The United Kingdom has witnessed exponential growth within its sports betting industry over the previous two years, and this should come as no surprise with a nation that owns such a strong history and passion for gambling. Sports betting, in particular, was completely legalized in the UK long before countries such as the United States, with football and horse racing usually taking their position as consumers’ most favourable events to bet on.
With another year behind us, 2022 is anticipated to receive more betting action than ever, but you want to understand the foundations and knowledge that successful bettors require to become profitable. Continue reading as we’ll provide you with the essential betting advice to assist avid and new bettors alike with the necessary tools to raise your chances of beating the bookie.
Use Multiple Bookmakers & Find the Best Value
Bad habits within sports betting are rampant, but one of the most common mistakes I stumble across in the betting world is when bettors sign up to one bookmaker and fail to look elsewhere.
With a plethora of bookies to choose from, deciding on which site to sign up with can sometimes become overwhelming. Solving this problem is simple, be sure to register with as many sites as possible.
By joining multiple sites, you’re allowing yourself a greater chance of boosting long-term profits. Each bookmaker presents different odds with different sets of value; whenever you’ve got a particular bet you’re interested in, the first instinct should be to find the best available odds. Returning the highest profits available is imperative; it may not seem worthwhile over a short period of time, but in the long run, you’ll notice a dramatic increase in your overall profitability.
In addition, the free bets and promotional offers available to you will become broader in choice, therefore giving customers another path to increasing their overall profits.
Value Hunting & Probability
Most newcomers to betting in the UK will believe that finding winners is the key to success. Evidently, this much is true, but the winning team or athlete is only known after the event. At your time of placing a bet, all you can do is hunt for valuable odds.
Finding value is tricky, as you must conjure up the probability percentage you think of an event occurring.
After studying the form, injuries, motivation, and whichever statistics you expect to impact the event, you need to decide on a percentage chance you believe your desired outcome has. For example, if you expect Manchester United to have a 60% of victory, you’ll find value for this prediction by seeking the available odds which best match your anticipated probability.
60% equals a betting odds value of 1.67 or 2/3; if you cannot find odds close to your predicted probability, then this wouldn’t be classed as finding value.
Unfortunately, the mathematical side is the simple part. Finding value bets and precisely calculating the probabilities is much more complex. Probability calculators can be found online to assist your sums, but creating your expected probability is where the hard work entails. Each gambler will have their methods, but ultimately, it’s your choice when attempting to beat the bookie.
Defeating the bookmakers is easier said than done, as dedicated oddsmakers are experts in the field of creating odds, with easy access to information and years’ worth of data within their algorithms. The best approach is to consider as much information as possible when making your predictions.
All is not lost; bookmakers make mistakes too. And with a dedication to identifying these mistakes, this is where crucial betting value can be found.
Bankroll & Staking Amounts
Frequent bettors should always have a staking plan in place. Deciding on how much to bet on each wager and your bankroll management is critical in avoiding money you cannot afford to lose.
Defeating the odds doesn’t happen overnight; spreading your risk across an entire season of events should be followed with a strict staking plan.
Native progression – bet amount increases after a losing bet
Positive progression – bet amount increases after a winning bet
Flat – bet amount is always the same
Kelly Criterion – bet amount differentiates depending on the odds/perceived value
The above examples are a great place to start, but from personal experience, a flat staking amount behind a starting bankroll is often the go-to approach.
A flat staking approach to long-term betting is when you bet the same amount on every wager. It gives you significant control over the minimum number of bets you can place and helps avoid chasing losses or over-confident bets that can fail.