Most bettors – especially new bettors – simply try to go too fast. However, as many a lady will tell you, things usually go better if you take them a little more slowly….
Sadly, your average online bettor wants it all now… the killer system, the hottest tipster, the inside track, and with them all, the “answer” to financial prayers.
When it doesn’t happen quickly enough (often after burning too much cash on systems and tipsters!) they curse the world of betting as if it were a den of vipers… which, incidentally, I don’t particularly believe it to be.
Of course, the good old bookmakers are an easy target but are they to blame for unrealistic, unfulfilled expectations?
In my view, no rushed approach to any investment will ever work. It doesn’t work in the stock market, and we shouldn’t expect it to work on the turf either.
And yet the irony is, it’s never been easier to make money from betting.
The key idea, I have found, is the one that any newly qualified IFA will bore you with – namely that compounding interest will accelerate growth in an exponential way.
We all know this but often fail to put it into practice.
One way to do so is to break our annual growth targets down into monthly and weekly targets. So for instance, when I first took on the seemingly impossible task of turning £1,000 into £2,000 in twelve months, I realised that I had only to reach £1,060 by the end of month 1, as just 6% monthly growth will double your capital in a year.
This follows from the “rule of 72”, which states that any interest rate, divided into 72, will (more or less) yield an answer equal to the number of interest periods required to double your capital. 6 goes into 72 twelve times, so 12 months @ 6% per month should do it.
Which meant, for me, that turning £1,000 into £2,000 ‘only’ required me to add £60 to my starting bank in month 1. Which in turn meant I had to make around £14 in week one.
That’s it. Fourteen pounds in a week. Say it again… slowly.
All you have to do to double your £1,000 in a year, is turn it into £1014 in a week. Then keep repeating the dose… 1.4% growth a week.
Doesn’t sound so hard now, does it?
You can do this with a couple of simple arbs on Oddsportal, or a new account for your partner at a bookie, then trade off at Betfair and bank that £14 without breaking sweat.
Bit easier than doubling your money on the stock market, don’t you think?