The best starting point to achieving sports betting success is knowing exactly how to prepare for that success – along with understanding exactly what it is that we’re getting ourselves into.
All in all, there are 5 key areas every prospective sports bettor should take into account when desiring true and long-lasting success. They are:
- What exactly will it take to achieve sports betting success? Which factors will help success, and which factors will limit success?
- Gaining a basic understanding of the gist of the bookmaking industry. Understanding how spread betting companies and betting exchanges go about doing their thing.
- Accumulating as much knowledge as possible about the markets you’re interested in trading in.
- Learning as much as you can about betting strategies, different approaches followed by others, and the management of risk and money.
- A willingness to learn about your own personality and how you tend to approach different situations. Things like emotions, impulsivity, and even attitude all play a huge role in sports betting success – and sports betting failure!
Sports Betting Success Factors
Countless factors can have an effect on success and failure. There are however several leading factors every sports bettor should take into account:
- The business-like approach. Not everybody likes to hear it, but becoming a successful sports bettor takes take and discipline. Much like when starting your own business, adopting a disciplined and professional approach always pays dividends in the end.
- An aptitude for risk-management. Managing risk is a crucial everyday part of the life of the successful sports bettor. Without the necessary risk management skills (these can be learned!), success is bound to be short-lived.
- Having sufficient “betting bank”. This refers to actual money, or capital, with which to bet. The “sufficient” part means to have enough not only to survive day-to-day, but also to use as a buffer should things go horribly wrong.
- Within our context, resilience refers not only to the physical side of things, for example stamina and dogged determination, but even more importantly so, to that of a psychological variety. Pushing successfully through the tough times requires a combination of all three forms of resilience: physical, psychological, and financial.
- Knowledge about the markets and about self. Equally important to knowing how sports betting markets function, and specifically, how your market of choice operates, is having a sober knowledge of your own strengths and shortcomings. Critical to sports betting success, too, is being willing to further develop your strengths, and work hard at improving your weak areas, or shortcomings.
- Adopting a business-like approach. If you’re going to achieve long-term success, you are going to have to run your hobby as if it was a business. Because ultimately, it is.
Having A Plan
Perhaps the most important thing to have, is a sports betting plan. There’s no starting a new business without a business plan. It’s the same with sports betting. Planning is everything.