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The goal for sports punters is to earn a profit whilst enjoying our favourite sport. The sad truth is the fact that for nearly all gamblers, this really is an elusive dream. However by developing and carefully following a stratagem anyone can make this dream a reality.

There are actually two factors to consider to profit from sports gambling:

Bet Selection - Staking Plan - Bet Selection

The very first, Bet Selection, is obvious - we need to back winners at least several of the time. Let's consider Horse Racing, anecdotally there are many professional punters whom earn a comfortable living from picking horses, but the key word here is professional. Research and analysis of each horse in the 59 racecourses throughout the UK takes a sizeable amount of time and experience. If you want to be successful then it is a full time job! For nearly all us what this means is we have to use the advice of experts to do several of the legwork for us.

Horse racing has no end of self-proclaimed "experts" on the net charging up to Ł100 a month. When choosing a horse racing tipster the most significant factor we need to consider is long-term results.

The net is awash with tipsters who have had one good month but then go on to post a loss for the next six - but you will only see this one month on their own home page! Never follow any tips without first checking the tipster's full result history. Choose a tipster who publishes all their horse racing tips history, ideally where the results of the tips are published the next day as well as a complete history of all their tips.

Take a look at a Tipster Proofing site for example Racing-Index who grades the outcome for a range of tipsters. Consider which tipster gives you gave for money and fits with your own betting profile - can you really place the 100s of tips each month some tipsters require?

Following tipsters alone isn't more likely to earn us riches - the top tipsters are locked out for new members or charge such high rates that any profits are lost immediately. The solution is to develop our own system using tips from expert sources combined with our very own research. This really is the strategy successfully utilized in greyhound racing by followers of the site. In most things; the better you placed into your system the more you will get out.

Once we have a betting strategy in place it really is period to look-at a staking plan. The simplest is Fixed or Level Stakes where we simply bet the same amount, by way of example 2% of our initial betting bank, each time on our selected horse, however we would want to increase our wagers as our betting bank grows. This leads to Percentage Staking where a share of the present betting bank is wagered each time. It indicates as we win our stakes are larger and conversely the stakes shrink in the event the betting bank decreases.

Alternatively, intuitively we know these staking plans to be overly naive as we will be putting the same sum of cash on a horse with low odds compared to a horse with good odds. Even as we are looking to maximise our profits we should be putting a larger stake on a low odds bet as the return will be less.

To seek out the optimal staking plan we might take a correspondence course in statistics and dedicate several years into research. Fortunately we live in age where this research will be at our fingertips. From probability theory we possess the Kelly Strategy where the optimal portion of our betting bank is calculated from the odds of the bet and our own estimate of the probability of the horse winning.

Using an excellent online gambling Kelly Strategy Calculator just feed within the values to get the portion of the betting bank to put on each horse. Now the Kelly Strategy can give us some scary percentage stakes if we have an initial run of high odds horses so we could adapt it to a Half Kelly Staking Plan where we wager half the percentage advised by the Kelly Strategy. This would result in a slower accumulation of gambling profits but a less hair-raising ride.