If you want to survive in the game of sports betting, Online Betting Ireland in Review then you have to use effective money management. I recommend that you follow these guidelines at all times.
- Only invest what you can realistically afford to lose. Slot you have to remember that you really do not need to start with al a lot of money. I got started with only $100 dollars and I followed the system and my money has doubled over and over again over the course of years.
- Do not make your initial bet too high. Only invest 5% of your total bankroll for a flat betting system (in which you bet the same amount each time) and no more than 2% for a progressive system. You need to be patient here and allow your systems to do their slow and steady work.
- Increase your initial bets when your bankroll has increased by 25%. This will increase your earning power, Online Betting Ireland just remember to stick to the suggested percentages in #2.
- Remember to Diversify your portfolio. If you have a total bankroll of $1000 and 4 systems that you would like to use, then each system should be allotted $250 and you have to keep those amounts separate.
You have to be disciplined in your use of your systems and in your money management strategy. It can be difficult especially you are doing exceptionally well or if you are losing badly. You may be tempted to deviate from the systems or the money management guidelines in either of those situations. But do not, Sports Betting Calculator just remain diligent and the rewards are sure to follow.
Online Betting Ireland in Review?
In this article, we'll explain 6 popular betting systems that you can experiment with in your online casino gaming experience. Truth be told, these timeless, tried and true betting systems originated in the world of offline betting, but they apply equally as well to online casino gambling, no matter what the game, no matter what the betting structure.
Before You Begin: For most of these systems, you will need to decide what your betting unit will be ahead of time (such as the minimum allowable bet at the game and online casino in question).
1-3-2-6 Betting System
This is what's called a Positive Progression system, meaning that as you win, your bets increase. The foundation of this online casino betting system is the premise that a player can win any game a maximum of 4 times in a row before they’ll probably lose.
Here's how the system works:
- Bet 1 unit each betting round until you win a round;
- After you win a round, bet 3 units on the next (second) round;
- If you win a second round in a row, bet 2 units on the next (third) round;
- If you win a third round in a row, bet 6 units on the next (fourth) round;
- Then, no matter what happens (win or lose) return to the beginning of the pattern, betting 1 unit per round until you win one, etc.
The risk-reward scenario with the 1-2-3-6 betting system is simple. You can win as much as 6 times your original bet after 4 rounds of play while only putting 2 units of your own at risk.
The worst case scenario with the 1-2-3-6 betting system is that you lose 6 consecutive times in the second round. No matter, though. You can make it all up by winning 4 times in a row.
The Martingale System
This is a Negative Progression system, meaning that as you lose, your bets increase.
The foundation of this online casino betting system is the premise that a player cannot possibly lose an infinite number of times without ever winning a single round. Therefore, what the Martingale system is designed to help you do is offset all of your accumulated losses with a single win.
Whether you consider it cynical, realistic, or both, this system works best in cases when the online casino game is paying out a 1 to 1 payout ratio on each bet. Here’s how it works:
- First, place whatever bet you’ve decided to start with;
- If you win, bet the same amount again, but if you lose, bet double the amount;
- If you lose again, you double your bet again.
The downside to the Martingale system is that you need a large bankroll to start out with as well as the resolve to keep increasing your bets as your losses compound. Not just anyone can pull this online casino betting system off.
In the rarest of cases, you may, after enough losses, reach the online casino’s betting maximum and then not be able to raise your bet further or offset your losses with one win.
The D’Alenbert System
This is another Negative Progression system. It’s also considered an Insurance System in that, as you win, the size of your bets increase. Here’s how it works:
- Each time you lose, you raise your bets by one unit;
- Each time you win, you lower your bets by one unit;
This system also requires a large enough online casino bankroll to pull it off.
By adding the insurance system to the negative progression system, you’re hedging your increasing losses by pulling some profits off the table each time you win.
The Labouchere Betting System (a.k.a. The Cancellation System)
This system, another Negative Progression, is somewhat more complicated than those listed so far. Depending on the odds in whatever online casino game you’re playing, you’ll come up with some sequence of numbers -- of any length you wish -- and not necessarily sequential.
Each number in your sequence is a multiple of your predetermined betting unit (7 therefore is 7 times your betting unit; 5 is 5x, etc.) Here’s how it works:
- Your first bet should be the sum of the first and last numbers in your sequence;
- If you win, cross out those two numbers you just added together (the two outermost in your sequence) and bet the sum of the next two;
- If you win again, cross out those two outermost numbers and repeat the process
- If you continue winning until you have no more numbers in the sequence to add together, you simply start from the beginning with the entire, original sequence.
- If you lose, you add to the end of the sequence, the sum that you had just used, thus creating a new sequence;
- Crossing out no numbers at all (because you didn’t win yet), add the first number in the sequence to the new last number that number and use that new sum as your multiple;
The supposed benefit of this complicated betting method is that anytime you have to start over with the original sequence, you come out with a profit. The drawback is that you can accumulate enormous losses before you ever win (if you ever win).
Your success at the Labouchere system really depends on selecting the right sequence.
The Paroli System (a.k.a. The Anti-Martingale System)
This is another Positive Progression system. More than simply selecting a unit of betting, with the Paroli system you also need to determine two other criteria before you begin:
1. A cap: The uppermost amount at which you will stop increasing your wager and return to your starting unit;
2. A multiple: How much you’ll increase your bet every time you win (1 unit, 2 units, 3 units, etc.)
You should base these factors on the odds of the online casino game you happen to be playing. The appeal of the Paroli System is that you can play at the online casino for a while with a small bankroll. You cut your losses and let your profits ride.
The Parlay System
This is another Positive Progression system. Similar to the Paroli System, the effect of the Parlay system is to “pyramid” your profits, meaning that every time you win you wager both your winnings and the amount of your initial bet as your next bet.
The reward of the Parlay system can be huge. The risk is that you can lose it all in a single bad online casino beat.
Betting Exchanges and Lay Betting - An Introduction
In a previous article I jokingly suggested I had put all my assets – my savings, the deeds to the farm, my kids’ Trust fund, and the proceeds from selling one of my kidneys – on a horse at Newbury. I showed this was potentially financial suicide, and an extreme example of bad money management.
I wrote that more often than not a losing punter will find himself saddled with a bunch of bad betting habits. It is these bad habits that have gotten him, and his betting bank, to where his is now – the Poor House.
To arrive at a change in fortune, and to start making consistent profits, the losing punter has to be prepared to make changes to the way in which he bets. In the previous article we talked about the cornerstone supporting my own personal betting strategy, and that is finding value in every bet you make.
You will only ever make a profit from betting if you consistently back horses at prices too high when compared to their actual chance of winning. This is exactly how bookmakers have made their money for generations – they consistently lay horses at prices too low compared to the actual chance of the horse winning. When punters continue to take these low prices day-in and day-out, it will only ever be the bookmakers who come out with a profit in the long run.
The second ‘bad habit’ I want to examine is the subject of inappropriate staking. What do I mean by staking that is not appropriate? Well, what I am driving at is placing bets that are generally too large in proportion to the size of your betting bank.
Before I expand upon this, the concept of a betting bank is a side-issue in itself. You categorically MUST have a sum of money put aside for the sole purpose of betting. It scares me rigid when I hear of people simply ‘dipping’ into their current account to place a bet using their debit card.
If you do not have a separate account for your betting activities, you cannot keep records, and you will not be able to answer that simple question, “Am I making a profit, or a loss?”
It goes without saying, that betting involves a degree of risk, and you should never bet with money you cannot afford to lose.
Getting back to inappropriate staking, the idea of lumping all your money on one horse is an extreme example of over-staking. Of course, on the one occasion this strategy may pay off. We had friends round a few nights ago to play one of those Race Night DVDs. I was comfortably in front by studying the form before each race, and placing considered bets at what I considered to be value prices. As you might imagine, I had a suitably smug expression on my face as we came to the last race, and our friends were complaining I enjoyed a ‘professional advantage’.
My wife then decided to put every penny she had left on an 8/1 chance. The race turned out to be the ‘lucky last’ for my wife, and she walked away with the whole bank!
But seriously, continue with these tactics, and it will not be long before you lose everything.
Personally, I would never consider starting any betting campaign with a bankroll of less than 100 points. In other words, I will divide my bank by 100 to arrive at my unit stake. You can see that I will only ever be putting 1% of my bank at risk when I place a bet.
This is a very generalised approach, and you might argue that a little more consideration should be given to a punter’s typical strike rate. True, if someone has a strike rate of 50% then it is statistically highly unlikely that he will suffer a run of 100 losers to go bust. So, in this case you might be justified in operating a smaller bank. Bear in mind that when flipping a coin, it is by no means unusual to see 6 or 7 ‘heads’ in succession, and losing runs in double figures do occur.
Erring on the side of caution, you could foresee two such losing runs occurring twice in close succession. In which case, I hope you can see that even when considering a system which such a high strike rate, having a bank of well over 20 points now seems very sensible.
With my own Redd Racing betting service, we enjoy what I would consider to be quite a healthy strike rate. However, we have experienced a negative swing of some 60 points during one particular month a couple years back. The account recovered to make a profit by the end of the month, but it underlined the importance of having a bankroll large enough to absorb the losing runs that EVERYBODY has to endure from time to time.
Indeed, it would probably be better advice if I suggested members of my service had a bankroll of 150 or even 200 points in reserve.
Yet I often receive emails asking me whether it is OK to deposit £100 with Betfair and start with unit stakes of £10.
Betting with stakes too high in proportion to your bank normally comes out of a desire to make money quickly. I think we are all guilty of getting overly greedy sometimes, and unwilling to think a little more long-term. People are inclined to set themselves unrealistic profit targets, given the size of their betting bankroll. Having a bank of £100 and expecting to be able to make £100 per month is not realistic. Get-rich-quick does not exist.
Akin to the Tortoise and Hare story, let me give you an example of where what might initially seem like a very moderate return, actually gives surprising results over time.
If you started with £100 in your betting bank, and increased this bank by just one-half of one per cent every day, after just 6 months your account would have a balance of £244 due to the compounding effect. You could more than double your investment in 6 months with this seemingly small daily profit return. Take that to your bank or building society and see if they can come anywhere near such a deal!
Hopefully this demonstrates how ‘slowly but surely’ wins the race.
To summarize, my advice would be to set your unit stakes at one per cent, or even one half of one per cent, of your total betting bank. By striking only value bets, and when the odds are in your favour, your betting bank will grow. As your bank grows, so you can naturally increase the size of your unit stake to make more profit – but your bets will still be in proportion to your bank.
In the next part of this Sensible Money Management series, I will look at more bad habits that suck money from the accounts of losing punters.