10 Reasons Why I Bet You Lose Money Betting On Golf!
Making money betting on golf is only going to happen if you can successfully do just one thing. And it’s pretty obvious!
It’s the one thing that’s stopping you from picking winners.
It’s the one thing that stops you seeing true value in the market.
It’s the one thing that’s stopping you from consistently identifying the money-makers from the missed-cuts.
That one thing is to stop losing money!
It’s f***ing obvious really. And we can break it up into 10 separate reasons why you are losing money betting on golf.
Amend your ways and release the inner-winner:
Reason #1 – Betting money you can’t afford to lose
This one’s pretty honest to start with, but really, only ever bet with money you can actually afford to lose. This isn’t money you need for your mortgage, for rent or for food. It isn’t credit card money either. Golf betting shouldn’t be a hobby that’s too expensive to enter. In reality because of the high occurrence of big odds winners in golf you don’t need to bet big anyway.
Reason #2 – Compulsive betting
Betting impulsively on golfers and tournaments you have no idea about probably isn’t going to increase your chances of winning, or increase your bank balance. It’s going to do precisely the opposite. To both.
Reason #3 – Taking blind advice from golf tipsters
Do your own homework. Then take a look at what the tipsters are saying. You can blindly follow the advice of a Twitter Tipster offering no justification for their tips or you can read some of the more informed golf tipsters offering a real examination of the tournament.
But you must do some of your own analysis too or else you learn nothing and win only when others win. Don’t get me wrong, some tipsters are more successful than others, but all of us back more losers than winners and there must be some level of reasoning behind our picks.
|READ MORE: HOW TO BET ON GOLF|
Reason #4 – Chasing losses
This is one of the biggest errors of sports bettors. When you don’t follow the advice of Reason #1 (betting money you can‘t afford to lose), it is inevitable to want to recoup your losses as soon as possible and with the popularity of in-play the opportunities are dangerously obvious.
Because of the nature of golf, and the capability of players going on long birdie streaks and moments of self-destruction, betting in-play can be highly costly, especially on the betting exchanges. To avoid losing money, win with grace and lose with grace, but don’t chase the losers.
Reason #5 –
Your random staking system Not having a staking system
Betting with a pre-defined staking system helps to balance out losses. Backing a 100/1 shot with a 1 pt stake is only as successful as a 20 pt stake on a golfer at 5/1. But if they both lose, the risk balance is heavy on the 20 pt stake.
Your profit/loss column will always reflect the sensibility of your staking, it doesn’t take more than a few weeks for your 100/1 profits to get devoured by over-staking on short-priced losing bets.
In short, consider your staking system to reflect the validity of shorter and longer odds and always stick to the same weekly limit in order to negate randomly-staked bets.
Reason #6 – No record keeping
How much did you bet last season? How much did you win? How much did lose? Where did you win? Where did you lose?
These questions are as fundamental to successful golf betting as anything else. If you keep a record of who you backed and what the outcome was, you can build up a database of knowledge that can help your future betting. If you adopt a system for betting this becomes even more important. What it will do, is highlight exactly how much money golf betting is costing you!
Reason #7 – Rushing into bets
Golf has a million different variables ready to impact on both the golfer’s ability to score well in a tournament and your decision-making in backing them. If you don’t give yourself enough time to consider what the most important variable might be, you risk betting blind. Don’t bet just for the sake of betting. Take your time, bet with reason; because you see value, not pound signs.
Reason #8 – Betting on golf tours you don’t know
I, personally, don’t bet on the Web.com Tour or the LPGA. This isn’t because there isn’t enough information or statistics on those tours, it’s because I don’t have a deep enough knowledge on the depth of these tours – because making a profit in golf is knowing your acorns from your apples* towards the lower end of the betting market.
Reason #9 – Betting with your heart
For anyone betting on golf, or any other sport for that matter, betting with your heart is a no-go.
|#BettingOnRory – An expensive golf betting strategy|
I have friends who have refused winning tips on the likes of Charley Hoffman because ‘they don’t like him’, but were more than happy to back Ian Poulter or Lee Westwood because they’re British (though it’s certainly not because of their recent records!). Betting on golf is about stats, form and a bunch of independent factors of which the heart isn’t one!
Reason #10 – Failure to execute due diligence – Odds comparison
You absolutely must do two things before placing your golf bets:
- Compare the odds from different bookmakers
- Look at the terms of your bet
Never bet without doing some odds comparison. It is wholly likely that you will find better odds for your golf bets by looking elsewhere. The difference between finding a winner at 100/1 and 150/1 is huge, so don’t lose potential profit, search the market and make sure you are satisfied you have found the best odds (there’s nothing worse than placing a bet and finding much better odds three clicks later!)
Secondly, you absolutely must check the terms of your bet. Each Way odds in golf can vary a lot. Some bookies offer 1,2,3,4,5 and others go all the way up to 1,2,3,4,5,6,7.
But the catch is often in the terms, 1/4 of the odds for a place versus 1/5 of the odds (or worse still 1/6 of the odds). These slight differences can mean huge differences in odds offered and returned. Generally, the more places offered, the lower the odds are likely to be, so make sure you work out what they might cost you if your golfer places.
Don’t find yourself getting trapped into any of the above ‘losing money’ traps.
Change your habits.
Not wasting money on your golf bets is one sure fire way to improve your chances of making real money on golf.
Failing to recognise and adopt these 10 golf betting principles will add up to the same result: loss-making ventures into the world of golf betting.
You must stop picking losers before you can pick winners.
Find your inner-winner!
*Not sure I didn’t make this adage up, but I’m confident if Noah really did build an ark, he didn’t use apple-tree wood!