Betting Tips

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Watch Wait Fire

We often draw comparisons to the similarities between the stock market and sports betting. There are many reasons in my opinion why sports betting is far superior to the stock market as an investment vehicle. The biggest reason it is an even playing field for everyone.

 Absorb the following quote from a successful Wall Street investor. “After making and losing millions of dollars I want to tell you it was never my THINKING that made the big money for me. It always was my SITTING.”

How NOT to be the sucker

There is a common saying in poker that goes something like this. You sit down at a table and after a short time period if you cannot identify who the suckers and fish are the players that you will be extracting the money from THAN you maybe the sucker.

Here are the issues to avoid to not being the sucker for sports books:

Facts on Sports Betting

Not meant to be a comprehensive list. Some are obvious some not so much.

• There is no such thing as a sure thing for any one particular sporting event. You may have many many compelling reasons to bet a particular side but do not allow that to force you away from proper money management principles.

Trust the process

As regular readers of my grapevine have heard before sports handicapping is so much more than number crunching to spit out value. When you analyze the box scores the stats the current form of teams constantly ask yourself:

What is real an emerging pattern that will likely continue? Conversely what is not real and is a pattern that will regress to the mean?

Bettors make the big mistake of believing these patterns will continue because it is the easy lazy way of thinking. Something to grab onto a security blanket too place a bet.

Definition of Insanity

I am sure most of you have heard the phrase the definition of insanity is doing the same things over and over again and expecting different results.

 So how does this relate to sports betting? Well as I have mentioned often it is very important to evaluate as objectively as possible your bets after the fact.

Skills to be a successful sports bettor

There was a recent survey on the above question. Below are the most common responses. I have added my opinion as well. They are in no particular order. If you are unsure about any of these points or have additional ones you would like me to add by all means contact me.

Discipline relating to selection of games, money management, not chasing lines or losses.

Ability to make decisions with incomplete information.

Timing the market knowing when to bet almost as important as which team to bet.

Effectively shopping for the best line possible.

Follow on social media @ricksteel99

In order for you to remain mobile following me on Twitter, Instagram, Facebook, and or the app allows you to be notified of a new pick(s) have been posted rather than you having to constantly check. Following me on social media will ensure you do not miss any plays and help you get the best line possible. If you wait too long after I release a pick(s) to bet the line likely will have moved against you losing potential value.

The essential need for Patience

Regardless if you participate in this business full or part time if you take this endeavor seriously PATIENCE must be incorporated into your personality.

When I got involved in sports betting 25+ years ago I had zero patience in my life period. I was always looking for the big score for instant gratification. This issue was my greatest challenge in order for me to be successful at sports betting. I wanted to do this full time right away but looking back I had no clue.

Avoid these common mistakes

1) Being Under Capitalized. Do not be disillusioned to think you can make a full time living on a minimal bankroll.

 2) Not having enough sports book accounts funded whereby you are not getting the best number available. Betting -1.20 when -1.14 is available is just burning money.

 3) Not following proper money management procedures. There is no such thing as a lock in this business. However risking more than 2% of your bankroll on a game will guarantee you will not be around long term.