Everybody has heard of the old sayings 'The Bookie Always Wins' or 'Gambling is a Mugs Game'. In fact most of the population are against the idea without ever having tried it or placing a single bet. Traditionally betting has been the pass time of the older working class male section of society but with the growth of the Internet and Online Gambling this no longer seems to be the case. Placing a bet has never been easier and more and more people bet on live sports than ever before.

It is true however that the majority of gamblers are mugs. Only around 15% of people that regularly place bets actually make a profit. These are the punters. They are a group of disciplined, collected individuals who employ strategies to what they do and stick religiously to set guidelines and laws of gambling. The other 85% of people that bet are the mugs. These people bet on sports simply because they are on TV and put little thought into what they are doing. They are the people who bet more than they can afford and use larger bets to chase earlier losses. These people often loose thousands and get into financial difficulty because of their gambling antics.

With all of the negatives to one side it is possible to make a substantial amount of profit from gambling. A lot of professional punters actually make a rather healthy living from gambling full time. This is something that takes many years of success and years of experience to ensure security. You will learn a lot about yourself in the process, things about your own character and your own strengths and weaknesses.

Beginners and professionals must both adhere to the gambling code in order to gain success. Below are documented rules in which professionals stick to for ultimate success and beginners must adopt to stay out of trouble. They are rules that can protect newcomers and in the long run promote success. If you want to make your fortune from gambling the below is one of the most important documents you will ever read.

Only Bet What You Can Afford to Loose

Before you put any money into anything you should always stop and think.

'Can I afford to lose this amount of money and would it affect me in any way if I were to lose it?'
'Do I need this money for something else?'

If the answer to either of these questions is yes then no bets should be made regardless of how good the price is or that it is a dead cert winner. Never use a credit card to deposit money into a gambling account or use any form of borrowed money. The money used to gamble should always be your own surplus cash. The rule is simple. If you only bet with money you can afford to lose, you will never come in to financial difficulty due to gambling.

Learning What to Stake is a Skill

You should create a staking plan for your bets and aim to bet less than 10% of your overall bank. If your staking is done correctly you should rarely need to redeposit more money into your account and never suffer any massive damaging losses.

Only Bet When It Is a Convenient Time

Avoid betting when in situations where your mind should be focused on something else. For example work. If you are constantly checking scores and your mind is on the match your job will suffer. You may not notice it yourself but others will and maybe even your employer. At the end of the day your job is more important. Secondly you need to be focused on your bet and at work you will not be. You may make careless bets as you have not had the time to think them through or you may not review your stake properly. Avoid making bets whilst on nights out or under the influence of alcohol. A bet is an investment and should be selected with care!! Gambling requires your total attention!!

Keep a Record of Your Bets

As I said before your gambling is your business and no business exists without the need for paperwork. Documenting your bets will tell you just exactly how well you are doing. You will be able to identify which bets are making you a profit and which you are losing on. You will be able to identify your own strengths and weaknesses and put all your efforts into the area's that have been proven successful. You may not want to record your bets for fear of the bad news it may bring. If you are not doing particularly doing well it is important that this is brought to your attention and that you have an audit trail to identify where the problems lie.

Treat It like a Business & Maximise Your Profits

These days there are so many different ways to place the same bet. With the bookmakers market being more competitive than it has ever been there are often massive differences in the prices that are on offer. For example you may be a regular with William Hill. You have backed Team A on their site at odds of 2 and just before you place your bet you notice that Victor Chandler are offering odds of 2.2 for the same team to win. That would mean 20% more profit on your win. It is always best to have online accounts with as many different bookmakers as possible to take advantage of price differences.

Likewise there are many different variations in markets. You may think that Team A has an almost certain chance of beating Team B. The price may be extremely low for the team you fancy and therefore you must find your value elsewhere. You may be able to pick out more than one correct score bet to make more money or side with Team A on an Asian handicap. It is not worth taking poor odds when there are so many markets on offer today.

Stay Cool If the Bet Is Not Going Your Way or Your Odds Move

I know from experience that it is hard to keep your cool when a big bet is not going your way. It is extremely tempting to put more money into the market on a different outcome reacting to what is going on in the game. This is a recipe for disaster. Before you know it you have changed you bet and doubled your stake and one goal could put your original bet in contention. Your original bet ends up coming in and you lose double your original stake. If your bet is going wrong you should take it on the chin and learn from your mistakes. If your staking was good the loss will not damage your overall bank.

Find a Reason

Never place a bet without good reason. Whether it is down to extensive research or a clear form review you should always have a good reason for parting with your money. Just because the odds are huge does not mean there is any value. Do not follow others. Do not go where the money is or where the majority bet is being place. Always have your own reason for your decisions.

Listen to Others but Do Not Be Swayed By Their Opinions

Take on board information provided by others but do not allow it to change your views. Others may offer good important information but your initial reason for the bet should be strong enough. It might make you revise your staking plan or market you choose but very rarely should this force you to cancel your bet.

Do Not Chase Your Losses

Temptation is always there to place a huge bet to cancel out a previous loss. This is really what separates the men from the boys when it comes to gambling. You must be disciplined enough to step back when things are going badly and be sensible with your money. It is easy to forget the real value of money when things are going wrong. If you find yourself chasing losses you simply should not be gambling or indeed go on their selection.

Breaks Are a Good Thing

Every punter from professional to beginner has bad spells. If you think that you are continually losing money then take a month off. Relieve yourself from the work and the stress and wait for the next significant event. You will be surprised how your picks and staking strategies change immediately following a good break. If you are a casual punter who has limited funds, step back from gambling until you reach your next payday or until finances settle. This will prevent greater losses than you can afford. Do other things to take your mind of your bets and come back when you are ready.

To Conclude

Only when you have the self discipline to apply the above rules to your gambling will you ever achieve success. As stated earlier in this article 85% of people who gamble are mugs and make regular losses. The other 15% are the ones who adhere to the Ten Commandments and treat their gambling as their own business. It is important that you take your time and learn from your mistakes. Learn about yourself and your strengths and weaknesses. Above all enjoy it.

I hope this proves to be a useful point of reference to all who read and that it will prevent newcomers from falling down the slippery slope and joining the ranks of the mugs.

Good Luck All!