unless you generate an overall level stakes profit. Chasing losses is a game for the ill informed who do not want to make the effort to seek value in their bets. Bookmakers have to price
up every race. Punters don't have to play in every race, they can pick the races they want to bet in,and that is the main edge that people fail to understand.
If you have had a losing day, by attempting to chasing your losses you give up that advantage and bet in the races that you should not be betting in. You are therefore betting the way bookmakers want you to and not in the way to win. Many punters will alter their stakes in the last race either to
"chase" losses or "play up" winnings. Its no coincidence that the
bookmakers have ensured that the last race on each day is often a handicap or one of the hardest races that day. There will be more racing the next day and the day after that.
The secret is waiting for opportunities and only betting when you know you have circumstances which favour you and not the bookmakers. You must never change your approach, or deviate from sensible staking as there is no such things as "The Last Race".
4) Lack of Value Appreciation
Appreciation of "value" in a bet is core to long term success.
To profit over a long series of bets you must be betting at odds greater than the true chance of winning your selection have. To do this however over the long term, you need to concentrate on each race individually and seek the value bet in that race. There is value to be had in every race. The key to it is understanding
where that value is. Many times a punter will screw up a losing betting slip and say "At least I had some value".
There is absolutely NO relationship between value and prices. A 33/1 chance may be diabolical value yet a very short priced favorite may be supreme value. It does not follow that the bigger the price you take the better "value" you have. The value is sometimes clear but more often well hidden and it takes a trained eye to see that. Everyone has this "Foresight" on occasions, it is a game about opinions after all and nobody is always right or wrong. Value can be the most expensive word in racing if you can't bet winner. The old cliche is that value is about betting a horse whose true chance is better than its price reflects.
That's only a small part of it. You also have to make sure that you bet in the right way and in the right races as that is the only way you can keep strike rates high and protect a betting bank. You should continually strive to increase value in your bets. Once you have a selection you feel is value do not just take the first acceptable price that comes along. Seek to improve it by shopping around the various bookmakers or try and top the best bookmakers price by looking to the betting exchanges. Marginal improvements on odds on each bet you make can have a dramatic effect on long term profits.
5) Greed For Instant Wealth
Many punters seek the thrill of a life changing bet that will produce huge gains of instant wealth for a small outlay. Bookmakers play on your natural desire and go out of their way to encourage you to bet exotic multiple selection bets that can in one hit, turn a small stake into a large sum. Professionals however rarely bet in multiples. Most professionals bet singles and steer away from the multiple bets. Bookmakers relentlessly promote a host of multiple bets with exotic names such as Yankee, Lucky 15, and Goliath.
The reason they are heavily touted is the profit margin in the bookmaker's favour increases the more selections you add to your multiple bet. Say you select any random 5/1 selection. If you bet this as a single the bookmaker may have a theoretical edge in his favor of 15%. Taking two such selections however and betting them in a win double, the bookmakers profit margin rises to about 30% ! Yes your win double can produce a much bigger win from the same stake however over the long term the bookmaker is eating away at your capital at a much faster rate.
6) Lack of Discipline
Lack of Discipline is the big hurdle for punters trying to turn a losing
hobby into a winning one. Bookmakers know that. That's why in every
betting office you can bet on numbers, lotteries, ball games, racing from all over the globe with horses nobody has heard of before and even now computer animated, or as they call it, virtual racing. Bookmakers just believe that its a case of punters sitting all day betting on what ever is put in front of them and sadly they are right in many cases. They are simply thrill seeking and don't care what they bet on, as long as they can bet.
7) Emotion
Betting is a lonely game. Its also a highly skilled game. Emotion
undermines success in many ways. There is comfort in knowing that as a sheep when you are wrong it is not your fault as you were simply doing what everyone else was doing. With betting, the laws of market supply and demand, dictate that long term, the sheep will get fleeced. Emotion neutralises discipline and long proven successful practices. The result of any isolated race has little or no relation to races just before that or just after that. Races should be viewed in isolation from each other. We are all emotional in betting but the players at the top of the tree have this down to a fine art and can control those emotions.
8) The Grass is Greener
The grass is rarely Greener on the Other Side. The truth is that the grass that isn't working for you has not been grown, cultivated or looked after properly. Many punters change approaches and methods so quickly that they don't give any method a true test. If they find a system that works they don't continue after a few bad results. It is the same as gamblers who write down every bet they have. Once they have a few losers they often lose the heart to do this and stop doing so and move on to another area. They are like children with new toys at Christmas. They never stay with any method long enough to prosper.
They always feel the" Grass is Greener", when in truth the "Grass" they are using has been abused and left to deteriorate. They want the next Big "new idea " or "method " and that doesn't work either as the fault lies not in the Grass, but the Gardener.
They have no long term consistency in their betting and are constantly tinkering with what wasn't broke or moving on in search of the holy grail before a full evaluation of what they are currently examining has been completed.
9) Laziness
Most punters are LAZY! They have religiously followed a doctrine of poor planning and lack of research. They refuse to study and spend hours looking at how they can win at betting. They refuse to invest in the game and invest in their own learning. You cant refuse to spend money, just look at the racing for 30 minutes and expect to win long term. You simply can't get away with that in the hardest trade of all, Winning Money at Betting. If it was that easy, then millions would do it.You must either invest in your betting, or pay someone to do just that. Natural human tendency is to try and get away with the least amount of effort. Lazy punters are cannon fodder for the bookmakers.
10) Stupidity!
Amazingly most punters fail to learn from their mistakes. They continue for years making the same basic errors time and time again. Pure stupidity. Strive to improve your betting performance by continually learning from the mistakes and weakness is your game. Your bookmaker may have been laughing at you for years. You have it in your power however to improve your betting and hopefully wipe that smile from his face for good.
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