Staking incorrectly is a common mistake
If you have used a betting system of some kind, whether that be for the horses, greyhounds, or sport, it is important to use it correctly and to have the correct attitude. If you are going to go after horses which pay around 10/1 then you must realise that you need one win in 11 just to break even, if you can beat this win ratio then you are in the money, yet a lot of punters will use a system, then after just one loss, will announce, “The system does not work.”
The real reason why the system did not work for them is because they never gave it a chance to work. Some punters will follow a system for a wee while then give up on in after a losing streak only to miss out on the winners which would have recouped their losses; you need to have a large enough bank in order to sustain you during a bad run.
The winners will not come in an orderly manner; they will come in clumps, and so do the losers. If you have a winning percentage of 25%, you will not get 1 winner for every 4 bets. It is quite possible to get 9 losers in a row and then 3 winners in a row. You may have struck a bad run but have still achieved your winning ratio of 25% during that particular run of 12 bets.
For most punters, it is not lack of cash which is the problem. It is their lack of faith in the system during a bad spell. As a system’s punter, you have to be mentally strong to withstand this.
Another cause of betting system failures is incorrect staking.
I know a couple of punters who started off with sports betting in the cricket world cup; they bet on New Zealand, and all was going well when they were winning but then they lost three games in a row which wiped out their profits plus their original stake.
Their problem was incorrect staking; they bet too much in relation to how much they had in their betting account.
In other words; they placed too many eggs in one basket.
You have to do the maths; if you decide to bet on teams paying a minimum of $1.50 (1/2), that means, you will need a winning rate of 66% just to break even.
As you take on betting types with more risks, you need a larger bank roll to tide you over during longer losing sequences which will happen when you bet on trebles, jackpots, and the like.
There are all types of staking systems about, but the most dangerous is to increase the size of your bets with every loss. It is too easy to get out of your depth with this type of staying and lose more than you can afford.