Following on from comments made on Green All Over’s blog after the ‘Staying The Course’ post I thought I’d delve a little further into why so many punters have a hard time making it pay (and right now I count myself among those).
I would say all of us who now bet on a regular basis entered this ‘realm’ of punting purely as a result of either being born into the game, being influenced by others, or out of desperation brought about by a gloomy financial situation. I just can’t see someone all of a sudden thinking ‘I’m going to start betting on stuff from this day forward’. So we fall into this world of increased risk without a game plan of any sort and initially most of us just stumble blindly along learning as we go.
In this punting microcosm though, a small percentage are actually making it pay, so what sets them apart from the rest of us ? What do they do that we don’t ?
1. They have more money available to them. I’ll be the first to admit to risking waaay more money than I should do relative to my overall bank on any given bet currently and the reason is because my bank isn’t big enough. The closer to zero my balance is and the more reckless I become. A man with a large bank can afford the luxury (if he chooses) to be far more selective thereby reducing the number of bets = reducing the chances overall of losing money.
2. They have a system / strategy of some sort. Going through the card at any given track will not be part of their strategy. They will have a source upon which they base their bets, whether it be from a subscription service, from self study / statistical analysis of information in the public domain, or by being connected closely to a given sport.
3. If punting is their sole source of income they undoubtedly will have more discipline than you would find at the BDSM World Championships (if such a thing existed).
I punted for a living a while back and lasted for three years. I only lasted for three years because I only had two out of the three above. When I lost number 3 (discipline) it followed that I lost number 1, my bank (there were other extenuating circumstances but lack of discipline contributed hugely to my eventual downfall). So I was left with 2, a great strategy and stream of info but sod all I could do with it.
I’m writing this as a reminder to myself and as a pointer to others that to be successful at this you really do have to have a plan but moreover you have to know WHY you are betting in the first place. If you are betting for the buzz then get out now as skid row awaits. If you are betting for fun then you have more money than you need. If you are betting seriously, with the intention of it becoming a primary or secondary or even tertiary income then you need a good bank, a good strategy, and an iron will and if you don’t have all 3, take it from me, you will fail.
Now that everyone is suitably depressed, including me as I’ve just reminded myself of how stupid I have been, we can move on to todays sport. In and between writing the above I have dipped into three in play matches resulting in small profits from all of them so that’s a good start. It appears that after a fairly boring first half, with a late free kick finding the back of the net, a veritable goalfest has ensued in the Villareal match. The single goal in the first half was enough for me thanks very much.
With a raft of games all starting at five past three (my time) I’m struggling to settle on a target match but my set of three to choose from are the Atletico Madrid, Liverpool, and Panathinaikos matches. I fancy a correct score dutch of 1-0, 2-0, and 1-1 in the Liverpool match for some reason…I don’t know why as it’s not a bet I would normally do. The Roma match is on TV here so I’ll be watching that one and I fancy goals in the Atletico match, or at least one goal by half time. Decisions, decisions….back later.
UPDATE>>>>>>>>> Well I’m spewing here…couldn’t get a decent feed for any of those games and turns out the Roma game wasn’t televised here so while I was scrambling about for a feed Atletico go one up so that match got discounted for further punting. I managed to sneakily view the comments on the Betfair forum and it appears the Scousers were non too happy with the way things were going so I binned that game which left the Greeks v the Italians. I opted for a correct score dutch of 0-3 and 1-3 so come on the goals.
UPDATE>>>>>>>>> Well I got the goals in the Pana/Roma match but not exactly where I wanted them however I layed the 1-1 correct score to cover my stakes on the 0-3 and 1-3 plus give me a tenner for any other score. Pana did well to come from behind twice to win the match and the crowd played a big part in that as they were awesome throughout.
I sat tight and waited for the last in play match of the night and I layed the 0-0 HT score just before the match kicked off which turned out to be a good thing as Estudiantes scored after 12 seconds. I went straight back in and then layed the 0-1 HT score and as I type it’s 1-1 and they are 27 minutes in but I’m bailing out of this match now and leaving them to it.
A good day again today with everything going right for a bank increase of 37.5%. Updated spreadsheet and P&L below. The final scores for the Copa match will be entered into the spreadsheet after the result is known.
Start Bank : 152.30
End Bank : 209.42
Profit / Loss : + 57.12 (After Commission)