Online gambling is a multi-billion-dollar industry, with big gambling operators making huge profits yearly. This is due to the vast majority of gamblers being unsuccessful and turning a loss. To be in the minority and succeed in online gambling you must be willing to learn, plan, practice and stay in control.
Below are various tips, if utilized will see you have the best chance to turn a profit in your online gambling venture.
There is no room for loyalty if your goal is to maximize your winnings. There are literally hundreds of Sportsbooks, Casinos and Poker sites maximizing for your business. To get ahead of the pack these operators regularly offer to sign up bonuses.
These bonuses are monetary incentives usually matching your initial deposit to a certain percentage. The most common restriction associated with these bonuses is that you must play or roll over a certain amount before you can make a withdrawal. However, if you are focused and serious about gambling, this restriction should not hinder you in achieving your goal.
So, let say you planned an initial bankroll of $500, you can take advantage of the 100% sign up bonus to DOUBLE that amount. 100% deposit bonus is a common offer.
You can check our comprehensive listing of bonuses for Sports Books, Casino and Online Poker Sites below
You will experience a roller-coaster of emotions due to the swings in wins and losses that will occur. Emotions will cause havoc with your decision making. You will need to be disciplined if you are to be a successful gambler.
Below are some tips to keep yourself in control:
When you have played for a while, looking back at your results will help you identify some strengths and weaknesses in your plays.
You may identify certain games that you are regularly winning and therefore you can increase your focus of play on those.
You may identify certain games that you are consistently losing and this should trigger a review of your strategy or research techniques.
You may also see certain behaviours. For example, are those late-night poker sessions or sports picks are not working due to tiredness? You may notice yourself chasing losses because your average bets on losses are substantially higher than those that win.
To keep a good record, make your entries as detailed as possible. Include the game type, odds, stake, time, result, which bookmaker/casino/poker site. A good record can also as a ledger to help you track your winnings.
You need to think long term if you take your gambling seriously. Treat your gambling as a serious form of investment. You will have to deal with swings, winning and losing streaks. However, if you monitor your bankroll, slowly increase the amount you bet on each game you win and adjust for the loses, soon enough you will find yourself making some money.
Here are some rules to help manage your money wisely:
With so much competition in the betting industry. Each operator will have their strengths and weaknesses. To maximize your winning potential, you should build a diversified portfolio of operators that favours you.
Features that you could look out for are:
You should consider all of the above factors. If they give you an advantage, you must take it. Remember they are trying to take you money, but you are also trying to take theirs!
If you don’t start with the right bankroll, your gaming venture will be short-lived. Your starting bankroll should be big enough to absorb large losses. But it should not be too big that it would affect your life outside of gambling. I.e. make sure you have enough money left over for rent, food, fuel …etc. Remember treat your gambling venture as a long-term investment, start small and watch it grow exponentially over time.
So, what is good size bankroll to start with? The right size is basically what you can AFFORD to lose. So, with your rent, food, utilities, entertainment expenses calculated, identify what you have left and are comfortable to lose.
Say you saved up $1000 and are comfortable with that amount. Your individual play amount should represent 2% of that amount, meaning you would have to lose 50 straight games to lose it all, therefore your first play amount should be $20. Note, we recommend 2%, however, it could range from anywhere from 1%-5%. This all depends on the appetite for risk. We do not recommend anything over 5%.
Now with the above example, you may think $20 too small and you will get nowhere. But you will be surprised, the most important aspect of gambling is not the amount you gamble but how consistently you can win. If you can consistently win, your bankroll will grow exponentially!
A successful gambler doesn’t simply make a play blindly. You need to understand the odds of the game and how they are set. This will help you make an informed decision on how much to play or whether to even play or not.
Bookmaker sets odds based on what they expect the general public to play, rather than on the actual probabilities of either outcome. Of course, it's not quite that simple, but in general, bookmakers will set their odds so as to attract betting on either side of the odds, so as to balance their liability and take their commission.
This leaves smart gamblers to find great value opportunities where the general public's opinion is just plain wrong. It also means that great value can be found on events where there is expected to be greater interest than normal by the occasional or casual gambler, who let's be honest, knows nothing or very little in terms of profitable betting strategy. Events like the Super Bowl, Cup finals and major horse racing events are prime candidates for this sort of opportunity. Check out our Sports Betting Tips page
All casino games (except Black Jack) favours the house, meaning, in the long run, you will eventually lose. Of course, you can have the occasional big win and enjoyment doing so. But if you are serious about winning, you have to under the odds of each game. Check out our Casino Tips page.
Poker is not only a game of luck but also a game of skill. You may be dealt with a mediocre starting hand, but play it well and you can win big. On the flip side, you may have the best starting hand, but with bad luck or bad play, you could lose it all.
Understanding the odds of each starting hands, the odds of achieving a desired hand during the flop, turn and river are essential in your play. Check out our Online Poker Tips page.
A successful gambler will not win in all types of games. A successful gambler will master a few or even just one thing.
Just like life, no one is great at everything, we have our strengths and weaknesses. We have that one thing that we are good at. To be a successful gambler you will need to find what you are good at and stick to it.
For example, if you keenly follow football, you have a wealth of resources online in terms of past results, team news, team stats, individual stats…etc. Make use of these resources and you will have a head start on a punter who made a bet just because his team is playing.
If you are into casino games, you may have a knack at making the right decisions when playing blackjack. Focus on that game instead of games of pure chance like craps.
In Poker, you may find you are quite successful in tournament play, you understand how other players behave in the early phases and you manage to consistently build your chip stack. Keep learning and refining your gameplay in this area.
In the long run, if you specialize and focus on a few areas, you will find you will consistently win and that is what counts.
Without a doubt, during your time gambling you come across a time when you look back and say to yourself “if only I stop then, I would be up today!”
One of the keys to successful gambling will be to ensure that you quit while you are ahead, and here are a couple of reasons why:
Understanding value is easy, mastering finding value is difficult, but if you do, you will take a major step towards being a successful gambler.
Firstly, the easy part, what is the value? Value is determined by whether you think the odds are better than the probability of the outcome. For example, in the flip of a coin, the chance of a head is exactly 50%. If I offer you 1.50 for heads, that would be terrible value as you will receive only 50 cents for every $1 on the result that heads, in the long run, you would lose money. But if I offer you 2.50 for heads, that would be a great value because, in the long run, you will make a profit.
Now the hard part, how to spot value. Do your own research, if your thorough independent research says team A should beat team B by 4 points. But the line team say team A should win by 2, then there is value in picking team A.
Spotting value is the hardest thing to do, you will need to constantly review your previous results to validate your decision making and you will need a lot of practice to pull it off consistently. However, once you have developed your ability to consistently identify value, you will have a systematic edge.