There is no magic formula for winning at sports betting or any other form of gambling that guarantees a winning outcome. Having said that and if you are interested in a sports betting, then there are a few simple rules that are based upon common sense which one ought to follow.

For anyone new to sports betting to even consider starting without first knowing how a bookmaker operates is suicidal. To get involved without first knowing the rules is simply crazy as all eventualities should be weighed up as part of the process of determining the likely success of any wager.

Know Myself It is essential to know your strong and weak points, and brutal honesty is what's required here if you wish to succeed at sports betting. The kind of tongue in cheek statement that follows the accusation, "you're drunk" with "I only had a couple", when it's clear you're arse faced, is of no use to us in our quest to win. Most of us think we are better than we actually are in any field of endeavor, and sports betting is no different. The big difference is that telling a little lie about the size of your penis won't empty your bankroll in the same way that misleading ourselves about our tipping skills will. The only certain way to get an un-biased and truthful picture of the facts is to keep detailed records. Not just the winners, but the losers too. Complete, extensive and accurate records is a must for anyone with ambitions to succeed at beating the bookmaker. Do not trust to memory, it's fallible.

If you are new to this sphere, then the safest way to begin is what is known as "paper trading". This simply means that selections are made, a stake is chosen, but no (real) money is used. Phony money, fake dollars, monopoly cash, call it what you like. The point is how can you establish a pattern of strengths and weaknesses without first testing the water ? Why risk hard earned money while you're finding out the big picture ? I know the thought will spring to mind during this testing period if you're showing a profit, "if only I'd used real money....", but that is not the point. There will always be plenty of opportunities to profit for real once the basics are taken care of.
The number of sports being punted is also worth careful consideration. I know of no successful sports bettor who can devote enough time and energy in the study of their profession to cover more than 2 or 3 sports with any long term success when they first start out. It is simply not possible to cover all the information angles necessary a maintain a winning career if any more sports are tackled simultaneously. I started with two sports and increased to three after a year and now I have my data bases and manage my time more effectively, I have managed to start researching and betting a further three sports.

Accurate record keeping and a diligent money management policy are equally if not more important than the ability to pick winners for anyone with ambitions to make consistent profits in the sports betting arena.

Most people with a general interest in sport have the ability to pick a winning team in any contest, but the belief that this alone is enough to secure a steady flow of profits is a certain recipe for disaster. Without an overall plan and accurate records of all bets placed it is impossible to rise above the level of intuition and lucky guessing over an extended period. Make no mistake about it, there are countless punters all over the world who fail regularly to make a decent income from betting simply because they rely totally on their ability to pick winners without regard for money management and a cohesive strategy that covers the "bigger picture."

To have any real prospect of making long-term profits from the field of sports betting - accurate records, money management, and a dedicated approach to research and fact-finding are crucial and compulsory, or a lifetime of disappointment is guaranteed.

Let's be clear that there is no magic formula or secret ingredient that will turn a pin sticker into a bookie-plunderer overnight, and there are simply no shortcuts that I know of. Hard work and persistence are the main qualities needed here, and if you aren't willing to invest some time and effort then it's time to stop reading. If on the other hand you have a desire to move up a level from a hobby bettor, then get ready for many hours studying your new profession, and be ready to reap the rewards.

Starting today, not tomorrow, but today, establish a bankroll. How much are you prepared to lose? How much can you afford to invest in yourself? Set a figure that you can live comfortably with and be prepared to lose every single penny of it.

Starting today you will make a note of every single bet you make be it $1 or $1000. Date, selection, price, stake, percentage of stake in relation to bankroll, returns, profit/loss and finally accumulated balance. No exceptions, no misses, no excuses. Every single penny of the bankroll must now be accounted for every step of the way with no room for the "I'll do it later" attitude. Quite simply, without this record keeping there is absolutely no possible way of getting an accurate picture of a betting campaign, and if it's left to memory we cannot hope to progress beyond the level of amateur punting.

The next rule to ingrain on our thought process is how much to bet with on each bet, and the rule here is simple. Never bet more than 5% of the bankroll on any given game. Less would be better 2 - 3%, but 5% is high enough and should be only betted when as much is in your favour as could possibly be. This means that if the bankroll is $1000, on no occasion should any more than $50 be at risk on any one game. This is a standard practice in amongst professional financial investment companies.

It doesn't matter if a "sure thing" is offered (there will always be sure things), no more than 5% ought to be bet at any one time, however "sure" it might look. As any gambler has experienced, there are NO sure things in life, let alone in gambling. The reasons are easily explained. By never risking more than this percentage you are assured that a bad run of losing bets will not wipe out your entire bank, and all the while you'll be building up an exhaustive record of bets placed that will help you to pinpoint your strengths and weaknesses in the tipping area of your strategy. I cannot emphasise strongly enough how vital this first-level money management principle is to long term success. Without the discipline required to stick to the strategy you might as well give up and go back to whatever methods you used before.

To summarise, the overall strategy is to:

• Establish an initial bankroll
• Keep accurate records of all bets
• Never risk more than 5% (less is better) of the bank on any one game.

Many gamblers, once the decision to have a bet is taken, will bet on almost anything just to satisfy their need and craving for the excitement that goes along with the process. The adrenalin rush associated with gambling is a potent and powerful force that occasionally cannot be denied, and unless it can be tamed, there is nothing but a headlong rush into long-term losses in prospect for the unfortunate sufferer. It is not suggested that the excitement and enjoyment be taken out of the equation altogether, only directed into an area where at least the punter has a better chance of ending the day with some profits in the bank.

Punting on any sport without in-depth knowledge reduces the chances of winning to pure luck and relying on the opinions of others to make the decisions on our behalf. This doesn't mean that proven sports tipsters should not be acknowledged and followed, but that blindly going with the flow of someone else's opinion without some further capping by yourself to substantiate the play reduces the winning profit over an extended period of time.

To be successful we simply must build our own opinions, and those can only be made by using our own records and methods for selecting likely winners to bet on. The first thing to do then is be honest with yourselves and choose one or two sports in which you have some sound knowledge. These are the sports in which you will attempt to make your betting pay dividends. There is simply no point in punting on events of which you know little about.

Whatever sport you choose, you must now learn everything that can possibly help you in your quest. The websites with the latest news and information should be bookmarked and visited regularly in fact make that daily. The newspapers and magazines with current information should be read regularly, and the opinions of others involved in the betting arena should be noted (although not blindly followed) and all the while you should be formulating your own opinions. When you have decided on a bet, and carefully noted your stake and all other details into your records, you should also add a few words as to why you selected the bet. These can be read at a later date and patterns will be seen in your overall strategy.

Does this seem like a lot of work? Perhaps even verging on the bounds of over-kill? The answer to that question will determine just how serious you are about making a living from sports betting. Without this type of preparation there is absolutely no chance of long term profit taking. Short term luck will eventually lose out to the odds. Ever seen a poor bookmaker or a casino going bankrupt? If you are going to play seriously, consider it like any other job.

There are a lot of sportsbooks out there, and they are all competing for your business. This can give you as a punter an edge by taking advantage of promotions and differences in odds. You have to make this work for you. So if you enjoy sports like football, American football, baseball or any other sports, there are a few basic guidelines that should form the foundation of your sports betting strategy as follows:

Sign up with multiple books. Spread your investment capital around and keep several active accounts. Earn as many free bonuses and take advantage of whatever incentives you can.

Do your homework on the best lines (odds on a game) available. As with any business, sportsbooks will offer different prices and lines from one other. Be a smart shopper. Hunt around for the best value. A successful sportsbook cannot afford to undercut every line. If they are doing this, you should be suspicious of their integrity and AVOID DOING BUSINESS WITH THEM. Fortunately, you will find only the best, most reputable sportsbooks on MasterBets. Bookies will undercut certain lines some of the time, and these will differ from one to the other, so have several accounts and compare what they are offering before you bet.

If you want to do well in this profession you need to realise how important a 1/2 point or a full point difference can be. When sportsbooks move their lines or offer special deals on a certain day, you need to take full advantage of this. A 1/2 point will break you in sportsbetting, and if a website is willing to give you that 1/2 point you have to seize the opportunity.

Ignore special props. They are a waste of your time, and far worse a waste of your money. Will the coin toss be heads or tails? You don't know and neither do we. You do not know who will score the first points or the first goal, and putting money on pie-in-the-sky bets is the first way to lose your bankroll. It's hard enough to work out the result. Do not be tempted by these unless they are offered for free.

Keep teaser bets to a minimum. You get extra points but have to sacrifice most of the value of your bet in return. Teaser bets are useful as a form of arbitrage, but that is for the advanced sportsbettor!

Be patient. Treat this seriously and your results will improve. Don't bet on instinct or hunches or with past loyalty. Don't bet on your school team or your home team or your lucky team. When you hit a rough patch and have a losing week, be patient. When you win, be patient. Don't bet more than normal because you're on a hot streak, and don't withdraw your money. You need to rollover your deposit several times before most bonuses are paid out anyway. So leave those winnings in your account, take a deep breath, and keep on doing what you were doing before.

If you find betting on sports an adrenaline rush; if winning is an incredible high and losing an equally devastating low; if you have to have a bet regardless of the thought you've put into it then you are probably going to lose in the long run. You need to be calm and reasonable in your approach. Treat sports betting seriously and you will do well. Read up on expert opinion but don't listen to it blindly.

The final decision on what to bet on is always your own, and in the end it is your opinion that matters. Let the experts guide you, but learn on the job.