Any time you place a bet with a bookmaker you will receive ‘odds’ on that bet. Odds are important as they help you understand what kind of VALUE you’re getting.
For instance the likelihood of a coin toss being heads or tails is roughly 50/50 (we reserve a billionth of a percentage point for the coin landing on its edge). A bookmaker would call this an even chance. This might be displayed as; evens or 1/1 meaning if your bet wins you will win an even amount of money plus your stake back.
Quite often I get asked what the best bet tipping website is, or either who the best online tipster or where can I get the best football accumulator tips? And a whole host of similar questions; my answer is always the same; “It depend’s on what you’re looking for.”
The reason I say that is because there are a multitude of tipping sites and tipsters on the internet, all with a varying range of styles, content and success rate. So it really does depend on what exactly you are looking for.
I will break it down further for you but first I want to take a look at the two broad categories of sports tipping sites.
If this is the first ever Betfair tipping website you have come across, then great, I'm glad you found me first and I hope that our relationship will continue for many years to come.
If the more likely scenario is true and you've been on dozens of other sites before this one, then I still want a long lasting relationship with you, but you’re much more likely to have heard the term, ‘To be a successful trader you need to let your winners ride and cut your losses’.
The above statement is 100% true, you will make more money in the long run, if you let your winners ride and you cut your losses, or to put it another way, win big, lose small.
But just how do you do that? How do you know that you should let this particular trade ride or cut a loss on that particular trade without the benefit of hindsight?
Coming to Betfair Trading Tips was a good start! OK now I’m going to break it down for you in three easy steps.
Having the right mental attitude when trading on Betfair is key to success and not just when trading, but in life in general if you start something with the wrong mental attitude, you’re going to fail, simple as.
A trading journal or notebook and how well you keep it is fundamentally linked to how much money you will make as a trader on Betfair, it’s as simple as that. It will help you plan ahead, pick trading strategies that work for you and make you a more organised efficient trader.
As you read this site and continue on your journey to becoming a sports trader you will come across various terms & slang that you may not be familiar with. Below I've set out explanations of the main ones you will come across.
What is Betfair? Put simply Betfair is a betting exchange whereby the users of the exchange trade bets with each other; as opposed to the more traditional betting sites or high street bookmakers whereby users bet against the company that owns the site.