Success at online gambling is less about luck and more about how you think and act as a gambler. If you want to improve as a gambler, you're going to have to take a cold hard look at how you approach online betting in 2020. In this guide we'll show you exactly what you need to do, in order to manage your bankroll and minimise your losses at today's online bookies in Britain.
The idea of giving yourself a budget to gamble with might sound contradictory (not to mention dull), but trust us, all experienced gamblers have got bankroll management down to a fine art. Keeping a tight grip on your bets, setting deposit limits (and sticking to them) and giving yourself a daily, weekly or monthly budget to bet with are what make a great online gambler.
If you're not in control of your finances when you gamble online you risk losing more money than you can afford, starting down a slippery slope to gambling on credit, or borrowing from friends. Nothing will help if you still haven't learned how to manage your bankroll effectively.
Before you start blowing cash up the wall like you're Kanye, set out a quick strategy for how much you can comfortably afford to stake in online gambling each day, month or week. Make sure you stick to the limits you'veset for yourself. If your willpower fails you now, it's only a matter of time before your innocent gambling pastime becomes a sticky gambling problem.
Think about most things you approach in life, you do it for a reason right? Online gambling is no exception. The reason you're doing it is to make money, plain and simple. No one online is betting to lose, where's the fun (or the sense) in that? But making money is the bigger picture, the end goal. Before you can achieve that end goal you need to set yourself smaller, step-by-step, goals that will get you to the finish line.
When you set your online betting goals, here's a couple of things to have in the back of your mind:
If you don't understand odds then you should really make this your first goal. The odds offered at UK bookmakers are what making money hinges on. Don't even think about making a bet before you've got to grips with them.
When you hear the term "true odds" touted around (as you no doubt will from time to time) we're talking about fixed statistical probability. So, to give a very simple example:
Knowing, or having a rough idea of what the true odds of something are will help you determine whether the odds a bookmaker is offering are a good deal. If they're way below true odds then you stand to lose money. Understanding true odds will help you recognise when a bet is worth taking.
Every time you make a bet you're either going to win or you're going to lose. After a while, everything blurs into one and you forget where your successes were and where you bombed. This is why bet recording is such a vital asset.
Go onto any online forum and you'll find the most experienced online gamblers waxing lyrical about the importance of keeping a running tally of your bets. Why? Because knowing where you went wrong is the only way you're going to learn from your mistakes and avoid failing again in the future.
This doesn't have to be anything too detailed, or complicated. But keeping each bet you make logged will quickly help you identify where there's money to be made, and where to cut your losses. So don't skip this step if you want to become a successful long-term gambler. All the best ones have every bet they've ever made logged to look back on.
A bet record in its simplest form should consist of the following info:
Keeping a log like this is also useful when it comes to bankroll management too. In essence, it's a bit like being self-employed and keeping a log of your payments and expenditures for tax purposes. There are multiple benefits to be had from recording your bets in a spreadsheet or notebook.
A few general tips to help you improve.
You don't owe anything to anyone when you gamble online in 2020. There are online bookies galore out there vying for your business against the competition, so don't limit yourself to just one betting site. Joining multiple bookmakers gives you access to a better selection of odds and bets, which is the only way you're going to maximise your winnings. You can also use the free bet offers each betting site gives to new members to boost your bankroll even more, potentially clocking up hundreds of pounds in risk-free bets. So don't tie yourself down to just one bookmaker online. The savviest gamblers spread themselves around and chase down the best action.