The first time that I really took gambling seriously was when I started to play online poker. A big influence on me managing to make a consistent profit from poker was from a book called “how to treat poker like a business.“
Now sports betting and trading are different from the game of poker but a lot of the same principles apply. In this article I will look at how to treat your sports trading like a business.
Treat Your Sports Trading Like A Business
So lets start with what might be the most boring aspect but also one of the most important.
You need to be recording your trades and bets. Its important to see where you are making money and where you are losing money. What is the most profitable part of your trading business is it pre match trades, inplay, favourites, underdogs etc.
All good businesses will have detailed record keeping to know where they are making their profit and look at where they may be potentially losing money.
It is fairly easy to keep on top of this with so many software programs available to help with record keeping.
Look at the small margins
Small margins amount to big profits in the long term. Increasing a profit margin by 2% or 3% is going to make a huge difference to your profit over the course of a year.
This year I have really looked a lot more at Matchbook and Smarkets as obviously the 3% commission difference between these exchanges and Betfair is a big factor.
Betfair is still the most ideal platform for trading it has the most liquid markets and the most real punters. There are markets you can trade on Betfair that you couldn’t on either Matchbook or Smarkets.
Matchbook and Smarkets are however growing and you see more and more liquidity becoming available in these markets. If I am looking to make a standard bet or pre match trade on the bigger football leagues its Smarkets and Matchbook that I look to use ahead of Betfair.
If you can transfer some of your trading or betting to Matchbook or Smarkets then its going to make you are lot more profitable in the long term.
Invest in your sports trading business
If you are treating your trading like a business then you should not be afraid to invest or reinvest some money into it. Even simple investments like a comfortable chair or extra monitor might pay dividends in the long run.
If you prepared to invest in a more formal trading education there are some good traders out there that are offering face to face courses. Peter Webb, Steve Howe and Caan Berry all offer courses that focus on trading the horse racing markets.
If you are trading fast moving markets then you should probably look at using some api software such as Geeks Toy, Bet Angel or Gruss.
You can take a look at some of my recommended betting and trading products to see if there are any that would benefit your sports trading business.
Structure is very important in trading and betting. You really want to structure your trading and betting to be as efficient as possible.
Successful business’s don’t trade at random and erratic times. They have a structure in place to capitalize on the most profitable times and most profitable customers.
You want to do the same. You want to make sure you are trading when the best opportunities are available.
What is the best day to take off? When should I spend time with friends/family? How can I trade around work?
Spend some time structuring how and when you are going to trade. This can make a big difference to your mentality and help maintain discipline when trading.
If you treat your trading and betting like a serious business you have a much greater chance of making it a success.