What is it that makes someone a successful gambler? This is a question many have asked but not many have answered. According to Vegas between 12-15 percent of gamblers are long term profitable. This means that somewhere in the range of 85-88 percent of people who bet long term are losers. This article is my angle on how I have been profitable long term and I hope these keys will help educate more of you on how to be a long term winner.
Key #1 Bankroll Management
Bankroll Management sometimes referred to in the gambiling world as “BR Management” is the largest key in my opinion. BR Management is how much you set aside to bet and how much money you place on each bet. We like to use units to classify our level of confidence in each bet. I go by that one unit is one percent of your bankroll.
For example if you are working with a bankroll of 5,000 dollars you’re one unit would be 50 dollars and 2 units would be 100. It is important to me to stick to a smaller unit system I go by 0.5-5 units which means the absolute most you bet with a 5,000 bankroll is 250 dollars.
I will never believe in 10/20 unit plays and heres why. If you just have a cold day (which will happen often long term) and you lose 4 straight bets you either lose 40 percent or 80 percent of your total bankroll in a few hours. I always say be prepared for bad days, losing days losing weeks sometimes months you need to build the bankroll up and be able to sustain the losing days or weeks and always stick to your unit never increasing or decreasing.
I promise you wont get rich in a month or a week or for most even a couple years this is a true marathon. Build the bankroll and stay consistent with your units win or lose, stick to a 0.5-5 unit system and watch it grow slowly. Any winning day or week is a positive step to building the bankroll and long term winning.
Key #2. Discipline
This is a massive reason people lose long term. I will give this example its a Saturday morning in January and there’s over 100 college basketball games 15 NBA and NHL games on the slate. Many people will look to bet 3-4 games per time slot they will bet the college basketball noon games then the 3 o’clock then the 5 and 7 and so on while mixing in NBA and NHL. You should never bet based off time slots or just because there’s a lot of action that you need to bet every game. That is when you become a degenerate and often with the amount of volume it is impossible to win long term.
This becomes worse when you lose the early slots and you want it all back so you double up on the later games and you check your account and its almost out in 12 hours. Instead find a few games where you have angels and roll with them on a 150 game slate. It’s ok to bet 3-5 games forcing action is a massive reason that the books always win.
People always force action and when you play all that volume it is very difficult to beat the books, you may win one or two weeks but over the long term the books come out on top when action is forced and chasing is intact. Take the loss and minimize it and do not double down on the Hawaii game at midnight!
Key #3. Line shopping
This is something in my opinion that goes under the radar but is one of the most monumental keys in long term betting. Get multiple books because there’s always going to be a better line on one of the books very rarely will a book match up the same. I cant tell you how many times I will have a game with a 20 cent difference on my books, even a 5 cent difference long term is very key. It is very important to set yourself up to get the best possible line every time you place a bet. A few good books that are online are Bovada, Fan Duel, Draft Kings, 5 dimes and Mybookie.
Key #4. Emotions
This is something I always preach an emotional bettor is not a winning bettor. If you find your days being ruined by losing bets and being made on winning bets you are too deep into it. I get it sucks to lose and we all may curse and yell for a minute but accept it and move on you are going to lose a lot of bets. I have lost thousands of bets in my career.
There is going to be bad beats and losses that will blow your mind long term but what comes around goes around and it all evens out on the bad beats. I always say never get too high, never get too low, enjoy the rollercoaster and be positive. Negativity in this industry will get you nowhere but more losing and no one likes a crying man.
Key #5. Have fun
Remember to have fun most of us do this for our love of sports. If this becomes more of a job then enjoying it this is not for you. Do not live and die on every single bet you place always be positive and enjoy it all. Remember glass half full!