The Two Ways of Betting
- Updated: 18th August 2017
In this world of betting, there are two ways to do it: gambling using only your personal “feeling” and betting rationally.
In gambling, you should look to have fun and for some emotion, nothing else. That is what bookmakers sell, emotion.
This way of batting (almost) always results in a destruction of your bankroll and in several deposits. If that is what you are looking for, you should be careful because there’s a high risk you will lose all your money, and that’s the most likely outcome.
You should define a maximum value to spend during a certain period of time. The amount will have to be defined by the bettor, because it will have to be directly related to his available funds.
On the second method I mentioned, we try to bet in order to obtain profit. For that to happen you need to bet in a rational manner, as rational as possible.
First you need to register every bet you make, all your movements, in the most detailed way possible.
Every bet made, every market, the odds, the leagues. Only then you can see where you have an edge, and where are our mistakes, so that we can fix them and improve.
It needs to become clear what is our better league, market and sport.
Some of us are good on tennis, others prefer basketball, others dominate several sports and other dominate handicaps, over/unders and so on. It is where we are strong and have an edge that we need to focus our attention.
If we try to bet on something that we have a clear disadvantage on, that tends to be gambling. You must be disciplined!
After finding your best market, our “area” where we will operate, we will study it. In order to do that, you need to obtain information, as much as you can.
It is fundamental to know the real meaning of information. Information is all the data capable of removing uncertainty, that can help us make a decision.
By considering data that isn’t information, we are considering something that, apart from not being useful, it affects our final decision, making it less correct and precise.
After our decision is made, our pick is decided, we need to bet in order to obtain value with our bet.
Without value, betting isn’t worth it, it will only be negative for us.
If we are going to bet on the victory of a certain team, if we are going to take that risk, the investment needs to justify the risk we are taking.
Finding the real value of a bet is the hardest and most complex thing to figure out in the world of betting, but it is also what makes all the difference.
If you are looking for +EV you can only bet considering value.
It is worthless to bet without value on our side. Sure, you can land a few bets, but in the long term, that will lead to -EV, which is precisely the opposite of what we are looking for.
After finding our +EV strategy, we need to adapt it to a bankroll management method.
Bankroll management will dictate a huge part of our success. It should be adjusted to personal preferences, fulfilling a set of standards which give us some safety in case of a “bad streak”.
Bankroll management has the goal of ensuring that, if things go wrong for a while, we won’t go bankrupt.
On the other hand, if things go our way, it will allow us to profit more from it. There are several bankroll management methods, all you need to do is choose the one you prefer.
With that said, each person only needs to choose the path they want to go down and, whatever method they chose, take it responsibly, since this is a dangerous world where sometimes we can be close to the abyss without noticing it.