In this article, the latest in our series on trading, we look at various sports betting strategies. Hopefully they will help you to enjoy greater profits.
Which sports betting strategy is best?
Sports betting strategy either employs a qualitative approach or a quantitative approach. The first looks at past results and data without applying any statistical analysis. This is good enough for most of us. Due to the large number of factors influencing the outcome of a sporting event it can be very complex to accurately predict such an outcome. However, if you have a head for figures there are sports betting ratings systems that can help with forecasting sports results.
You’ll find that any sports betting professional we be following his own system. Not a betting system he has bought online, but, one he has perfected over time. So, if you are going to buy a betting system guide then bear in mind that no system will work if; there are lots of participants who follow the system accurately and regularly. The ‘weight of money’ on certain bets would cause the bookmakers to adjust their odds thus affecting the risk and return profile of the strategy. Next articles will give you the building blocks you need to develop your own sports betting system.
Sports betting system or strategy?
A sports betting system makes you think of something that you have to stick to rigidly. Placing the same bets systematically using the same signals time after time. If it works there is nothing wrong with this. However, when you first start, and before you develop your betting system, you will probably need to develop the methods you use. At this stage you are adjusting what factors you take into account and really you are developing a sports betting strategy. When you are happy with the risk and reward and the level of returns you may want to stick exactly to one method. As long as it still pays of course!
I recommend further reading. There are lots of good sports betting books available. Choose a sports betting strategy and then mould it to what suits your temperament.
Sports betting strategies and money management
One of the most important aspects of good sports betting strategies is ensuring you control how much money you stake. In turn you know how much you might lose. Let’s have a look at which staking plans you can use with sports betting strategies.
There are some good and bad staking plans. The plan you chose depends on what sports you will be betting on.
A sensible staking plan is the level staking plan or fixed staking plan. As it sounds, you stake a fixed amount for each type of bet you are making. Bet types are divided into short odds, medium odds and long shots. Stick to this religiously to make it possible to forecast potential increase or decrease to the betting bank. The percentage risked should remain the same. It is best to risk a relatively small amount of your betting bank on each bet; up to 5%.
Another sensible staking plan is an extended form of the fixed plan, and is known as ‘plateau’ staking. You bet a percentage of your betting bank. If you are doing well the amount you bet increases. Start losing the amount staked decreases.
For a sports betting strategy I would recommend taking the best features of these two types of staking plan. As follows…
…Use a point system of 1 to 10 ‘points’. Where 10, is being the strongest, most confident bet. You will learn how to decide what a confident bet is. First I would recommend looking at the odds, similar to the fixed staking plan (short, medium and long).
A ‘point’ can be whatever amount you want. Some people might want to bet 5 EUR (or currency equivalent) per point, others, 100 EUR per point. Whatever you decide a ‘point’ means to you, it is advisable to stick closely to the staking plan. So, you would bet three times as much on a 3-point bet as you would a 1-point bet, twice as much on a 6-point bet as you would a 3-point bet, and so on. Then set an upper limit. For example, never risk more than 5% of the points you have in your betting bank.
Less sensible plans
Some taking plans involve increasing the stake each time to make up loses. These are called ‘negative progression systems’ like the Martingdale and the D’Alembert.
You also get ‘positive progression systems’ and ‘cancellation systems’. The first only increases the stake when you are winning (good for confident traders). The so called cancellation system involves a loop allowing you to win or lose a certain amount before you repeat the loop. The positive progression and cancellation systems are too complicated in my opinion as they involve too much thought going into staking. However, for further reading consider the Labouchere or 1-3-2-6 systems for Asian Handicap betting. Also consider the Parlay or Paroli as types of positive progression systems. I will be looking at some of these in more detail using different sports as examples in the next article.