Start Researching before placing your first bet
If you’re betting blindly, it is a recipe for disaster. Gut feelings never work out as a beginner and that is something you need to build up.
Before you place your first bet make sure you do intensive research to confirm your decision.
The research could be by reading through good sources across the internet including articles, analytics and premium tipsters.
It is imperative to start researching because
- You will be able to understand all angles and outcomes of a bet and therefore be able to conclude the various risks before placing the bet.
- You’re thinking long-term and developing a strategy and that is a strategy you can keep improving and stick to.
- You can start reflecting on your strategy and learn from your losses. You will also get far more satisfaction and confidence on your wins instead of blindly guessing and always wondering if you’re right or wrong.
Picking bets at random or based on what you’ve heard isn’t going to last you long. You’re completely responsible for your bankroll, so you should do the research yourself and not follow people blindly.
Setting up your Budget
Gambling can make matches far more exciting and so if you’re enjoying it, keep going. But sometimes the fun needs to stop, otherwise, it can start financially impacting you!
We suggest you have at minimum a betting budget which you can use per month. If you lose more than that betting budget then you should stop gambling for that month.
By doing this you’ve given yourself a pot to play with. The budget should be realistic and you should be prepared to lose all of it, otherwise, you’re risking far more than you can afford and that can lead to a downward spiral of emotionally betting.
We suggest you divide your betting budget by the number of days in the month. You might start off with a small pot but that will grow over time and if you have spare from this months betting budget you can always combine it into the next!
It is also worth setting a maximum stake, you’ll need to create your staking plan based on your risk for appetite, but we recommend that you shouldn’t stake more than 10% of your pot at a time on the largest bets and if you’re dividing daily, not to spend more than 1%.
Daily Stop Wins
You may have heard of Daily stop losses before, especially if you’ve spent time in the stock markets. Essentially by dividing your pot by the number of days in a month, you are creating a daily stop loss, but daily stop wins are also important.
It is easy to get carried away on streaks and becoming overly confident but not even the best punters are invincible and we can all get burnt. So instead of giving back your winnings, when you’re up, take a break and start again tomorrow with a fresh mindset.
Don’t forget to take a break
Sometimes, especially on losing sprees. You need time away from gambling to really reflect on what has happened. It is common for people to start chasing losses, doubling down on their bets continuously with a chance of getting everything they lost back.
When you lose money, treat it as a teacher and learn from it. Don’t chase after it and definitely do not get emotional!
If you do feel you’re losing your head, take a break for a few weeks and then start again next month with your new betting budget & pot.
Want to learn more about placing bets and keeping sensible when gambling? Read through all of our resources here