Theory of betting
We would like to introduce you guide to betting theory. Every successful bettor must to know betting fundamentals. So if you want to have constant profit you are in the right place.
We will go with you through betting basics as betting odds, how to deal with probability. How to become a bookie on Betfair or Matchbook. How to use Kelly criterion, proper managing of your betting bankroll and more.
How To Get Rich by sport betting
Of course you can get rich by sport betting, But is really not the walk in rose garden. To make it for you easier, here is few tips to making money from sport betting. Check also our special article about How to become professional sports bettor.
There are plenty players living theirs dream with sport betting. Here you have the most famous ones: Billy Walters, Matthew Benham, and Tony Bloom . These guys are betting professionals. and developed mathematical models to get rich from sports betting.
Tip 1 – Find Value
Find value means to spot odds which is too high. For example you find match when tennis number 1 playing against player who is 300 in ATP rank. So there should be odds 1,01:1 on the best player in the world, but odds will be 2:1. It is impossible to be 50:50, tennis number one will beat guy on bottom of ATP rank just every time. Even 1,01 odd is not reliable for bookmakers So now you have your value bet! You need to look for these opportunities and bet on them.
I hope you can see how bookies works with probability, how they creating odds. Your work is to look for their mistakes, so if you think that odd is too big, you should bet.
Tip 2 – Money Management
Money management is also essential factor if you mean it with betting seriously. Therefore there is the special chapter for money management. You need to take care about your money and know how to use it properly.
There are two essential factors, which you need to have in mind
- growing your bankroll as fast as possible
- avoiding to go bankrupt
Now we know, that we have to pick up right value bet with proper odds. The second thing is to bet right amount. You can catch losing streak, and with no proper bet amount you can risk bankruptcy. Your chosen team cannot win every time, even if you pick value bet, you can lose. So it means that if you have $100 your starting capital, it is non-sense to bet it whole on one opportunity. Recommend amount is 1% of your bankroll.
Tip 3: Patience
Betting is not sprint, but marathon. You will be facing to loads of situation, when you will want to shift gears and start sprinting. But do not do it, work on your discipline, you must not be fooled by your losing or winning streak.
From beginning can be your progress slow, but wait for it, and you will see, that patience is another fundamental for sport betting.
Tip 4: Bookmakers
It is also good to have more bookmakers to have the best odds. Believe us there is a huge difference between 1,5:1 and 1,6:1 in long run.
Tip 5: Betting Exchanges
Very interesting option are betting exchanges. Very simply said odds are created only by bettors not by betting companies. So even you can be bookmaker. You can create odds, and another real person can bet on it. If bettor win, you will payout him, if he lose you are taking home his bet amount.
Betting exchanges are:
Betfair and Betdaq are especially for soccer leagues or UK horse racing. Matchbook is for the North American sports leagues.
Now you know for betting you need to have good bankroll management, patience, discipline and you must picking up value bets. All 4 factor have the same importance
It is about practicing like everything so chose your bookmaker, and go for it.