The Ten Golden Rules of Gambling

Rule 6: Research

Once you have decided upon your area of specialisation, it is time to research your market and where you will make your investments. The power of the Internet has made obtaining information easy and in a matter of minutes you can find out as much information as you require about your chosen market.

Stunned woman with a document folderImage: Refat (Shutterstock)

Keeping your own records and statistics is also an absolute necessity if you wish to take your gambling to the next level. Again it is all about how disciplined you are in researching your chosen field so that you can invest your money with the greatest chance of success.

Rule 7: Paper Test First

Once you have researched your chosen market and found a strategy in a specialised area, then test it on paper first without risking any money. If it seems to work 75-80% of the time or more, then start off for real with small stakes and build up in line with the staking strategy. Never risk money on an unproven idea.

Rule 8: Record Keeping

It is absolutely vital if you wish to take your gambling onto the next level that you keep accurate records of all your activity. Gambling is tax free in the UK but it is advisable to keep records should the taxman ever investigate the activity in and out of your bank account. Perhaps even a separate bank account is advisable for this purpose.

The other main use for record keeping is to keep track of winning and losing periods in order to make adjustments to your betting strategy and specialise even more to keep losses to a minimum.

Rule 9: Avoid Multiple or Accumulator Bets

Whichever market you wish to specialise in avoid multiples, accumulators or ‘parlays’ as they are known in the US. Combining the odds of multiple events looks attractive on paper but by increasing your possible win, you are at the same time lowering your statistical chance of ever seeing that win.

Bookmakers absolutely love greedy gamblers blinded by the big numbers who surrender their statistical chance of winning from the start. If you cannot resist placing an accumulator bet and the whole thing is relying on the last event to fall in your favour then you are better off guaranteeing a smaller win by ‘laying off’ or ‘hedging’. Don’t sweat it out hoping to be lucky (and we definitely speak from multiple painful experiences here!).

True betting is about cutting down the chances of losing, not increasing them. Any profit is good profit. Greed is not good.

Rule 10: Don’t Gamble Drunk

All the casinos we have ever visited offer free alcohol when you are gambling because they want you to lose your discipline, and they know that getting you drunk is the easiest way to do it (mine’s a Bombay Sapphire, chilled tonic and a slice of lime; no ice please!).

As the saying goes, “A fool and his money are easily parted”. A drunk fool is relieved of his money even faster and sometimes never realises how stupid they have been.

For any serious gambler stupidity should hurt mentally and/or physically to serve as a lesson. We can absolutely guarantee that every punter has acted without forethought at one stage or another: this is only natural and all part of the very steep learning curve.

Please understand that all gambling establishments rely on the stupidity and greed of their clientele for their business livelihood.

If you have survived the assault course of these 10 Commandments of Gambling then you may have a chance of being successful with your betting activities.

The most essential thing to master before beginning any betting strategy is Odds Calculation and Soccerwidow’s course using the Over/Under ‘X’ Goals market as an example is an ideal launch pad for this.

Last Update: 5 January 2015

Categories:Betting Advice Betting Guidance Responsible Gambling

5 Responses to “The Ten Golden Rules of Gambling”

  1. 12 October 2014 at 5:27 am #

    This is all true !!! Im going to stop big bets of accumulator, there is no sure thing in gambling, its all statistics and luck…im excelling in horses, but i am greedy thats y im not successful, but im going to follow this rules to win and start a career on my horses..i bet on everything, inplay, its really a disaster chasing losses and thats going to stop doing thatand bet with limit..example of no sure thing djokovic lose to federer, high secret 2/5 mark prescot progressive horse my last of my trebles van rijn..wolverhampton 8 lengths clear swerve and joc fell ohhhhh no…ty antonio for this nice tips

  2. 3 December 2012 at 3:14 am #

    “True gambling is about cutting down the chances of losing not increasing them”!!!!!

    In fact there are no “rules” whatsoever to gambling.

    “There is no right or wrong way to gamble” is a quote from a well-known soccer betting book whose title escapes me right now but which I can supply at a later date if need be.

    Betting on singles only is incredibly tedious and means you are limited to say an 8% profit a year.

    You’d possibly be better off being an accountant or running a business or lots of other things

    • 3 December 2012 at 8:05 am #

      Hi Antonio,

      firstly, many thanks for your many insightful comments.

      Of course, I agree with your statement that one is “possibly be better off being an accountant or running a business or lots of other things”. However, there are so many people who live the dream of becoming rich from gambling, and I dare to say that most of them are not open to reason.

      Therefore, if you like to contribute to the content of this site whit astute articles, I would be very happy. Be a guest author.

  3. 3 December 2012 at 3:03 am #

    Im afraid I could make a case for disagreeing to 4 of the above points but I will go with

    Avoid Multiple or Accumulator Bets

    There is absolutely nothing wrong with multiple bets IF you have an edge and you are aware that your risk of losing your bank is increased(even allowing for your reduced staking).

    Furthermore,when doing ante post sports bets,accumulators are FAR superior to singles!

  4. 8 October 2012 at 11:19 pm #

    I play high-stakes ball in a cup.

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