Always remember the value of the lats. And understand that this value is one of the things your friends may not understand. Don’t lend money to someone to play a bet, even your friends. The main reason why I do not trust lending money or even borrowing money to play a betting game is that borrowing is not a financially responsible move in the long run.
If you are going to be a successful bettor, or at least be a zeros up, then you should maintain the financial means to place bets. Why should someone borrow money to place bets? Most likely he has lost money recently. This person is probably already in debt due to losses from betting. Someone in this position is likely to lose again and sink deeper into the hole, and is likely to be too busy chasing losses to have any hope of recovering them. Advise your friend to save some money until he gets a decent amount to place his own bets and manage his own betting funds. And if you think he has a big addiction, help him get rid of it. Lending money can often be like giving drugs to a drug addict. Don’t breed living on debt with your friends!
It works both ways. Don’t borrow money from others to play a betting game. If you do, you are not a successful bettor and you should not drive yourself further into debt. Review your betting style and change it to become more successful. It is very important to reduce the amount of money you have to bet.
Since you understand the basics of money management and its relationship to discipline, let’s move on to some good tips on how, where, why and on what to bet.
Comment by us
In Part 1, the author gives the example of betting in units and gives 1 unit as a basis and work upwards based on how much you like a particular bet. In Europe the approach is slightly different though, as people adapt to the 10 unit betting system and the vast majority choose 5 units as their average bet. These are two different styles, just as we pointed out in an earlier chapter about the different ways of writing coefficients. The main thing to take from this advice is that you should not set your average bet too high, thus reducing the risk of losing a large part of your money if you happen to hit the “cold” bar.
The author’s understanding of financial goals is somewhat surprising. Betting, however, is not quite the same as investing money in a company where you expect some kind of return based on the initial investment. However, what is important in betting is the return in terms of turnover on the bets made and not on the basis of the money initially set aside for betting. If the amount available for placing bets was 10 000 lats, then it is possible that the turnover in a month could be, for example, 20 000 lats. And if your return on that turnover is 5% (which would be a good return, but nothing special), then you will earn 1000 LVL per month, but if you keep this pace you can earn more than 10000 LVL in a year and double your money.
Spin it as you will, but these recommendations are really important and a lot of experienced bettors can actually say that they have come across these things and also try to follow these recommendations, which may seem obvious, but in betting, just like building a house, it all starts from the basics. Next week we will look at tips for choosing and placing bets.