Spring racing Melbourne Cup learn to bet

Want to learn to bet? Betting 101 is the place to start.

< Previous The Successful Punter

Index: Profitable Betting 101

What does the punter need to be successful?

1: A bank.  If you don’t have a genuine 100-unit bank, and stake accordingly, you won’t make it.  Simple.  At some stage you’ll need to draw down and if you haven’t got the bankroll to draw on, you’ll have nowhere to go.

2: An edge. Basically, this is what you have over the bookmaker.  Doesn’t matter if it’s horses, football, Slovenian handball or two flies running up a wall: your own market has to be more accurate than their’s over time, and has to overcome their market percentage.  That allows you to bet to value and end up in front.

3: Work ethic. Yes, there is work involved!  If you’re a professional analyst or somebody who does their own markets, there’s an absolute mountain of work involved.  That’s why Champion Bets a team of full-time, experienced professionals for each sport or area of racing we look at.  Some of them also have large teams of their own.  All of them spend countless hours staring at screens to get their job done (it’s much more than a 9-5 job).

Even if you don’t do that yourself, and leave it to the professionals, there’s still work to be done.  You need to take the time to record all of your bets so you know exactly how things are going and can make adjustments as required.  You also need to spend the required time ensuring you secure the best odds possible on your bets.  It’s easy to just put them all down with the one bookmaker.  It’s also lazy, and won’t get you very far.

4: A long-term outlook. We’ve looked heavily at variance and how you need to guard against it with your bank.  Making real money on the punt is like most other investments: you need to ride out the ups and downs and focus on the longer-term results.

Hopefully, reading and reviewing this module has helped you to understand these issues.

Get your head around them, and you’re well on your way!

Index: Profitable Betting 101