Everyone knows that gambling is a business of risk. Professional gamblers will successfully manage their risks and make a profit, whilst 98% of punters who consistently lose money, also consistently fail to manage risk effectively.
This is the concluding part to this series of articles, where I have explored the key reasons most punters lose money, in a vain attempt to make money through betting.
We have seen the importance of always getting a value price when you bet. If you fail to strike bets which offer a satisfactory return on your investment, then ultimately you will lose money.
We have learned why you should have a sensible approach to staking. Never put too much of your betting bank at risk in one bet, in an attempt to get rich quick.
I pressed home the dangers of chasing your losses. Experienced gamblers appreciate that you will more often than not lose more bets than you win. Losing is part of gambling – accept this fact and you will not be tempted to compound your losses by trying to re-coup them by deviating from your staking plan.
In the most recent article, we looked at discipline, and why it is critical to treat your betting like a proper business if you want to achieve business-like results.
In this final section, I want to conclude by further exploring the topic of risk management, and developing a profitable portfolio of betting strategies.
Ask any number of professional gamblers and the vast majority will tell you they do not rely solely on one betting strategy alone. They spread their risk by employing several methods, and constantly reviewing the performance of each method. In effect, this is much like an investor managing a portfolio of stocks, shares, and investments. This echoes back to a previous article where I likened betting for profit to running a business.
The disadvantage of relying on just one betting method or system or tipster, is that if the strategy is not currently returning a profit, then you have no income. It’s the classic “eggs in a basket” scenario!
If you look at the Stock Market, the value of individual shares goes up and down on a daily basis. Whereas, over time, the value of the market as a whole has historically risen.
So it makes sense to have a number of betting strategies running concurrently. If during one particular month Tipster A is losing money, then probably System B is returning a profit. Your aim should be to manage your portfolio such that you generate a net income every month. rtp mpobos