Lifehacks! Where would we be without them? They’ve taught us that whatever issue we’re facing in life, there’s a web listicle out there to help. Can’t parallel park? There’s a lifehack for that. Not enough space in your microwave? Lifehack! Plants not getting enough water? Life. Hack.
The internet has given birth to a new era of smarter everything but, when it comes to gambling, most of us are stuck in the Dark Ages. We think with our gut, go with our instinct, cross our fingers and hope for the best.
That can work out well but, over the centuries, smart gamblers have devised a number of strategies which can help you know when to bet bigger or when to back down. These plans, whilst far from perfect (luck is luck, after all), help you knock the ‘un’ out of ‘uninformed’ and start betting smarter. So, what are they? Let’s take a look.
The Martingale System
Perhaps the simplest betting strategy there is, the Martingale System isn’t the powerhouse it once was, but many people still swear by it.
At its most basic, the Martingale System recommends that you double your previous bet every time that you lose a bet. So, say you threw £5 on Arsenal to win at the weekend and lost, the next time you played you might put £10 on Leeds to win. You lost your initial fiver, but your latest bet – twice as large – should cover your initial loss.
It’s a simple and intuitive system, but it does require that you bet on evens or higher and that you’ve got plenty of cash to hand, in case your bets fail to pay off.
The Kelly Criterion System
Dating back to the 1950s, the Kelly Criterion system is one of the smarter betting strategies going.
Devised by scientific researcher J.L. Kelly in 1956, the Kelly Criterion system is a mathematical equation used to maximise the potential return of any particular investment or bet. Most importantly, it can be applied to any form of sports betting and also helps mitigate risk.
Boiling this one down isn’t easy, but at its core is this equation: (bp – q) / b = f. ‘f’ is the amount of your bankroll you should bet, ‘b’ is the decimal odds -1, ‘p’ is the probability of winning (as determined by you) and ‘q’ is the probability of losing (1 – p).
Take the time to read up on it and you might just find the Kelly Criterion system works wonders for your betting.
The Fibonacci sequence is one of the most fascinating mathematical sequences of all time, appearing in almost every aspect of life, from aesthetically pleasing photographs to the great pyramids of Giza. It also makes a pretty great betting strategy.
Fibonacci betting works the same as the sequence, in as much that the number you bet is generated by the sum of the two previous numbers.
Every time you lose, you place a bet that amounts to the total of your last two wagers, in order to minimise your losses. Make sure that the odds you bet on are at a low limit of 2.0 and this system offers a simple, smart and effective way of betting.
So, what are you waiting for? Fire up that web browser, pull out your notebook and start applying a little scientific thought to your betting – it might just bring home the bacon.