Following the last article “How to choose a tipster” and the interest it generated, I thought it is a good idea to write a full guide of how to follow a tipster in order to maximise your chances of making money from sports betting. I strongly believe that having highly standardised rules for following a tipster ensures two things: long-term value and protection of your betting bank during inevitable losing runs. I have listed 6 fundamental recommendations about following tipsters.
I will also show you how you can use Betting.com to apply the 6 golden rules while following a tipster as well as how to identify tipsters that have the potential to increase your betting profits thanks to Betting.com marketplace.
1. Appropriate money management
First and foremost, it is absolutely crucial to have separate banks for each tipster you follow. I recommend you to avoid leverage your financial resources as it becomes more difficult to deal with losing runs from psychological point of view.Leveraging your betting bank exposes your capital at much higher risk and increases the chance of losing your entire money. In case the tipster you follow sends his recommendation in units, ensure that you have the maths correct and bet with the recommended amount of funds. Make sure you avoid any sort of improvisation with the recommended stake size.
From my experience I can also recommend to have a reserve bank, anywhere between 20% and 50% aver the recommended amount. For example, if a tipster you are following recommends to have a bank of 30pts, make sure you have 45pts. That will make some of your funds inactive on one hand but will ensure calm mind during bad runs. Last but not least, always follow the initially chosen money management strategy. For example if you have chosen flat staking and you have to bet £100 pounds every time, simply bet the pre-defined amount.
Make sure you set up your bankroll section in Betting.com correctly. Betting.com portfolio management allows you to set up and keep track of each tipster individually. You can assign different betting banks, units and fees you are paying for each tipster. Once you set up your bankroll correctly Betting.com will automatically calculate the performance of each tipster, it will show you how much money you are risking per bet, biggest drawdowns and a lot more useful information.
2. Choose the right odds
As we all know choosing the right odds is one of the most fundamental aspects of value betting. You have to have the patience to look for the highest odds available on the market. The quickest and most efficient way to find the highest odds is to use some odds comparison website. Worth sharing that Betting.com offers perhaps one of the most technologically advanced odds comparison that always shows the correct odds and it comes for free when you open account.
Placing your bets with the right odds is one of the major components that make the difference between the losing and winning punter. When following a good tipster you should expect the odds to shorten once the tip has been sent. There are a few reasons for seeing the betting odds quickly doping once the tip has been distributed to the tipster followers. First and foremost bookmakers are smart and most likely have mapped the people who are following a given tipster and as soon as punters start placing their bets the bookie traders will act and decrease the odds of the selection. Secondly when the tipster has many followers the odds will organically decrease because of the amount of money placed on the same selection.
However, there are so many bookmakers available as well as there is plenty of market inefficiency and many bookmakers will act much slower than others allowing us to place our bets with the tipster's recommended odds.
Takeaways - open multiple bookie accounts and make the most of the sign up bonuses. Make sure you are using an odds comparison website such as Betting.com before placing the advised bets. By doing those two things you will significantly increase your chances of making long term betting profits by following a tipster.
3. Be disciplined and punctual
When it comes to sports betting timing is really important and having healthy habits in place will indeed help you to make money from your sport betting activities. Make sure that you place the recommended bets regularly and have good time management. For instance, once you receive the email with the tips do not procrastinate the bet placement instead do it right away. Even if you are not at home almost all bookmakers are offering mobile apps so use them. If you are using 5 bookmarks to place your bets install all 5 apps on your phone and make sure you know your log in details, so you avoid a situation where you have received the advised tips, installed the bookmaker apps but cannot log in to the bookmaker.
There are various reasons to place your bets as soon as you received the email by the tipster you are following. First of all the odds will most likely drop because of the reasons explained above, secondly there is a chance of you forgetting to place the bet which can results in missing a winning tip. Therefore the chances of taking an emotionally driven decision to place another random gamble type of bet are quite high. In most of the cases placing random bet with zero or very limited analysis will lead to you losing money which can affect you even further and lead to another poor decisions.
To briefly summarise all said all said so far, once you receive the email form the tipster you are following place the bets as soon as possible and if you miss a winning tip do not chase the losses!
4. Track and analyse the performance of the followed tipsters
Following a tipster is highly responsible task and should be treated as every other investment. As you may already know all professional investors are having investment portfolios and they are tracking and analysing very carefully each and every investment they make. If a professional investor dose that why would we not do it when following a tipster ?
I strongly advocate for making sure that you are tracking each and every bet while following a tipster. That will help you generate large amount of data that you can analyse and improve your betting performance based on the data you have generated. Further, by tracking your bets you will be able to see which tipsters are performing good enough and therefore always stay on the top of your betting finance which is from crucial importance.
Betting.com portfolio management software can help you mange your betting portfolio by saving you tone of time, providing you with automated bet tracker, advanced and easy to use analytics as well as bankroll management.
5. Believe the tipster you are following
Well, we all know in what we are getting involved. Sports betting is high risk high return activity which is highly volatile and difficult to manage. Being 100 percent confident in the skills of the person you are following is an absolute must. You should follow the advice with no doubt regardless of the current performance of the followed tipsters. By starting to follow a tipster you pretty much giving your betting future in his hands - so let him do his job.
You did your initial research and you chose the tipster who you think is good enough and will be perfect fit to your betting strategy.Then you have established a money management with money that you can afford to lose.
Once you did your detailed tipster analysis is time to follow that person with 100% confidence and no doubt. It's extremely difficult, especially when there has been a month of just losing bets and barely few wins, but you have a plan and you have to follow it. Bottom line of the story, follow the tipster until he either makes you money or loses your bank.
Quick hint here, when researching the tipster carefully analyse all the data but pay some specific attention to the tipster biggest "drawdown". Drawdown is the difference between the highest and lowest point reached within a given time framework. For example a tipster who is 50 points in profit goes on a negative run and decreases its profits down to 30 points. The drawdown would be 20 points.By paying extra attention to this indicator you will manage to build better calculated tipster bank as well as have the right psychological set up.
6. Have the right expectation when following a tipster
This is equally important when you are looking for a tipster and when you are following a tipster. Although having the right expectation is equally important in all everyday life yet it is still one of the most common and abused mistakes made by punters.
Clearly, you cannot expect to invest £5,000 pounds and in 4 months to have £20,000 by simply paying someone £80 per month for tips. If it it was that easy everyone would have been doing it. Following a tipster is not an easy task and you will not turn £5,000 in £20,000 for a few months - it does not work that way. Please make sure that you do not listen to your friends who are showing off with some impressive winning bets - ask them to show you their losing ones or their betting portfolio.
Following a tipster is a long term game and should be treated as every other investment. The minimum period I recommend you to follow a given tipster is two seasons( in most cases this is 2 years), although in some occasions this may not be long enough to produce you good profits on your investment. Be patient and have your mind set up that it will take some time to see the returns on your hard work. Following a good tipster for either 2 or 3 seasons should double your investment after the fees paid to the tipster. For example, if you invest £10,000 in following a tipster for 2/3 seasons you should have earned another £10,000 increasing your investment with 100%. Comparing that to investing in properties or on the financial markets is an excellent return.
7. Do not be aggressive with your bank increase
A common mistake many punters make when following a tipster is being too aggressive with increasing their betting bank after a winning season. When you start following a tipster in many occasions you will be conservative and begin with a betting bank of £2,000 instead of £10,000. As soon as you have a good profitable season, you will be more confident in your and tipster skills and therefore you will inevitably consider increasing your bankroll.
Let’s check the below example and try to analyse what would have happened if you had a winning season followed by a losing one. It is a very basic simulation, but it aims to underline the importance of being logical and consistent when considering bankroll increase.
In “Scenario 1” in our simulation we kept the bank size exactly the same as in both season. Clearly in season one the tipster has performed incredibly well, but in season two he had some negative results. As the we have kept the bank size exactly the same even after season two we are on profit following this tipster. We have managed to earn 18% return on our capital after fees which is still good enough.
Opposite to the first simulation in “Scenario 2” we chose to be super emotional after season one and increased the bank size quite significantly. Unfortunately in season two the tipster we are following delivered negative performance. However, as we were super aggressive with the tipster bank in season 2 we were followed the tipster for 2 years and at the end of the period we were at loss of £1800. In most of the cases we will be extremely unhappy with that guy and cancel our subscription and perhaps give up on sport betting and conclude that there is absolutely no chance of making money following a tipster until sometime passes and we decide to follow another person and make the same mistake.
I sincerely hope i have manged to increase your betting knowledge by writing this article. I would like to take this opportunity to emphasise that it is really important to apply your knowledge and this is what will actually give some results not gaining but applying the knowledge! Execution and applying our newly obtained knowledge is the key to progress. Thanks for reading, if you like what you read you can sign up with Betting.com for free find a lot more interesting articles, use our odds comparison and of course find and follow some of the best tipsters.
Back to the top