Betting for Beginners

This article has been written with the absolute beginner in mind.

As a beginner, there are some things that I would advise that you start to do immediately. These are good habits and will stand you in good stead for the future.

1) The first thing is to Be Organised in your betting activities and this involves a couple of key things:-

a) Establish a Betting Bank - This is money which you should keep completely seperate from your everyday household money. It should be a sum of money that you can comfortably afford to lose. Opinion varies as to how many bets the bank should cover but I would advise that it should be enough to cover at least 50 bets. So if you have decided that your level stake is going to be £10 then your bank should be £500. One of the biggest mistakes people make is to be too "aggressive" with their betting. They have a £500 betting bank and start to place £100 bets - a couple of losers and their bank is almost half gone. At this stage, desperation can creep in as they attempt to recoup their bank. With desperation comes indiscipline and so the stakes creep up until in no time at all, the entire bank has been blown.

b) Keep accurate records of all your bets - For this, I use a Spreadsheet program as it is the easiest way to keep a record of wins, losses, stakes, bank total etc. Even if you have accounts with several bookmakers, a simple Spreadsheet can bring them all together under one "roof" so that you can see very quickly and easily exactly where your overall bank stands at any given time.

2) Don't Chase Losses - I have already alluded to this in the earlier paragraphs but it is worth repeating and clarifying.

Remember when you are betting that the aim is to make small but consistent profits so that you end up with more than you started with.

It does not mean that you must make a profit every day.

If you have your betting selections for the day and they lose, take that day on the chin - there will always be more betting opportunities tomorrow. Don't attempt to "make good" the selections by placing further bets in order to recoup your days' losses.

If you do this then I can guarantee that, whilst you may get away with it on some occasions, in the long term, you will find that you lose more than you would have done had you simply stopped when your "real" bets lost.

A bad day can very quickly turn into a disasterous day once you start chasing losses.

3) Open accounts with several bookmakers - Most bookies will give you a free bet to welcome you as a customer - open accounts with more than one bookie and you will obviously get more free money to bet with.

However, once these free bets have been used, there is another reason for doing this and that is to get the best possible price on your bet.

You will find that the prices on the same event or selection can vary considerably and it makes complete sense to get the best price possible rather than take the price at one bookmaker because that is the only one you have an account with.

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