It may be a tired cliche for a title, but it couldn’t be more true. The inexperienced gamblers will often look at betting as some kind of get rich quick scheme, both when picking their own bets and following tipsters. They want a load of money as quickly as possible. Unfortunately, for everyone, betting doesn’t work this way. We would all be minted if that was the case. A part of profitable sports betting is adopting the correct mindset. You have to be in it for the long run. Expect losing runs, expect ups and downs, bad beats, great wins, the lot!

Everything in this article will apply both to the punter who picks their own bets and the one who relies on tipsters.

Quality Over Quantity

I can’t quite stress this point enough. Betting is an investment, you want to be backing selections that are good value. You want to be able to predict the probability of each outcome better than the bookmaker can. Once you have done this, if the price on offer is better than your tissue price, you’ve got yourself some value. This takes hard work and dedication. Anyone can tell you who has the best chance between Man City and Sunderland, but this isn’t good to anyone. You want to be able to predict what the probability is of Man City winning on this day, and vice versa. Working out these probabilities, creating your own prices etc is where the quality comes into play. Doing this will really point you in the right direction to becoming a profitable punter and is where you should put your focus.

Online bookmakers are really making a point to advertise their in-play markets. People enjoy betting in-play because bets can win within an instant. Making money over a very short period is appealing to anyone, but this has caused people to lean towards quantity over quality. This is especially true for some tipsters who are taking advantage of the impatient gambler.

I put a tweet out the other day mentioning this. I’ve noticed that tipsters who are growing the fastest are those who post the largest number of bets. A tipster who just puts in-play after in-play up will get popular. It seems to be what a lot of punters are after which is a huge concern for me. The fact is, betting on the next game straight after the previous bet has been settled is not a winning strategy. It results in selections that have little or no research and therefore -EV bets. To think tipsters are posting over 50 tips a day just baffles me, but you can be sure it’s happening and you can be even more sure that people are all over it, regardless of the long term implications.

This is Exactly how Accounts such as MyRacingTips, TWEnclosure and FootySuperTips have become so Popular!

I’ll give an example:

On Thursday, there were 55 races across the entire day in UK and Ireland.  MyRacingTips posted a total of 31 tips for that day. A crazy number and unless they have a team of 20 odd people and are up 24/7 studying, I highly doubt that these are ‘thoroughly researched’ as suggested in their bio.

They post bet after bet. Rollers, challenge bets, accumulators, the lot. You will find them there. You will also find that these accounts are almost certainly not profitable in the long run. Their betting strategies are completely flawed, yet people will continue to follow them for as long as they go on until this ‘next bet’ mindset changes.

What is the ‘Next Bet’ Mindset 

This doesn’t need a great deal of explaining, but this is the mindset where the punter is always after the next bet. Bugging the tipster by asking when it will be, or telling them to move onto the next one. Take a look at any of the reasonably large in-play tipsters on twitter, look at the replies. I am certain that you will see at least one person who is pushing for another bet. It’s a vicious circle. Even if the tipster doesn’t fancy anything else, the added pressure to appease their followers leads to another bet being posted. Naturally, this can only be a negative.

Are You Stuck in this Mindset?

If so, it’s something that needs changing immediately, for the good of yourself and your bank balance. It’s easy enough for the most part to get out of it, here’s what we recommend.

  • Distance yourself from the tipsters who are tipping anything and everything. It’s very easy to follow a tip for the sake of it and get pulled in. Don’t let their bets/claims fill up your timeline, just hit the unfollow button. Even if you have paid for their service, sometimes you’re better off cutting your losses and getting out of there.
  • Keep on telling yourself that betting is all about the long term. Write it down, stick it on your wall. Anything that might keep your head in the right place. If it helps, it can only be a good thing.
  • If you’re after fast, easy money, betting isn’t for you. I don’t think there’s much around that can provide you with quick, easy money, but if that’s the only reason you are betting it’s definitely a good time to close down the apps and save yourself the disappointment.

Remember:

You Can’t win them all- Unfortunately, you are going to place a lot of bets that lose. In most cases, more bets will lose than will win, that is part of the fun that needs to be accepted.

You’ll have many ups and downs – Sometimes you’ll feel like everything you touch turns to gold, then there will be periods where you can’t even pick your nose. Betting always comes with some level of risk and variance, therefore you can find yourself losing bet after bet, it happens, don’t stress. A bad day/week/month doesn’t necessarily make you a bad bettor.

Stop Chasing the big win – Accumulators are very tempting, there’s no doubt there, but chasing for big returns is a dangerous game to play. Most of the time people will put an accumulator together with selections that they think have the best chance of winning, rather than picks they feel are good value. With this in mind accumulators, in general, are very much -EV. If you’re taking betting seriously and want to make consistent profits, stick with the singles!

Follow the Experts – If you’re going to follow a tipster, make sure you’re following one who has proven results and is adopting the correct mindset. If the tipster is tipping anything that’s on and posting a silly amount of picks a day, they probably aren’t experts. Take a look at our reviews first or ask for our opinion. We’ll be completely honest with you.

There’s Nothing wrong with a no bet day – Sometimes you might spend a couple of hours doing the research, yet you still can’t find a bet that appears to be good value. This does happen and it’s crucial that you don’t just place a bet for the sake of it because you feel like you have earned the right to. If there’s nothing good to bet on, don’t bet at all.

To Conclude

Successful sports betting takes much more than being able to pick winners. Part of the skill of it is being able to keep a cool head and think in the right way. Sometimes your emotions will be all over the place, yet it’s those who fight through this and learn are the ones who come out the other side stronger. You need to be able to manage your bankroll in a sensible way, one that will prevent you from going bust after a few losing bets. (Read our article on Bankroll Management here). At the end of the day, you have to be in it for the long run. There are no shortcuts to making money in betting. You’ll find that the very best bettors are experts. They have a knowledge of their sports better than most which shows through their results. The quality of each and every bet is huge. No one likes losing money, but we love taking it from the bookies. Treat your betting as a business, track your results and analyse them, find out where you are going wrong when bets lose and watch your graph point in the right direction. Quality is everything, don’t worry about how many bets you’re placing each day, or what your strike rate is, just worry about getting your money in at a good price. Keep positive and never be afraid to ask others for their advice, sometimes an outside opinion can open up your eyes to points that you weren’t even aware of.

Betting is a marathon not a sprint

All the best,

Chris