Ask any Australian about his or her chances to outsmart the bookie with a gamble and they will reply that today may be their lucky day. As the weather turns to one of sunshine and hope, there seems to be good fortune awaiting for the avid Australian punters.

In the lead up to the Spring racing carnival in Melbourne, avid punters are getting to grips with the horses, jockeys and trainers that are set to feature in this year’s Melbourne Cup festival. The anticipation to win big is sending electric chills into the fingertips of the average Australian as they seek to bet smart and come out on top! Betting smart is a craft in its own. To give you a head start, we take a look at wise words from professional punters into the ‘Do’s and Don’ts’ of gambling.

What to do?

Be well informed

Knowledge is power. With the right information, you will minimize your risk and multiply your winnings. If you want to stay on the ball as a strong punter, then you can keep up to date with the Australia’s racing news websites such as Punters.com, which will provide you with information that bookies will use to create their odds on horses.

Control your play and the quality of your decisions when it comes to your punting

If you plan to succeed in gambling, you need to minimize the risk as much as possible. Professional gamblers make sure they do the research on their horses and muster up the probabilities of them winning. They may only bet a few selected hands that will provide them with the strongest probability to succeed. Remember, it isn’t the quantity of decisions and bets that you take, it is the quality. Minimize the risk and create your opportunity to bet on a sure winner!

Manage your wins as well as your losses

Dealing with losses is tricky for most of us. It is best to avoid venting in frustration that will lead you to bet irrationally. Quite often, the losses may seem severe initially and instead of walking away, people continue to take high risk bets that aren’t researched and that carry a high opportunity to lose money. Swallow any pride, go back to the drawing board and re-strategize how you can change your punting fortune.

Review your performance

If you want to improve your chances of winning, you need to consider your bets as a part of a strategy. Know your goal and monitor the performance you have had with reaching the goal. Were there some bets that went well due to some insider research or information that you were able to pick up? Did you lose due to not foreseeing how a certain horse would perform in certain conditions? Criticize your performance constructively and test other bets to try to improve your performance over the long term.

What not to do?

Don’t bet emotionally

If you are betting with money that has a personal effect on you, you will tend to act out more emotionally, which will cause you to make irrational decisions and could multiply your losses exponentially. Despite the misery you may be facing with an unlucky streak, you should not allow this to impact the clear judgement that you need to make good betting decisions. Accept any losses or setbacks and move on towards the next punt.

Don’t make bets beyond your means

There is the desire and fantasy to win big and change your life for the better. If you are an inexperienced punter, you should not engage in betting activity that could risk your financial stability and credit. There are too many stories where punters have used credit cards and taken out loans to win big against the bookies.

Don’t ever bet on a whim

If there is a sure fire way for losing your money, it is placing a bet based on a whim. For example, you may have seen people go to place bets on a horse because they liked the name or it had a number that they felt was lucky. Some people get lucky, but more people are unlucky with these strategies. Make an informed bet to better manage your risk and probability of success.

These are a few betting tips that you can apply immediately. Make the smart choice with your betting and gamble responsibly.

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