When it comes to gambling online, there are many different variables that you need to consider if you want to make consistent profits into the long term. Now more than ever, you have the ability to tap into hundreds and thousands of different betting markets, whether it is sports betting, online casinos or poker. You really are spoilt for choice and there has never been a better opportunity to make the most of it. The technology that you use is ultra-modern and gives you the best user experience possible.
While it is enjoyable to play on these amazing platforms, the reason you are there and risking your hard earned money is to make a nice profit over time. You may use this money to buy a new car or simply pay a few bills. Whatever the case, you need to be armed with the best tools of the trade to get an advantage over the online bookmaker.
In this article, you will find out about a lot of different strategies that relate to your staking methods and how you can use them to sharpen up your skillset and make more money.
Here are those strategies without further ado.
Introduction to the power of staking strategies
One of the most successful card counters of all time was a man by the name of Ed Thorp. For many years he terrorised casinos all throughout the United States of America. He was a bit too successful and he is the reason why there are multiple decks of cards used when you are playing blackjack. He also was one of the pioneers of card counting and made the most of the skill when it was not looked for by casino managers and dealers alike.
Having many years of professional gambling experience and having made a fortune from gambling, he went on to write two books about gambling. He talked about how most of his success could be attributed to his staking methods. He talked about how your type of betting strategy is only roughly one quarter of the equation when it comes to making consistent, long term profits, while three quarters of the equation can be attributed to the staking strategy that you employ.
While Thorp made most of his money gambling before the internet age, you are lucky that you have all of these resources at your fingertips. He would have to do complicated mathematics on the fly and in his head when he was sitting at the casino table, as he didn’t want to draw any attention to himself.
There was nowhere near the level of technology we have today when talking about things like the smart phone. Now you effectively have a top of the range computer in your pocket at all times. You can tailor your staking methods and strategy very quickly on the spot when gambling online, by using free online tools and calculators.
Here is an example that highlights some of the more popular staking strategies that are employed by today’s online gamblers. There was a random generator that ran a total 500 bets for five different staking systems, the probability of winning the bet was 55% and the starting bet for each was $100. All systems began the test with a total of $1,000 in their bankroll and the test would continue until they reached the 500th bet or their bankroll was gone.
Here are a few different staking strategies that are commonly seen by online gamblers across the world.
Bet your entire bankroll, each and every time
This staking strategy is using your whole bankroll on each and every bet. This is obviously a very risky strategy. As you are taking a large risk, the rewards are a lot bigger and you could potentially make a lot of profit in a short space of time. The disadvantage is that if you lose, your entire bankroll is wiped out.
A fixed wager
This is when you bet a pre-determined amount on each and every bet. This doesn’t matter what the potential winnings are or how you are doing in the grand scheme of things. In this test, the bet is fixed at $100 and your risk therefore is greatly reduced of completely losing your stake. At the same time, your potential upside is much lower as well.
This is a staking strategy whereby you place a bet that is double your previous stake each and every time. The aim here is to cover any loss you had made on the previous bet. The leads to a more rapid escalation of your stakes when compared to fixed wagers, as you are constantly doubling up whenever you lose a bet. If you have a number of losses consecutively, you will be placing large bets and could soon wipe out your entire bankroll.
This strategy means that each bet you make, you increase your bet by following the Fibonacci sequence. This strategy takes a detailed explanation, but it follows a predefined formula on how to gradually increase your stakes when you have a losing bet. It has similar disadvantages as the Martingale system, but if you are on a losing streak, the stake does not increase as rapidly when using the Fibonacci strategy.
This is when you use a fraction of your bankroll that is proportionate to the edge that you have. For example, in this test your stake is going to be the edge you have and divide this by the odds. Therefore, here we have an edge of 10% and there are evens odds, which gives us 10 (10/1).
This means that 10% of your bankroll should be staked, which is $100 in this case. If this bet wins, you will then increase your next stake to $110, 10% of your new total bankroll. This leads to accelerated winnings when compared to fixed betting and also slows your losses down.