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An introduction to betting theory

Can you drive a car without having a driving license? Sure you can, provided you have a car you wouldn't mind getting banged up, plenty of empty roads to practice without becoming dangerous and a somebody to teach you what each pedal does and when to shift gears.

Would you feel safe driving this way instead of having attended a driving school? Then why would you risk gambling without knowing at least some basic facts of betting theory? This driving example is perhaps the best advice I’ve been given in about 20 years of professional betting.

Studying betting theory is like taking the first lessons at a driving school. You learn about the steering wheel, break, gears, before you actually start driving. There is a false impression that betting theory is only applied by high rollers or professional bettors, who make a living from betting. Everyone else, from casual bettors to low stakes players, needn't worry about staking plans, money management or what’s the active winning percentage of a 4-match accumulator bet.

The truth is that when you start studying a bit about theory and apply what you've learned in practice, you will see better results day by day, that are guaranteed to have a positive impact on your betting account. Learning the best way to find winning tips, having a decent staking plan or managing your money in a profitable way is bound to improve the way you approach betting. It’s also exciting, finding out something, adjusting it into your plan and watching it work out.

"What I've learned is that you should always have a betting plan"

betting types on politicsBeing successful betting is a combination of many aspects: positive psychology, correct assessment of data, identifying the value, self –restraint, picking out a staking plan that fits of your style of play and many more. It doesn’t matter if you bet €10 or €1.000, if you have a correct strategy you could see your balance rising all the time. Consider it a piece of fruitful advice: You pick what seems good for you, test it for a while and form the ideal betting style to be profitable in the long term.

There’s no university for bettors, as there’s no degree for bookies. Experience is a crucial factor, however, the most successful bettors (or bookies, from their part) combine all the things they can find out with a lot of theoretical assessment in the meantime. Some basic knowledge of statistics or economics is always helpful, but don’t worry: You don’t have to study advanced math or economics to be successful in betting. Keep in mind though, that these two sciences have an advantage of quick gambling understanding as betting has borrowed many terms from them.

There’s no specific book or books you’d have to study. A lot of them have been published through the years, either narrating stories of great success and eventual failures, or revealing “golden secrets”, “profitable ways” and “valuable betting tips”. One of these books I’ve written myself, back in 2013, in Greek, my native language.

Betting: 100 ways to success” is just what its title describes. It basically is my collective experience from studying and betting every day for more than 20 years. There’s neither a “secret path” to betting success, nor just a single way to be profitable. All these years I was blessed to meet and chat with a lot of people from around the world, among them bookies, high rollers, compilers and traders. Everyone has found a unique or common way for making long-term profit from betting.

After all, it all comes down to a bottom line. A bettor is as successful, as his bank account describes. A 70% winning percentage or finding a couple of underdogs doesn’t necessarily mean you are successful. Betting is not a sprint race, it's a marathon.

Through this 20-year long journey in betting I've experienced many roles: News editor in almost every Greek journal dedicated to betting, compiler on an online bookmaker, radio show host, co-founder of a paid betting service (EBIG, European Betting Investment Group) and owner of a Greek betting tips website (kerdoskopos.com).

I understood completely my ancient compatriot Socrates’ saying: “All I know, is that I know nothing”. Studying about betting theory is like a work in progress. You shouldn't take pride into knowing everything. There’s always something to clear out or find out, a new betting system to adjust to your betting style, a new tactic for analyzing matches, or a new league to follow.

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