Betting for beginners

Previously I have run a series on the numerous different types of wagers which are common in UK betting websites.  In that series, I gave an overview of each type of bet so that you could expand your punting vocabulary and figure out what might interest you.  But one thing I did not delve into in as much detail is the various advantages and disadvantages of different types of bets.  So I want to start this new series by talking about the pros and cons of simple straight bets.

If you are looking for the best online uk betting sites to join, then you are probably keen on scoring some bonus money.  There is a wide variety in the types of online betting site promotions you will find.  While match bonuses on first-time deposits are most common, some sites also offer match bonuses on additional deposits.  They may also offer free bets and other advantages.

If you have been keeping up with my blog, lately you have probably been reading a lot about “free bets.”  I put “free bets” in quotation marks because free bets are not really free - read more about this in my installment on What You Should Know About Free Bets.  There are a lot of strings attached to them, and quite often, you actually wind up losing money while you are trying to meet the criteria to claim them. 

Recently I wrote an article about what you should look for in online betting site promotions. In that article, I mentioned that some websites offer a number of different types of bonuses. One of those types is what is known as a "free bet." What is a free bet and how does it work?

There is an interesting psychological phenomenon which is sometimes observed in people who are facing win-or-lose situations.  If the possibility of loss becomes imminent or even seems imminent, people experience what is known as “loss aversion” and change how they behave.

If you play or watch sports, you probably have observed this.  For example:

If you dream of becoming a profitable sports bettor, one of the first steps is to learn how to set intelligent goals.  You may think that comes later, but if you put off goal setting too long, you risk setting yourself up for failure.  Why?  When all you have are dreams of success, they tend to remain just that - dreams. 

In Tips for Setting Goals, Part 1, I gave some advice for setting your sports betting goals, including:

Have you ever noticed that sometimes a player on a losing streak will make a sudden turnaround?  They will actually start performing better than they have for weeks?  This sometimes happens with teams as well—though not as often.  Losses seem to be more demoralising for groups.  But sometimes even a team will suddenly give an extra push.  When this happens, it clearly isn’t a fluke - it’s a concentrated effort. 

If you are just beginning your journey into the world of sports betting, you have a long road to walk if you want to join the sharps.  Even if you become good enough to join the pros, you will probably only have a win percentage hovering between 55-60%.  You will have to fight for every percentage.  That is how hard it is to succeed at punting.

With such a long journey ahead, how do you set useful goals which will help you succeed?  Here are some tips.

If you are trying to build a career as a punter, you hopefully have a spreadsheet where you track your wins and losses. Whether you are testing or betting live with real money, you need to keep an eye on a number of key statistics to evaluate the performance of your betting techniques:

• Win percentage
• Win/loss ratio
• Average win size
• Average loss size
• Total number of wins
• Total number of losses
• Net profit (adjusted for fees and spreads)
• SOL Quotient

You have probably discovered that most uk sports betting sites now offer full mobile access and a rich suite of betting features you can take advantage of anytime, anywhere.  Depending on your disposition (and the technology you own), you may immediately see the appeal of wagering on sports using your mobile device.