If you want to win at betting – you have bet sensibly. If you bet with your heart and not your head you are going to lose. You may get the occasional winning streak, but in the long run you will lose. If you ever get the chance to watch serious professional gamblers, their biggest trait is patience and clear thinking.
Professional gamblers are prepared to wait until they get the right odds or the right conditions to win. No matter how sure they are of winning, if the conditions are not right they will sit it out. The racetrack can be a good place to watch these professionals. They may go to the track to only have one or two bets for the day, even then they will wait for the best odds before backing their tips.
For the average gambler, the key lies in assessing the risk compared to the chance of winning. Consider roulette. You have a slightly worse than 50/50 chance of getting odds or evens – remember the 0 and 00 depending in which form of roulette you play. The payout is only even money.
When it comes to horse racing, the bookmakers set odds according to how they assess the chances of a horse winning. It becomes a game with the professional punters trying to find errors in judgment by the bookies – it doesn’t happen often. The pro’s do get it right occasionally and make reasonable livings from it.
There are simple rules when it comes to sensible betting:
- Don’t bet with your heart – use your head
- Don’t bet more than you can afford – set a bank and only bet with that bank
- Never chase losses – chasing losses only leads to greater losses
- Only make intelligent bets – if a horse is 100/1 – there is a reason for it
- Know when to walk away – as the song says – know when to hold’em, know when to fold’em
- Pocket your winnings – only use your winning to increase your bank when its an intelligent move – often it is a good idea to just tuck those winning away.
Gambling can be a lot of fun. It is not just about winning – although that is great too. A night out at the opera may set you back £200 – a night out at the casino may cost the same – you may even bring some home. It is all a matter of what you call entertainment and how much you are prepared to spend.