Skills of an Ideal Gambler

Individuals play casino games for a variety of reasons, and each player's definition of success will differ. Most players want to have fun while gambling without losing a lot of money, while others may prefer to break even and intentionally seek games with a low house edge.

After significant victories, there are individuals who define success as becoming the best at their chosen casino game. Whatever victory means to you, we've compiled a list of necessary skills that every gamer should master in order to reach their personal objectives in both traditional and online new real money casinos Canada.

This list includes the following points:

  • Don’t kid yourself
  • Make sense of your findings
  • Analyse & refine
  • Don’t overstretch
  • Use helpful data sources where necessary
  • Don’t go after fails

Now let’s consider them in detail along with the reasons and corresponding consequences they involve.

Don’t Kid Yourself

Don’t Kid Yourself

We can't dispute it: ‘bigging up' is a thing. For many gamblers, gains are part of the enjoyment of the game. However, if you're gloating about your wins but not producing long-term gains, it's time to reconsider your betting strategy. This is a common habit among losing bettors who want to seem successful or convince themselves that they are (even if they aren't).

Tell yourself the truth about how you're doing. If you haven't been very successful at gambling, you shouldn't see winning as unusual or losing as a source of embarrassment. Regardless of the outcome, you need to know that you made a sensible and educated decision when you bet. Professional gamblers don't only play for fun.

To fully appreciate this professional mindset and approach betting the right way, I recommend reading the book Sports Trading on Betfair. Check also tips on how to plan your casino vacation.

Make Sense of Your Findings

Before leaping to conclusions, consider the following: why would my plan be profitable? Try coming up with a sound argument why your concept has a leg up on the Bookmaker or Betting Exchange. Avoid overfitting data and leaping to conclusions that aren't correct. This is true when calculating your odds.

You want to be sure that your calculations are correct. Examine your results and ask yourself, “Are my odds actually more accurate than the market?” or “Does it represent just one limited view of the event (i.e., mine”)?” Recently a trial on a rogue tipster service was made where an “algorithm compiled target odds.”

The figures were significantly from industry gambling exchange odds, so I questioned their technique and sought historical statistics. Their valuations were absolutely wrong and unhelpful to gamblers. So be sceptical of your own (and other people's) results.

Refine and Analyse

Refine and Analyse

By evaluating prior outcomes or market activity, successful bettors build, improve, and validate betting methods. You may import historical data into Excel by downloading (or collecting) it. Assuming you have the necessary abilities.

You can replicate the historical profitability of a strategy over a large number of outcomes. By assigning probabilities to outcomes, Excel may also be used to generate your estimations of odds for future sporting occurrences. The Poisson Distribution, as detailed on Pinnacle's betting blog, is one mathematical strategy I recommend using with your data.

To enhance your study and test your tactics, you can utilise Betfair software apps or trading tools. Some programs can ‘mock' betting on a live marketplace (for example, Betfair) and gather statistics in real-time with very little user involvement. They may be turned into genuine mode after you're satisfied with your findings. BF Bot Manager is a software suite that I recommend trying out. Learn also more about handing out gadgets to fill the house on Easter.

Don’t Overstretch

Professional bettors are aware of their bankroll, especially when they are just getting started. Your professional gambling career will be cut short if you wager over your means. Staking systems, such as the Kelly Criterion, aid in the organisation of your bets. Although, each plan has its own set of perks and drawbacks. My recommendation is to stay away from focusing too much on staking strategies, as they are not a replacement for a lucrative approach.

Furthermore, if there isn't enough liquidity for your picks, you can't always keep to a staking strategy, thus they're typically simply theoretical. The mainline is that if your bets do not create a return on a flat investment over a large/significant sample, you should be betting on value.

First and foremost, think about the odds at which you're wagering. If your average odds are, say, 10.0, each bet has an implied winning rate of 10%. At these odds, it's not uncommon to lose 10 or more times in a row – perhaps even more if you're unlucky. So, if you're betting on large stakes with a little bankroll, you can expect to lose money. The remedy is simple: set a limit on your chances.

To ride out a negative sequence of performance, I recommend betting with 1-5 per cent of your money. This is a perfect example of thumb to follow, especially if you're betting on low-odds games with little variance. As you start to make new real money casinos in Canada, it increases your stakes.

Use Helpful Data Sources

Use Helpful Data Sources

I'm not sure I'd utilise Tipsters as a primary source. You're looking for raw data. Professional bettors often acquire their data or pay for credible data sources to find their ‘edge.' This is true in horse racing, where meetings are routinely studied using data from the Racing Post or other statistics-based websites. Because there are so many options that influence a race, statistics are often used.

However, obtaining an edge is similar to gaining a competitive advantage in any business; those that have a competitive advantage will win in a competitive market. According to this rule, the more research your gambling technique necessitates the fewer individuals who are willing to undertake it, and the better your chances of gaining a competitive edge.

The issue is that most horse racing punters have access to prominent data sources like Timeform and the Racing Post. It would be naive to expect to learn something new here that other bettors haven't previously learned or seen.

People, both recreational and professional, are continually researching and evaluating the (same) facts in order to get an advantage. As a result, good opportunities are scarce and fleeting. With this in mind, I strongly advise you to seek out alternate sources.

Don't Chase Losses

You've probably previously heard this (very cliched) piece of advice. And it is correct. You're weak in discipline if you're chasing losses. Consider focusing your efforts on establishing a high-frequency (low-risk) strategy rather than a high-risk strategy with huge stakes and fewer outcomes.

By getting a higher number of data points, you'll encounter less variation and be able to swiftly uncover the real ROI of a strategy. Arbitrage Betting is a great example of a risk-free, disciplined high-frequency approach.

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