When it comes to addictive activities, betting is up there with the best of them.
This means the majority of punters wind up gambling instead of treating betting as a form of investment, and few profit in the long run as a result. To become profitable, a significant change in mindset is usually required.
When it comes to betting, whether it be horse racing, football or roulette, the outcome is always going to be negative if the person involved has the wrong mindset. However, the right mindset alone is not always enough to become profitable; we also need a profitable strategy.
For example, the right mindset will not allow us to beat a roulette wheel. In fact, the roulette wheel is infallible; the odds are always in favour of the casino. The casino therefore has an edge over whoever places bets on the roulette wheel. A profitable betting strategy allows us to switch places and in essence become the casino. Now we have the edge over whoever chooses to accept our bets.
This does not mean we can never lose.
If we ran a casino, someone may come and take £10,000 off our hands, and this does in fact happen every day in casinos throughout the world. But what does the casino do next. The answer is nothing. The casino continues to take bets at the same odds as before, and sure enough over time that £10,000 will be made back and more to come after it.
Relating this to our own betting activites, there may be days, or weeks, or even months when we do not turn a profit. We may hit a losing streak. This is built into the very nature of betting. It is essential that in this situation we do not allow our emotions to take over our actions.
We should strive to be like the casino - not reacting, sticking with our proven strategy and continuing to place our bets as normal. Before long, what was lost in the short term will be recouped, and time itself will become our asset. It is by using the buffer of time that we inevitably find profit.
Keeping the mind focused on the long term, and having emotional detachment from short term performance is the key to success.
It's a very simple concept, yet few people adopt this mindset and so few ever make significant profit. In fact, only 1 - 2% of punters make money consistently from their betting. Many dedicate a significant amount of time and effort, but either they can't find a strategy with a winning edge, or they can't exercise the discipline required to follow a winning strategy over the long term.
Many punters have a winning strategy in their back pocket and still will fail to turn a profit. The usual causes for this include:
- Using a betting bank for casual gambling.
- Chasing short term losses.
- Straying from a proven strategy or staking plan.
It is essential that we refrain from doing the above things if we wish to be successful. Profitable betting strategies, such as The Shortlist, can provide you with everything you need to start winning. However, we cannot manage people's money for them.
It is therefore up to the individual punter to use a profitable strategy, focus on the long term, and keep emotionally detached from the short term ups and downs which are an integral part of betting investment.