The word “gambling” can send a chill down the spine of everyone that might have ever been involved in it, especially if the person has made consistent losses in gambling. Gambling is a game of chance. The possibility of winning the game is more or less a thing of chance; there may be no assurance of ever winning.
Despite the submission above, it is still possible to make a consistent profit from gambling. Bear in mind that gambling is a 400 billion dollars industry and this means that every player has a chance to grab that much money if you play your card game right. The amount is placed by both bettors and punters across the globe. You can always smile to the bank if you are willing to follow simple rules. Some of those simple rules will be discussed in the course of this write-up.
Risk management in gambling
Proper risk management is one of the main factors that will help you to make a consistent profit from gambling. You need to understand risk management before you can ever beat the bookies or the casinos.
Other names for risk management are capital management or bankroll management, which focuses on managing your money in the casino platform. It is so important that it will be the decisive factor in your casino success. You can lose all your winnings to the casinos even after smashing them heavily if you lack goods risk management. You will be surprised to see your earlier edge evaporating into thin air.
The rule of thumb in gambling is never to risk more than 1% of your total bankroll when betting. After setting apart a given amount of money for gambling, divide the money by 100 and risk only one percent of that amount. Stay glued to this, irrespective of your gambling medium, and you will never get your fingers burnt.
Staking just one percent per bet will place you in a safe distance from any disastrous staking plan. Make sure you avoid betting methods like martingale; it will burn your account in no time at all. This rule should be applied to your gambling activities, irrespective of how big or small your bankroll is. Bear in mind that size only has to do with how much you gain or lose regarding currency when it comes to risk.
Look for a good gambling system
Risk management equally involves the proper choice of betting strategy. You may make do with flat betting for now, but you can improve with time and start using Kelly staking plan for a more assured profitable betting.
Finding a reliable gambling system is tedious. A good one will, of course, give you an edge in the market. To show how difficult it is to find a good gambling system, only about 5% of gamblers can boast of being regular winners.
Bear in mind that someone must lose for you to make money in gambling. Yes, gambling is a zero-sum game. Owners of casinos will also get a cut out of your winning. The best thing to do if you want to win is to look for biases and leaks in the gambling market and exploit those loopholes.
The favorite-longshot bias is one of such loopholes. Bear in mind also that many average gamblers will stick to a particular betting pattern. You must avoid doing the same if you must win; you should learn to think differently from the average gamblers. You can always win if you are among the first to exploit the known fallacies of the gambling market.
After successfully exploiting the market, you should avoid telling people, lest you let the whole world know your secret, which may put an end to that leak. Letting people know about your secret to gambling success will reduce your edge in the market since several others will want to imitate you.
Be disciplined always
After you have agreed on a viable gambling system and already decided on how much to bet in your next game (bear in mind that you must not risk more than 1% of your bankroll per bet), you need to ensure consistent discipline, which is one of the main ingredients to winning always at gambling. Discipline will put you in the same camp as elite gamblers.
You must follow your own rules at all times. You have put a lot of time and effort into that research; it is only reasonable that you follow it at all times. Make sure you always trust your strategy at all times and be ready for any eventuality.
When the drawdown occurs, embrace it instead of questioning yourself or your system. Just make sure you are following your well-researched gambling plans strictly. No system can ever win 100% of the time in gambling; always keep that in mind. The drawdown may come once in a while, but the successes will be more than failures.
Exploit new market
Boredom may set in after making a continual profit from gambling for months or years. What can you do when you are bored due to incessant success? You can improve your current gambling methods or exploit the market to try something new.
If you have symptoms of burn out due to consistent success in gambling, why not take a break from gambling and pay attention to other things for the time being? If you have made a lot of money from gambling, you can decide to go on a vacation and give yourself a good pampering. No matter how big you win in gambling, you should not allow it to consume you.
Bear in mind that gambling may not be for everybody. You need to have a strong heart and will to succeed in gambling. If not, it is not recommended for you. If you are insistent on gambling, anyway, you should be ready to accept the downsides, which will surely come since there is no 100% reliable gambling system; you are only in a good state if your system yields up to 70% accurate results.
If you are currently having difficulties in breaking even in gambling, you should not give up, but follow the tips provided above and it is a question of time before you can start making a lot of money from gambling.