10 New Year Betting Resolutions

Want this year to be the one you stop losing on the punt and start making a reliable profit? Or are you already betting somewhat successfully but want to turbocharge your profits to the next level?

Either way, here are 10 handy Betting Resolutions to get your betting on track like a professional.

 

1) OPERATE A BETTING BANK

The reason many punters fail is they do not adhere to the same strategies professionals use to succeed. All professionals have a betting bank, and keep this completely separate from their day-to-day finances. The funds should stay in bookmaker, Betfair and TAB accounts - the separation from your daily finances helps you to keep focused. A betting bank is also necessary so that you stake appropriately with your betting bank and avoid ever being wiped out and having to add funds to your bank.

Learn More: How to manage your betting banks following multiple services

 

2) MAXIMISE YOUR WINNINGS

After doing all the hard work in finding and backing a winner, it makes no sense to get ripped off on price. Shopping for odds makes an enormous difference to your overall profit at the end of the year, so having multiple bookie accounts is a must. It’s no different to shopping online and buying a product for a price much worse than you could get on a different website simply because you didn’t look at alternative. But having multiple options isn’t enough, you must ensure you don’t get banned or restricted by the bookies once you start winning!

Learn More: 20 Tips To Get The Best Possible Odds

Learn More: How do I avoid getting banned by the bookies

Learn More: Account Restrictions and what can be done

Learn More: Minimum Bet Laws

 

3) MAINTAIN DISCIPLINE

Maintaining discipline is often the hardest part of betting for most punters. Once you have started a betting bank and consistent staking strategy, it can be difficult to maintain this during either a big winning or losing streak. As Mike Tyson once said: "everyone has a plan, until they get hit". Discipline is the key to success in this game, and that includes keeping records to analyse and learn from your mistakes.

Learn More: Variance and the importance of sound bankroll management

 

4) TAKE A LONG-TERM FOCUS

Remember betting is a marathon, not a sprint. It frankly doesn’t matter how much you won or lost on a given day, week or even month. All that matters are the long-term results, and if you focus on the long term (minimum one-year horizon) you will find your frustrations and concerns around your betting performance on a given day, week or even month is actually of no long term consequence, and is a natural part of the investment cycle.

Learn More: Perspective

 

5) FIX YOUR MINDSET

Staying positive and unlearning the betting myths that you would have learned from the 99% of unsuccessful punters over the years are key to betting successfully. If you have the right long-term mindset you’re already ahead of most punters, and are already halfway towards success. If you have the wrong mindset, you are likely to fail at anything you attempt, and betting is no different.

Learn More: ‘Bouncers’ – Why some people fail following tipster services

 

6) ONLY BET WHEN YOU’RE GETTING VALUE

Make sure you aren’t simply following the big money, by which time you are often simply backing horses that are ‘over bet’ and no longer value. Always ensure you are also betting when the odds available exceed your expected chance of that horse winning.

Learn More: What is value in gambling?

 

7) DIVERSIFY

You may have a successful betting method yourself, or a service that is delivering you great profits. But are you sure that method or service will continue to be profitable ongoing? A critical element to any successful investor is diversifying to reduce risk and maximise profits.

Learn More: The benefits of multiple betting services

 

8) FOCUS ON PROFIT

Just remember that whilst factors such as Strike Rate and Profit on Turnover are useful calculations, at the end of the day the most important number is the Profit you’ve made at the end of the year. Maximising Profit should always be your number one primary objective and shouldn’t be sacrificed solely in an attempt to improve Strike Rate or Profit on Turnover percentages.

Learn More: Results

 

8) LEARN THE MATHEMATICS

Bookmakers win because they understand two key principles: Mathematics and Patience. Ensure you understand the maths, so that you can turn the odds in your favour.

Learn More: Understanding Market Percentages

Learn More: The Mathematics - Runs of Outs or Losing Streaks

 

9) GET YOURSELF EDUCATED

Make this year the one you get educated – whether by reading books, listening to true experts in their field through the media, or searching online - start learning from those who are successful in their field. By trying to replicate what they do, you will begin to generate consistent profits.

Learn More: FREE BETTING EDUCATION

Learn More: WINNING EDGE PODCAST

Learn More: WINNING EDGE TV

 

10) FOLLOW A PROVEN STRATEGY

Whether it is using your own successful betting strategies and/or following services run by professionals with a long term proven track record, make sure your betting activities have a purpose this year. Long Term Profit!

Learn More: 10 reasons why Winning Edge Investments is the #1 Tips & Ratings Provider in Australia