author: andriev   30 July 2021Print page

How can patience help you in sports betting?

People are constantly trying to crack the betting code to reach ultimate success. However, it has been proven over the years that each case is unique and what works for you won’t work for someone else. Nevertheless, let’s find out how being patient can help you become successful in betting. 

patience betting guide
IntroductionHow important is being patient?Patience & BiasesAre you a rational bettor?Summary
 
Introduction


First of all, what defines success in sports betting for you? Regardless of your betting style or technique, there are plenty of things that go into that mysterious formula. Despite the sports knowledge & betting skills, psychological aspects are equally important to the final result. Let us take a quick look at it together in this sports betting guide.

 
How important is being patient?

Patience, as a tool, appears to be quite useful for your overall betting wellbeing. The ability to stay cool & control your emotions whenever you make mistakes is very often overlooked by bettors. Unfortunately, it is one of the most common mistakes punters commit. People tend to choose more practical approaches like finding value or exploiting the reverse line movement over more intangible things like patience, for example. Even the best punters make mistakes! Having a good betting model in place is great, but what are you going to do if something goes not according to your plan? What if your prediction fails because of an unlucky play? What’s then?


Still feeling a bit sceptical about it? Let us show you something that would change your mind. Have you ever heard about the law of large numbers? Well, while it is one of the sports betting fundamental laws, it is also the best way to show how you can benefit from being patient. In short, the law tells us that the opposite outcomes will eventually even out in a large enough sample. The easiest way to test it is a good ol’ coin toss. Just toss the coin 100, 500 or 1000 times (the point is to have a big enough sample) & check the results. At the end of the day, you should have a 50/50 ratio or something similar to that. Nevertheless, you will still witness all heads, or all tails runs. However, that does not mean that either side has a higher probability of landing.


How to bet on winning streaks?


Sports betting works exactly like that. In order to find out whether your betting model is efficient or not, you must have a large data sample to be able to analyse it properly. In addition, sometimes, an unfortunate losing streak can take you off the right track, thus, you need to stay patient and give it a try before making calls right away. In short, being patient is key to finding the best approach!

 
Patience & Biases

Being good at betting does not only mean knowing a lot about sports and being able to calculate probabilities. Experienced bettors know quite well that biases & fallacies are always lurking around the corner! Thus, being aware of those will help you stay on the right track & reach your betting goals faster. That is where patience comes into play. It will guide you through tough times & protect you from losing your cool.


Tipster’s phycology - confirmation bias


Unfortunately, it only looks easy in theory. Quite often, punters lose their focus choosing short-term rewards that look more «lucrative» over their long-term goals. The ability to stay focused at all times regardless of the situation is what separates a good punter from a great one! Nevertheless, we all make mistakes and falling for quick short-term rewards often looks lifeline-ish. Unfortunately, it is not! As a matter of fact, it is nothing else but hyperbolic discounting bias, which is very common among recreational bettors. Don’t worry if you struggle to stay patient during hard times, we all do! Luckily, there are ways to fix it! Sometimes overthinking about your patience could be the cause of your mistakes. That is why selecting a proper staking method is a must! Choosing the proper method according to your style will only help your betting & minimise your losses in the long run!


Staking. How to select the right approach?

 
Are you a rational bettor?

What do you think being rational in betting means? To be honest with you, rationality should be your number one priority. That being said, profit maximisation & loss minimisation are what punters should focus on the most. Obviously, something that appears to be ration for one wouldn’t be so for another one. That, though, does not mean there are no commonly-shared ideas of rationality like having accounts at multiple online bookmakers.


According to, let’s call it, betting rule of thumb, everything we do in betting should lead to making profits, thus finding the best value for your wagers is what you need! For example, assume you are placing a tenner on a football match over the weekend. One of the top online bookmakers you usually wager with offers the price of 1.95 (19/20). On the other hand, another betting operator has the odds of 2.00 (1/1). After a couple of simple calculations, we have the €19.50 payout and €20.00, which gives us the difference of €0.50. Obviously, €0.50 is not a lot, but think globally! Why would you give up an extra €0.50 on the same bet? What if you stake more than just €10? What if €500 or even €1,000? Looks better now? Regardless of the amount to make, opt-in for the better option, as long as it maximises your profits!


How do margins affect profitability in sports betting

 
Summary

Summing up, remaining patient throughout your betting journey & staying focused on your long-term goals are your two main success components! The ability to put your head first is the best way to stay on the right track! Stay woke and ready to take losses, as they are inevitable, especially in sports betting. Always try out new approaches but make sure to give it some time first before changing anything. Remember, patience is the key!


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