Prime Book Id Guide on Coping with Losses
Even the best sports fans have to admit that it's part of the game to lose. How might being willing to lose help you get better at betting?
Losing runs when you bet is as normal as death and taxes. They can be very irritating and sometimes don't make sense. Here in the Prime Book ID, we look at ways to deal with these times when everything that could go wrong does.
Strategy for Change
Patrick Veitch, one of the UK's most feared full-time gamblers since the 1990s, is continuously innovating techniques to stay ahead of the game. Punters have never had a larger selection of betting choices or choice, while "getting on" has never been more difficult for those with any type of value intelligence.
With this in mind, Veitch now focuses on the shortest priced horses each day and, after conducting extensive study into the races in which they compete, settles on a price at which he is willing to back or lay. These judgments now serve as the foundation for a largely exchange-based organization, which is vastly different from how he functioned only five or six years ago.
Adapt to the Times
Many failed punters, many of whom had previously gained a lot of money from the game, demonstrate the hazards of staying steady when things start to go wrong. Before retirement, Johnny "Lights" Herndall was a huge player on the rails at racetracks in the South of England during the 1980s and 1990s. He was incredibly well connected, a great pricing judge, and knew when and where to play as a layer or punter. However, when the betting exchanges arrived, the "secrets" that only he and a few others knew were "shopped," and his edge quickly vanished.
Prior to Prime Book Id, he might have been handed "stable cash" to bet on one of a leading yard's newbies in a modest maiden race, and would be informed that this horse was extremely much fancied (while the bookies were in the dark and pricing up largely from an unproven industry tissue). With the exchanges' supremacy, the odds of 4.00 or higher that he would have been able to gamble at became 2.50 or less, and the profit margin practically vanished overnight.
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Limit Your Maximum Losses and Reduce Your Stakes.
When the wheels come off and a string of losers follows, the best suggestion is to cut stakes until you feel confident again. If the punter's regular bet is 100, try lowering it to 25. What many of us do is increase our betting levels when we are out of form, seeking to make up for earlier losses, and it is during this time that all of our previous hard work might be thrown away.
"It is far better to plod along in first gear and try to become a marathon runner rather than a sprinter who burns himself out," on-course pro-punter Steve Noyce remarked. Staking is the most difficult aspect of betting, and it is far better to play larger while things are going well than to try to smash out of difficulty when they aren't.
Play More Cautiously and Focus on Regaining Trust.
Reduce the number of bets you make, and only wager when you have a clear advantage. Eliminate all "interest" bets, such as wagering on a game that is already in progress, and narrow your emphasis to the area in which you have the most expertise. This should be common sense, yet it's often disregarded, especially when things go awry. A skilled punter can make a comfortable life just by trading football in running, using a suite of complicated algorithms to identify and exploit any pricing differences between Asian and exchange-based markets. He has no other means of support and is therefore totally dependent on betting to make ends meet.
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