Top Ten Betting Mistakes - 5) Greed For Instant Wealth

5) Greed For Instant Wealth

Many punters seek the thrill of a life changing bet that will produce huge gains of instant wealth for a small outlay. Bookmakers play on your natural desire and go out of their way to encourage you to bet exotic multiple selection bets that can in one hit, turn a small stake into a large sum. Professionals however rarely bet in multiples. Most professionals bet singles and steer away from the multiple bets. Bookmakers relentlessly promote a host of multiple bets with exotic names such as Yankee, Lucky 15, andGoliath. The reason they are heavily touted is the profit margin in the bookmaker's favour increases the more selections you add to your multiple bet. Say you select any random 5/1 selection. If you bet this as a single the bookmaker may have a theoretical edge in his favor of 15%. Taking two such selections however and betting them in a win double, the bookmakers profit margin rises to about 30% ! Yes your win double can produce a much bigger win from the same stake however over the long term the bookmaker is eating away at your capital at a much faster rate. It is a waste of time debating which type of multiple bet is 'best'. Unless your prediction skills are supernatural or you are incredibly lucky, then betting in singles is more often the best option. You may say that many "Pros," do bet in multiples in bets like The Scoop 6 or the Jackpot, but that's only because they know there is plenty of "Dead" money in any given Pool and they are betting against people who don't understand the dynamics of those types of bet. There are times you should bet in multiples but in truth they are few and far between. You can't approach this as a "Get Rich Quick " scheme. It is a long slow process of serious and sustained profit and not a game for Get Rich Quick schemers. If you go Into any Betting shop, have a look at all the posters on the wall offering "special offers", "enhanced terms " and "bonus offers". You will see they are all multiple bets. Bookmakers want you betting in multiples and it is easy to see why. They carve most profit from them. You never see a Bookmakers promotion offering extra's on a win or each way single. Ask yourself why.