Sports betting has always had an element of grandeur and a seductive appeal for people around the world. Today, the industry is blossoming as millions of gamblers wager their hard-earned cash in the attempt to predict the correct result and win some easy money. However, more than 90% of bettors lose their money in the long run, and only a handful of individuals collect consistent profits.
Why is there such a big discrepancy in numbers if the internet is filled with tons of predictions, stats and analyses covering all the major sporting events? The common gamblers’ success rate is so low you could think they are dealing with quantum physics here.
The answer lies in your head and is very straight-forward. The crucial thing that makes or breaks your betting experience is your mindset. You can approach betting in two distinct ways. You either practice it as a recreational activity that offers you fun and the occasional adrenalin rush, or you treat it like a serious business with it subsequent strategies, laws and risks.
This article tackles the second approach, but before I proceed revealing the right betting mindset, I must give you one last warning, that will hopefully save you a lot of stress and money. Never resort to betting as a mean to make a living when you are broke or face financial difficulties. You won’t be able to make clear, rational decisions and thus, you will certainly lose even more money.
If you want to have a successful betting experience you need to understand what prevents you from having the right mindset to practice it. The main psychological factors that hinder your betting success are fear and greed.
The fear of losing money prevents you to detect exciting betting opportunities with good value. You’re always trying to take the safe route and bet on heavy favorites, priced at laughingly small odds. That’s a dangerous tactic as surprises in sports occur daily. The number one rule in every betting guide is always to bet only the amount of money you can afford to lose, yet so many people are ignoring this precious advice.
Similar to fear, greed is also your worst enemy when it comes to managing your bankroll. A lucky winning streak may bring you a false sense of security and vulnerable arrogance. It’s amazing how many gamblers fall into this trap. They start pouring big chunks of money thinking they have found the “holy grail”, only to see their once healthy account balance gone forever.
The best way to approach betting is having an efficient strategy and being indifferent. You should never be emotionally attached to the eventual outcome of your bet. Stay calm and focused whether you win or lose. Test your strategy before wagering real money, and then trust it to deliver in the long term. Remember, patience is your virtue. You’re treating your betting activity like a business. Be ready to invest time, research and money before claiming your profits. I know it all sounds too easy on paper, but how many people are actually sticking to this rules? Professional gamblers have the “professional” tag for a reason. They all possess the right mindset to succeed in this field. Are you ready to become one of them? The answer is in your mind.