With the anti-gambling stigma slowly losing its grip among the masses, the cricket betting industry is getting more profits than ever before. The legalization of sports betting in most countries across the world has allowed cricket enthusiasts a quick, easy, and fun way to earn money.
But with thousands of bettors trying their luck every day, only a few are able to make profits. This is because earning money from betting is not just about having fun, and is not as easy as it looks. People put in years of hard work and learning before betting professionally.
The article below discusses five tips to make your betting game stronger and certain mistakes to avoid in your journey of becoming a professional bettor with biggest bookmakers:
- AVOID SHORTCUTS
Betting, just like any other form of investment, has zero shortcuts. People who waste their time searching for a pre-made, tried and tested strategy for 100% profits find themselves in the hands of fraud. Any person, group, or organization promising for the maximum possible returns with zero risks involved is straight-up lying. That is because betting is not just a guessing game as it requires knowledge, strategy, and discipline to gain profits. Stop listening to the advice of people claiming 100% profit doesn’t matter if they are friends, family, or colleagues.
Everyone wants to earn money, the sooner, the better.
Often our emotional self overpowers our logical self in greed to earn quick profit leading to a series of disastrous decisions and failures. You might be able to make a profit using some bogus trick that is popular in the market initially, but continuing its practice over time is signing up for a huge loss in the future.
Try not to fall for such tactics and learn to earn money sustainably by experiencing the real journey.
- DO NOT BE OVERCONFIDENT
People who go into betting thinking it to be a walk in the park face disappointment pretty early. Betting money on cricket is easy, but earning profit out of that money requires strategy. Cricket is a sport full of uncertainties, where things can turn through 180 degrees in just a couple of overs. It is important to keep your ego in check and not make any decisions in a hurry.
To guess the final outcome of a game correctly, you should be familiar with the rules, and the ins and outs of the sport. Spend time learning about cricket, the techniques, different teams, and their performances before coming to any conclusion. You don’t have to put money on a team if you are not completely confident about it. Trust your gut, if there are any chances of loss, put your money somewhere else.
- ROLE OF EXTERNAL FACTORS
Despite having knowledge about the rules, the players, terminologies, teams, and their performances, a lot of people fail in their attempts of earning money from bets. This is because cricket is an outdoor sport, and a lot of external factors play an important role in deciding the final outcome of a match. A team with several winning streaks might lose if one of their dependable players gets injured, or if they get involved in any controversies before the game that messes with their state of mind.
External factors such as weather conditions, types of pitch, and ground matter a lot in determining the outcome of a cricket match. Clear weather, for instance, can favour the team which chose to bat as clear skies with minimum wind do not interfere much with the swing of the ball. Windy and cloudy weather, on the other hand, can favour the bowlers in terms of speed and swing of the ball. The weather conditions also affect the pitch of the ground by altering its moisture content. It is therefore advised to look into external factors before coming to any conclusion.
- LOOK FOR LONG-TERM PROFIT
Those who are serious about betting their money and don’t throw cash around for cheap fun should look for ways to earn long-term profits. The idea of winning small bets and earning quick bucks might seem profitable now but is not sustainable in the long run. To increase your return on investment, you will have to increase your investment first. If the ROI does not grow with time, the profit earned will not be sustainable. The small dose of serotonin you get by winning small low-risk bets is not going to last forever.
The strategy of building bank balance by winning countless smaller bets is going to take forever. Instead, try to increase your amount of bet with every win. Keep in mind that the idea of betting on cricket is more or less similar to the idea of stock market investment, and the rule of compounding, just like investing, applies to betting too. It might feel insignificant initially, but with time and patience, your money can grow at an exponential rate.
- BANKROLL MANAGEMENT
While it may seem like a basic tip but losing money due to the lack of planning is pretty common when it comes to sports betting. People who are new to betting tend to chase their losses by betting more money. It ultimately leads to a never-ending cycle of losses. One good way to avoid this is by planning your finances and keeping a strict budget for your bets. Budget is subjective and varies from one person to another. The range for betting also depends on a person’s income, the size of their family, financial situation, etc.
Also, know that some days are not as lucky as others, and it is better to take a break than falling into the cycle of losses and regretting later.
Lastly, failure is something nobody can escape from in betting. Do not give up after a few initial losses, instead of getting stuck in an emotional rut, acknowledge your mistakes, learn from them, and move on. The graph to success is never linear, and you will have to face several challenges before making a solid income from betting on cricket.