GOLDEN RULES OF BETTING

Yes, there are some unwritten rules that we all should follow. Many of us forget, in the thrill of the moment and cast aside those doubtful thoughts. Well, that's what bookies hope you do...have you ever seen a poor bookmaker?

The Sure Thing
I remember Celtic vs Inverness Caledonian Thistle at home. A sure thing I thought. £100 quid on a home Celtic win at 1/8 on and that's an easy £12.50. Kaboom, Celtic lose 1-3 and I'm crying into my beer!
There really isn't anything like an absolute lock or certainty in betting. It's usually the times when you think this way that the bookie will hit your pocket hard. Take March 6th 2004 - undisputed world rugby champions undefeated in ages take on Ireland. Odds on an England win where 1.05 or 5/100. I know a few people who plonked 4-figure sums on that event. Betting at such low odds is for mugs - don't be one!

Look for the Best Price
If you are decided on an event, check various bookmakers odds and examine betting exchanges. After checking the best price if you think that it isn't attractive then simply don't bet on it. It's hard, but sometimes odds can be outrageously in favour of a bookie. Weigh up the odds-risk-returns before hitting that 'bet now' button. Look for good value against the probability of winning.

Count your Pennies
I usually have a set amount each month I bet with. In the early years I'd never keep to a budget and simply bet when I felt like it, sometimes overextending the hand of generosity to the bookie. It's best to always bet within your means. Once my betting budget for the month is out that's it, I do some virtual betting instead :)

Use the Force my Son
Bookies thrive on the heart ruling the head. England v Brazil in the World Cup - everybody has their 3 lions on their shirt shouting come on ye England, and the punters put millions on England when if they had used their heads instead of their hearts many would have bet differently. Try to bet with your head. That includes the following: never bet more than around 5% of your bank on an event, avoid betting in every race, and especially novices and big handicap field races.

The Insider
They exist everywhere - down the pub, the track, the local bookies and on internet forums. The guy who has that vital piece of information about a greyhound or horse - like 'the mutt had diarrheao last night' or whatever. Always be wary of insider information. Certainly there's no harm in listening, but be very careful.

The Chase
Ok, I'm down 40 quid. I've got a fiver I was going to buy the pizza and beers with. Maybe if I put it on 'Bear Struggler in the 5th at 8/1' I can get that 40 quid back...don't fall victim to chasing your losses. Know when enough's enough. There's always next month to fight back. Betting is about fun. There's risk involved, but there's an element of stupidity that makes most major bookmakers their huge yearly profits. Try not to be one of them and follow some of these rules. Similarly, try to avoid accumulator bets - in the long run the bookies clean up on these bets.

Keep Records
It really isn't that hard. Print out your bets or just keep a notebook to see how you are doing. This is especially important when you start out.