Tote Pools, gambling

Ever had a New Year’s resolution that you’ve actually kept? Congratulations, because you’re in the minority.

Eating healthier, drinking less, working harder… whatever it is, most are out the window by the time the new year is a week old.

But what if there was a financial reward at the end of it? Changing the way you punt can deliver that.

If you manage to properly implement some or all of the resolutions below, then you’ll be in a much better position at the end of the year.

New Year Resolution #1: Separate the fun punt from the serious punt

Most people get into the punt for a bit of fun, with a few bets at the track or the pub.

There’s nothing wrong with that. There are a few better ways to spend a Saturday afternoon. But with beer in hand, betting on something after looking at the form guide for ten seconds… you’re obviously not going to make money.

So if you want to take your punting seriously, then do so. If you’re also having a crack for a bit of fun sometimes, that’s fine. Just keep it separate, keep it small, and recognise it for what it is: an entertainment expense.

New Year Resolution #2: Have a bank. Stick to it.

We see and deal with thousands of punters, right across the spectrum. Almost to a man (or woman!), the unsuccessful ones have one thing in common: they don’t come prepared with a dedicated, 100-unit punting bank.

Work out how much you can afford to invest in the punt. That’s your bank. Divide it by 100, and that’s your unit size. Stick to it. If you want to be ahead at the end of the year, you’ll often need it.

New Year Resolution #3:Commit to the long term

Hot on the heels of (and probably closely related to) not having a bank, the biggest problem we see is punters who just can’t see past the short term.

There’s simply no point subscribing to a professional’s package, or coming up with your own approach, and then abandoning it after a losing day, week, or month.

Losing streaks happen to the most successful of punters. It’s just variance in action. Focus on making good bets and not individual results. Whilst every situation is different, three months is generally a good rule-of-thumb in terms of the minimum period you should give something if you’re serious about it.

New Year Resolution #4: Open accounts, compare the odds

A very simple one: there’s a large number of bookies in the Australian market, and (in case you hadn’t noticed) all are desperate for your business.

It’s ridiculously easy to open an account these days, so there’s really no excuse for not having as many as possible.  It doesn’t mean you punt any more; it just means you can easily grab the best odds on the bet you want to have.  The number of odds comparison tools around only make this easier.

Same bet, different odds: if you’re not taking advantage of that, you’re just leaving free money on the table.  Check our guide to bookies in Australia.

New Year Resolution #5: Keep records

You’ll never, ever learn where you’re going right and wrong unless you record your bets and review them. It’ll easily show you where and when you’re performing best and worst, and allow you to make the required changes to optimise your overall performance.

Make sure you record all of your bets and results.

New Year Resolution #6: Learn the maths

All gambling is just probability.  Get the probabilities in your favour and you win.

If you start to get an idea of the mathematics of probability, you’ll look at the punt differently and be well ahead of the vast majority of punters.

You can learn exactly how it works in The Betting Academy, which also goes into more detail on all of these lessons.

New Year Resolution #7: Read, listen, watch and learn

Read books and articles, listen to podcasts, watch videos and learn. There are some great resources out there on how to become a better punter from some world-class professionals who like to share their knowledge. You can find great articles on this website, Pinnacle and Betfair Hub and countless expert interviews on podcasts like The Business of Betting. There are some great Twitter accounts out there as well. The more you learn, the better you get, the more you win.

New Year Resolution #8: Know your biases

Learn about punting psychology. Understand the cognitive biases that lead you down rabbit holes and the emotions that put you on edge and make bad decisions. Be in the right frame of mind when you bet and be prepared to lose what you’re putting at risk. Understanding your psychology makes punting more enjoyable and will lead to better decisions, which will make you more money.

Happy New Year… and happy punting!

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