-Accepting your opinion is not your greatest advantage

-Understand the importance of relative measurement

-Data and fund management

Millions of people around the world bet regularly. Many of these people gamble for fun, while for those who take gambling seriously, it represents a livelihood. There are also those somewhere in between who, while they may think they take gambling seriously, don’t really understand what that means. Are you a serious bettor? Continue reading to find out. Click here to find out more about bet app in Senegal

There is no right or wrong way to bet, but if you are betting with specific intentions (such as making a consistent profit), you should spend time and resources on your initiatives and be “serious”. In this article, I’ll look at the steps people take to go from gambling for fun to take it seriously.

Millions of people around the world bet regularly. Many of these people gamble for fun, while for those who take gambling seriously, it represents a livelihood. There are also those somewhere in between who, while they may think they take gambling seriously, don’t really understand what that means. Are you a serious bettor? Continue reading to find out.

There is no right or wrong way to bet, but if you are betting with specific intentions (such as making a consistent profit), you should spend time and resources on your initiatives and be “serious”. In this article, I’ll look at the steps people take to go from gambling for fun to take it seriously.

SERIOUS BETTORS CHOOSE PINNACLE

Learn how betting works

The first step in becoming a serious bettor is to fully understand how betting works and the seriousness of the task at hand when trying to profit from betting. That is, to understand how to beat the market, you must know how it works.

Betting is often perceived as a competition between the punter and the bookmaker. You use everything you have at your disposal to try to predict what might happen in any given event. Then you place your money (bet) on what the bookmaker offers you so that your prediction is correct (odds). If you guess right, the bookmaker pays you. If you don’t guess right, he keeps your money. However, it involves much more than that.

In betting, the bettor faces another bettor, and the bookmaker acts as the facilitator who takes a cut for their participation in the process; this “part” is your margin. The margin is a discrepancy (in favor of the bookmaker) between the probability of the odds and the actual statistical probability of the outcome of an event.

The possible outcomes of any event can only add up to 100% in terms of probability. However, when converting the bookmaker’s odds to a percentage, the total will exceed 100% (the excess indicates the bookmaker’s margin). The higher the odds spread, the more difficult it becomes to find a “value” bet and make a consistent profit.

Another misconception in terms of how betting works is that the bookmaker determines the odds they offer. Initially, a bookmaker publishes odds; however, from then on, it is money and opinions in the betting market that control the odds. Generally, the bookmaker modifies the odds to try to secure a win, regardless of the outcome, or take a position to maximize their potential winnings.

All those who take betting seriously know that their task is to constantly be more accurate than the betting market in predicting the results of events. Making these predictions isn’t easy, but it’s also important to sense when there’s value in betting on these predictions (just because your prediction is more likely to be right than wrong doesn’t mean you should bet on it).

Every serious bettor’s process should also include analyzing odds, comparing margins, and searching to ensure you’re getting the best possible value before placing a bet.

Accepting your opinion is not your greatest advantage

Aside from not taking the time to understand how the betting market works, one of the biggest mistakes punters can make is overestimating the power of their opinion (even if it’s based on in-depth knowledge or research).

If you want to take betting seriously, you need to be able to abstract yourself from both your bets and your results. Given the resources that a bookmaker has to help them publish starting odds, as well as money and information from other punters, it is unreasonable to think that your knowledge alone is enough to beat the market.

This does not mean that everyone who wants to profit from betting has to develop a complex predictive model, but rather that you are unlikely to succeed if you rely solely on your own knowledge and intuition.

In order to make a consistent profit from betting, you need to have something that makes you stand out from the rest of the market (known as an edge). You should also know how this advantage is generated and exactly when it should be used.

Also, as you get more and more involved in betting, the greater the need to accept that you will be wrong in your predictions. Serious bettors know how often they have to win to make money, and that losses are part of the process. Not only will they be able to accept that they were wrong, but they will also be able to analyze and understand where they went wrong, and how to improve.

Understand the importance of relative measurement

To give a hypothetical example, suppose Punter A has an open bet of €50,000 and Punter B has an open bet of €500. Who do you think people would consider a serious gambler? While it’s likely the first, it could also be the second. In betting, absolute figures tell us very little, and certainly much less, than relative measurement.

Gambler A could be a millionaire who is just gambling for entertainment. Punter B could have identified an advantage, found the bookmaker that offers him the best odds to maximize that advantage, and calculated how much to bet based on this advantage in relation to his total bankroll.