Having researched this industry thoroughly and tried my hands on a couple of bets, I discovered that there are so many reasons in favor of sports betting and little wonder so many people engage in it.
But unfortunately there is 1 major disadvantage and it is so strong and important that it is the reason why 98% of sports bettors lose more money more than they make in the long haul.
Allow me to tell you some advantages first.
(1) Huge returns. Very obvious, of course. Why will so many people flock to a business if it is not because they can get strikingly rich overnight? (Unfortunately, it is the house/sports betting co. that gets extremely rich and few bettors because of people's get-rich-quick mindset. So the returns is both for the owner/lottery organiser, as well as 'very few' bettors/ticket purchasers.)
(2) Cheap.You can start betting with N50, or $1. In fact there are 50cents tickets.
(3) Ease of use. Anyone one can start betting today without prior thorough knowledge/usage of the website, platform or technical language/jargons.
(4) Continuity. A sports game is played almost every day, every single year. And there are different sports- Ice hockey, Soccer, NCAAF, American football, Tennis, Boxing, Basketball, Nigerian league, Champions league, Olympics, etc. And this will remain so till the Earth cease to exist.
(5) Numerous options. More than 30 different options you can bet on per game. You have handicaps, i.e. you can choose to simply be a handicapper only.
(6) You can start making money immediately. As fast as after depositing your money.
(7) You can learn on your own without a direct mentor (but by simply following tipsters/experts online or using their signals).
(8) Ease of developing a winning strategy. You can set up and develop your own winning strategy quite easily.
(9) It does not require so much diligence, only discipline. If you have tried blogging, starting an internet business, or marketing anything online, you will know what it means to be diligent. While many other methods of making money online require a great deal of diligence, this industry rewards accuracy, consistency and of course, discipline.
(10) Less time-consuming. It does not take up your time to maintain it. Once you have made your order, you only wait till the end of the game to confirm whether you were right or wrong.
Not bad. Unfortunately, there is only one major disadvantage and it is so bad that if you can’t control it, it turns all advantage in betting into disadvantages too. What is it?
TO BE SUCCESSFUL, YOU NEED TO HAVE A STRATEGY AND FOLLOW IT WITH 100% DISCIPLINE 100% OF THE TIME.
Simple, but very difficult to master; it is the singular reason why ALL ‘gamblers’ (amateurs) lose money in the long run. And they are unfortunately, 98% of all the people who ever bet.
There are other disadvantages like mastering the technical language/betting jargons, following your strategy, reading thoroughly and researching about the industry to be successful, and many others, but having the discipline to adopt and follow a successful strategy is the main disadvantage.
(When I say successful strategy, I mean: having a long term mindset, preferably annual; good cashflow management; choosing a betting system such as martingale, Fibonacci, etc; following many tipsters and expert signals; and having a strict policy on when to accept and cut losing runs WHEN, not if, they occur. And of course, repeating that exact cycle over and again to ensure success.)
When we get to online trading, you will discover that this is also the reason people see Forex, options, and the others as nothing but gambling. And it is this indiscipline that makes people lose money trading.
You see mastering human nature is difficult. When I advocate getting a mentor, it's simply to help you be more accountable, and have someone to help put your whimsical gambling nature in check. We ALL have it. The successful 2% are just the few who have acquired 100% discipline 100% of the time.
Hear this expert trader on discipline:
"Being disciplined is of the utmost importance, but it's not a sometimes thing, like claiming you quit a bad habit, such as smoking. If you claim to quit smoking but you sneak a cigarette every once in a while, then you clearly have not quit smoking. If you trade with discipline nine out of ten trades, then you can't claim to be a disciplined trader. It is the one undisciplined trade that will really hurt your overall performance." Douglas E. Zalesky
In closing, IF YOU DON'T WANT TO GO THROUGH THE STRESS OF HAVING 100% DISCIPLINE 100% OF THE TIME TO FOLLOW A SUCCESSFUL STRATEGY, DO NOT, I REPEAT, DO NOT TRADE ANYTHING ONLINE, INCLUDING SPORTS BETTING!
...unless of course, you do not mind losing all your money over and again.
It is very risky and subsequently very lucrative (for the 2% who treat it as a trade/professional business). But the good thing is that there are other ways of making money online. In fact, more than 15 other legal ways aside this industry (we will see that in the coming weeks).But for now, continue with me tomorrow in this part of the series on 'how to make money in the Betting industry'. Thank you.
In closing, IF YOU DON'T WANT TO GO THROUGH THE STRESS OF HAVING 100% DISCIPLINE 100% OF THE TIME TO FOLLOW A SUCCESSFUL STRATEGY, DO NOT, I REPEAT, DO NOT TRADE ANYTHING ONLINE, INCLUDING SPORTS BETTING!
...unless of course, you do not mind losing all your money over and again.
It is very risky and subsequently very lucrative (for the 2% who treat it as a trade/professional business). But the good thing is that there are other ways of making money online. In fact, more than 15 other legal ways aside this industry (we will see that in the coming weeks).But for now, continue with me tomorrow in this part of the series on 'how to make money in the Betting industry'. Thank you.
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