At the Smart Betting Club, one of our goals is to help all our members not only make money betting through tipsters, systems and strategies but to understand better exactly how a profit is made by different betting experts.
The ultimate goal being to help empower as many people as possible to develop their own betting strategy or even to just help them simply understand some of the concepts of successful betting.
Via our regular Friday Weekend Wager emails, we have featured a number of articles to help with this goal, such as the recent columns from contributor – Herbie Fogg.
In this first of an ongoing set of articles, Herbie looks into value betting when it comes to horse racing – A key concept for every gambler to be aware of.
You can read more about Herbie and his free Key Racing News service here.
Stake According To Profit Margin
Picking good value horses is only the beginning. The mistake most people make is to link their stake purely to the probability of winning.
The size of stake should be controlled by the potential profit margin within the price. When applied correctly, you will often see a bigger stake linked to a longer odds selection – even though, statistically, it has less chance of winning than a 3/1 shot you are also backing on the same card.
Here’s how it works.
In gambling, probability (the chance of winning) is only one side of the coin. Effective betting is not just about winners, it is about the odds offered in comparison to your calculation of chance.