Advice

The Pitfalls of Greed

(Last Updated On: June 22, 2010)

We have all seen claims of being able to make a fortune from betting. The sort of claim that you can turn a £50 bankroll into £5000 in just a few weeks! Although most of us know that this is just not going to happen we are still very susceptible to other forms of greed.

Greed is an ever lurking devil in the world of sports betting, the better that you do the better you think you can do and so you start to change strategies. As you change your strategies you are no longer properly analysing and you soon find that your winning strategy is now losing all of your hard earned profit.

Is it possible to make more profit than I am at the moment? When is the right time to adjust a strategy and start playing with a new one?

The answer to the first question is almost always ‘Yes’ and by answering the second question properly we can actually increase our profit rather than lose what we have already earned.

Once you are running a profitable method you will find that you can almost always improve this method and increase the profit. The first question to ask is ‘Do I want to?’ If you are already making a profit then be aware that increasing it by improving the strategy is going to be at least twice as hard as getting the profit to start with.

Personally I feel the biggest mistake made is trying to update a method and using the same bankroll to bet with it. You are running a profitable method; you do not want to change it while it is working.

Take your time improving the strategy using exactly the same methods that you used to build it originally. There is no rush to do this, it will take as long as it takes, do not rush the process just because you want to make more profit. If you do then you are gambling and no longer betting sensibly.

When you have improved the strategy then take some of your winnings and start betting the improved method with a new bankroll. This way it will not affect what you are already doing.

‘But this means I can’t place such large bets?’ It does, but would you rather place smaller bets and build up a bankroll with a strategy that you know is performing well or risk your profitable strategy and current bankroll?

I know which one I would rather choose!

This is just a short post today but very important. Make sure that you don’t fall prey to greed by following these steps.

  • Create a profitable strategy
  • Build up your bankroll using the strategy
  • Improve your strategy to increase the profit
  • Paper test the improved strategy for a minimum of three months
  • Take a portion of your winnings to start a new bankroll and begin building a new bankroll using the improved strategy while still running the original.

Michael Wilding

Michael started the Race Advisor in 2009 to help bettors become long-term profitable. After writing hundreds of articles I started to build software that contained my personal ratings. The Race Advisor has more factors for UK horse racing than any other site, and we pride ourselves on creating tools and strategies that are unique, and allow you to make a long-term profit without the need for tipsters. You can also check out my personal blog or my personal Instagram account.

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