Tuesday, 8 March 2011

How to Become a Pro Gambler

I found this article on a blog called Top Cat Betting. It has quite a lot to say about becoming a professional gambler so hope you find it of interest.

Becoming a Pro-Gambler. 

This section is very important and you should read over and over again until everything you have read about here becomes second nature to you. You see contrary to popular belief there are many good pro-gamblers who make a very good living from their betting activities (the bookies do not ALWAYS win). There could also be a hell of a lot more professional gamblers if they could master the arts of discipline, self -control, sensible staking and keeping records, effectively running there betting activities as a BUSINESS.

This is where a huge number of people who have the potential to go PRO fall down.

So what exactly is the definition of a Pro-Gambler?

As far as I understand you become a professional gambler when your sole income is derived from your betting activities. Likewise, you are a semi-pro if a substantial part of your income is derived from your betting activities (such example would be a tipster service who earns part of his income from betting but also part from charging clients for providing a betting service).

There are many people who whilst aspiring to be a pro or semi-pro gambler never reach there goal, not because they are not good enough at picking winners or especially as you can now do, picking losers, but simply they do not have the discipline or self control to run their betting activities as a business. Likewise I am sure there are many people who have developed successful systems & services, but lack the discipline to use their potential to the full. Basically they do not treat there betting as a business. This is the single most important factor in determining your success or failure as a semi-pro or pro gambler. You MUST treat your betting activities as a BUSINESS and run it like a BUSINESS. Could you imagine any successful business working without virtually any record keeping or without any carefully thought out financial planning. This is exactly what many would be pro-gambles do. They may be very good at selecting or they may have the best system in the world, but without a professional business-like approach they are doomed to failure.

How can you possibly know how well or how badly you are doing if you do not log down every single bet that you ever make, so that at the end of the month you have a profit and loss balance sheet, just like any business would, yet many people bet on a whim without making any notes at all. They can only begin to guess how well or badly they have done by the end of the month depending on how heavy or light their pocket feels. Yet keeping DAILY RECORDS of all your selections is NOT difficult or time consuming but it is essential in order to help you on the way to becoming a semi pro or pro gambler.

Financial Planning

What about financial planning for your business? Again this is something simple to do but what most potential pro-gamblers fail to do. Many people bet with the amount of money they have available at that time. If they have been to the pub to often and it is the end of the month they may only have £2 on what may be a potentially great bet. At the same time if it is just after payday they may have £100 on another potentially great bet. In truth both bets may be as good as each other and how do you know which one is going to win. Say for example the bet you had £2.00 on comes romping home at 3-1. You are kicking yourself that you only had £2.00 on it because you have spent the last week in a semi-coma after spending all your hard earned cash on bitter or lager. Not that spending lots of money on bitter or lager is a bad thing (As I can vouch for by the size of my stomach, although at my age I am actively working this off, but I am rather straying from the point here). The mistake you have made is only having £2.00 on a 3-1 winner and then after payday having £100 on a sure thing that gets beaten by a short head. Unlucky? DEFINITELY NO. In fact over the course of the two bets you have selected you should have done very well. In fact these were very skilful selections, one winner at 3-1, and one loser that got beat by a short head. I am using backing horses here for illustration purposes as opposed to laying them to lose.

Now lets see what exactly the same selection process would have produced if you had been running your betting activities as a business. Without a fancy staking plan lets say you are staking the same amount of money on every selection, you value both bets equally (ie you expect to win money otherwise you would not place the bet in the first place).

If you had placed £2.00 on each bet the end result would have been a £4.00 PROFIT.

(£2.00 x 3-1 (4.0) = £8.00 less £2.00 stake =£6.00 Less £2.00 on the losing bet = £4.00 profit.)

If you had placed £50 on each bet the end result would have been £100 PROFIT.

If you had placed £100 on each bet the end result would have been a £200 PROFIT.

However you placed £2.00 on the bet that won and £100 on the bet that lost, the end result being a -£96.00 LOSS.

Instead of being £4.00 in profit, £100 in profit or £200 in profit you lost £96.00 that you probably could ill afford to lose. This is the important thing.

You lost this not by bad selections, bad luck or any other excuse but purely from bad planning and bad management. You lost money because you were led by circumstance, (the amount of money that you had in your pocket at the time), rather than taking control and running your betting activities as a business.

A £4.00 Win is better than a £96 Loss if that is your affordable budget. You see the important thing here is not how much money you have on each bet (although obviously it is desirable to have as much as possible), but that your bets are placed within the limits of your available BETTING BANK. A betting bank is the amount of money that you should set aside for your betting activities BEFORE a single bet has been placed.

This should be money that you can afford to lose, with betting as well as with any business there are no guarantees however wonderful a service is, and I have yet to come across any form of betting that does not involve a losing run at some stage or another. A betting bank planned correctly eliminates the heartache of the losing runs and keeps your business afloat, whatever the size of the betting bank you start with. The size of the betting bank is not the important thing. You can always increase your stakes in line with the growth of your bank, but what you must do is start with a betting bank and stick to it. Never again place a bet on the strength of the money you have available in your pocket at the time.

Now that we have established that you need a betting bank to start with, what should this be? Without stating the obvious, it should be what you can afford. Never bet with money that you can’t afford to lose. If it is a choice between a loaf of bread and starving or £2.00 on the 3:50 at Kempton, go out to the bakers and buy that loaf of bread otherwise you will probably be starving hungry by the end of the evening.

Say for example you can put aside £1,000 to run your betting as a business. What you do is simply divide this amount of money by the number of bets that you will think you will need to cover a worst- case scenario, losing run. This is your bank, your working capital for your business, not money to be frittered away in the hope that it will bring you instant riches. You should safeguard your bank and always air on the side of caution. Without it always there you will not have a business, this is the first and single most important thing in becoming a semi-pro or pro gambler. I personally would advise working out your stake on each bet using a betting bank between 1/20th and 1/50th of your betting bank.

As I mentioned previously, personally I would go for the 1/50th option, meaning your bank would only be wiped out in a real catastrophe and if it did get wiped out you should really then be questioning the selection process, whether it be your own or from a tipping service. Whatever system or selection process you follow, you should nearly always be safe here. This really does almost virtually eliminate any BAD LUCK factor unless you suffer from outrageously bad luck, and I am afraid I do not have an answer to that one. This would mean that £1,000 bank, will allow you to place £20.00 stakes on each selection.

Whilst this may not seem very exciting or adventurous it is safe, and running a business and making money should be steady and safe, well planed and thought out with MINIMAL RISK. Leave the risk taking to the amaturs. Whilst they may get more excitement there bank balance will probably never be very healthy, whereas running you’re your betting business properly and you will be nicely surprised how quickly your bank balance could be increasing. What we are talking about here is running your betting activities as a business. Plan & think in a business way. This is VERY, VERY important and I hope that this section has demonstrated to you why it is that only ever a few people reach the elite top group of professional gamblers. If you can master discipline, self control, staking & financial planning, keeping records of all your bets and running your betting as a business then you really are more than half way there to joining the elite: The Professional Gambler. With this, great rewards await you in the fact that, not only can it be the road to real wealth, but also to real freedom. Freedom, from working for someone else. Freedom, to spend more time with your friends and family and those that you love. Freedom, to enjoy life to the full.

Together with the discipline and business like approach required, to implement it and run it successfully can really lead to great things. You have in your hands real power to take control and determine your own destiny. But with great power comes great responsibility. The only thing in the way of your success is you. Run your betting as a BUSINESS and as I said previously it does not matter what level you start at, as long as you make that start.