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What are the biggest mistakes punters make.

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Replies: 49

By:

Dr Crippen When: 28 Dec 19 21:33

G Hall.
He did state that running in a race was not the same as competing in a race.

By:

burgess When: 11 Jan 20 01:47

combinations of favourites on quinellas,forecasts,exacta's,trifecta's,doubles,quadrella' s often pay unders on the tote.Punters love favs.J
ust think the opposite.

By:

Nebs When: 11 Jan 20 12:37

When you go into a betting shop the walls are covered in newspapers with form for every horse. The bookies want you to study the form, they want you to think you are clever enough to pick the winners, they want you to do this so much that they give you the form for free. The biggest mistake in using this form is to try and pick the winner of the race.

By:

wolf3011 When: 12 Jan 20 19:16

As over 95% of people on betfair have losing accounts, your biggest mistake is asking your question on this forum and taking the replies seriously.

By:

Richie_Burnett When: 12 Jan 20 23:26

Jan 12, 2020 -- 7:16PM, wolf3011 wrote:

As over 95% of people on betfair have losing accounts, your biggest mistake is asking your question on this forum and taking the replies seriously.

I kind of agree and disagree at the same time.

Fora and gambling make great bedfellows. Unless you have friends or relatives who are successful, it's very hard to get free, useful information on betting. It should be fairly easy to work out who is worth listening to and who is not. Posting is a super efficient way to learn. You post something stupid and someone will refute you and you learn. People can't resist bragging!

I agree because on the cricket forum, there is a ****tonne of aftertiming, results orientated thinking, punting for the sake of it, gambling disguised as "trading", a lot of recency bias, cognitive bias and also a lot of the use of "lump on" which is idiotic.

As for mistakes, personally, I would say being results orientated is a huge blunder. I'm over it now but I used to strongly correlate results to skill and negative results to lack of skill. Mind over matter innit.

Generally, I would say that people do not understand the concept of value and they do not realise what kind of ROI is achievable or exceptional (a lot lower than you might think)

Finally, people are lazy (myself included) You have to put in a lot of work to be good. If you don't then you don't deserve to win long term. FYI watching MOTD isn't work

By:

wolf3011 When: 13 Jan 20 00:41

Fair points. Keeping it simple I would advocate ignoring overly elaborate staking plans which simply conceal the most important facet of any gambling - identifying value. Posts earlier talking about £2 bets if your bank decreases are just silly for eg... clearly you only use a small percentage of a bank to cover the wins losses streaks which is obvious. Someone mentioned knowing 4 people on the premium charge .. its very easy to get into the premium charge bracket with only modest profits. I got into the 20% bracket within 6 months of joining and not huge profits. It's very easy to put losing bets down to a bad bet or " should have known better " but huge amounts of it is purely luck rather than skill. The key is finding the small skill percentage and playing the percentages rather than obsessing over every win or loss

By:

wisewords When: 15 Jan 20 17:22

A deep understand of the sport you're betting on, a large bank and a risk-averse attitude are the key components.

By:

politicspunter When: 19 Jan 20 21:25

Concentrate on a maximum of two "sports". Don't bet on horse racing or greyhounds.

By:

Darlo Bantam When: 20 Jan 20 17:19

Losing.

You have to learn how to lose (typically, the emotions and not chasing, but a more complex full problem than that) in order to win.

By:

Storm Alert When: 15 Feb 20 12:31

Don't chase loses. It's amazing how easy it is to turn a small loss into a big loss once you are in chase mode.
Don't over-bet by betting on too many races.

Do work at getting best prices.
Do keep a record of how you are doing.

Stick to sports betting never get involved in gaming/casino's/fobt's etc other than to try and kid an online bookie you are a mug to avoid you account being restricted/closed.
Concentrate on Graded races (especially at Cheltenham festival).

To give you an example when I go racing I like to have a bet on most races so if I really fancy one to win I will have £100 or more on it. The fun bets will be £5.