Even if you are the best punter in the world or have the best betting strategy, you are not going to be successful without having the right mindsets. Mindset is not about betting, it is about how we deal with it. It is about how we respond to wins, losses and generally the actions that we take while betting.
Mindset can be the key to your success or it can be the barrier to your success in betting. You have to develop the mental state to win long term and your overall profitability will be determined by your mindsets.
You cannot control the markets or the actions of players, coaches or referees but you can control yourself and decisions.
In this article, I will analyze the key mindsets that you have to develop in order to be a successful bettor.
Key Components Of A Winning Betting Mindset
- Take responsibility for your actions
Most punters after losing will blame everything apart from themselves. This is the easy option to take. You have to take the hard option and analyze why you have placed that bet and not just blame everything else. Be honest with yourself!
It might hurt your ego but you hate to admit you have done something wrong. Only after that, you will start to analyze your bets and try to find your weaknesses.
- Not focusing on picking winners.
Who you think is going to win a game it’s not that important. Sports are unpredictable so why you are trying to predict the outcome. You should focus on finding value bets and market opportunities.
Everyone can predict that Barcelona will win a match, but is this the right bet to make? If it was that easy, shouldn’t everyone be a winner in the long run?
You have to adopt a different mentality and try to find value on your betting.
- Believe that you can be a winner.
Having a loser mentality make you lose patience to stick to a plan. After a losing run, you will convince yourself that you have done something wrong and you will start to place bets without any discipline. You will move from one betting strategy to another without trying to find an edge.
The pros are convicted that they can win long term. They have confidence and that helps them to win. They accept that losses are part of the game.
- Stop fearing of losses and getting risks.
Punters hate being wrong and they don’t want to take losses. Instead, you should not look on these as being negative but take them as a learning opportunity. If you are having difficulties to handle your emotions after a loss, that will lead you to overbetting to cover the losses resulting in further losses. Also, the fear of losses will lead you to cut profits early, if you are trading, or not placing bets when the markets are right.
You should accept that betting has risks. You are putting money into markets in order to earn more. The good thing is that you can calculate the potential loss beforehand through money management so that you can not fear if that happens. If you lose eventually accept it and move on.
- Accept that losing bets are part of the game.
Accept that sports are unpredictable. Depending on the odds that you take, in many cases, you will not need a high strike rate to be profitable. Betting is a long term process so ignore individual losses and look your overall profitability.
If you get hung up about losses it will cloud your judgment. If you can accept a loss as part of the betting process then it will not impact your emotions and you can concentrate on the next trade.
- Adopt a professional approach to betting
If you want to make money for betting you have to treat it like any other business. That means that you have to focus on learning how to trade and on developing new skills and abilities.
That’s why bet tracking is so important. It helps you to analyze your bets and become a better trader in the long run.
- Take a long term view
Betting is not about getting rich overnight. It is an ongoing process as the markets are continuously evolving.
So you have to put yourself to the position to treat every bet individually and don’t overreact to the ups and downs of your performance.
Conclusion
Many punters do not pay too much attention to mindsets, but yet this is one of the most important aspects of betting.
When it comes to betting, your overall profitability will be determined by your weakest skill. If you are chasing losses or overbetting or whatever that weakness is, if you cannot master it you will not succeed in betting. It doesn’t matter if you have the best betting strategy or a very good knowledge of the sports you are betting. If you cannot control your emotions you will not be profitable in the long run.
I hope that you have my article useful and informative. If so feel free to share it or leave a comment below.