When we are deciding if selections are worth betting on for us it is important to use both ROI, Strike Rate and profit. If you haven’t read my last two posts about ROI and Profit then you can do here and here.
What is it we are looking for in our selections?
We are looking for a good profit and a strong ROI.
The first thing to do is to look at profit levels. We want to sort by the most profitable selections first. Once we have got the most profitable selections we need to assess the ROI and strike rate.
While low strike rate selections (anything less than 10%) can make very good profits, the losing streaks can be severe and there are not many of us that can withstand them without getting very concerned. Therefore I would suggest not using any selections with a strike rate of less than 10%. Don’t forget that just because we are only winning 1 out of every 10 bets we can still make good money.
The higher the strike rate then the better our selections. Usually you will find that on win bets the higher the strike rate then the lower the profit. However this is where we want to use ROI.
By calculating the ROI we can see if we are making more money per bet on the higher strike rate bets than the lower.
The most common scenarios are…
- High profit, low strike rate, low ROI and large amount of selections
- Medium profit, medium strike rate, medium ROI and medium amount of selections
- Lower profit, higher strike rate, high ROI and lower quantity of selections
Your personality is going to dictate what is most suited to you. The majority of punters will opt for number 1 but in reality they are only psychologically prepared for number 3.
You need to be aware of how well you handle losing streaks. Are you happy to only win 1 out of 10 bets (losing 9 bets out of every 10 can take its toll!) or would you prefer to take a bit less profit but win 3 out of every 10?
To answer this question I would suggest that you ask yourself ‘Am I making good profits from my betting already?’
If the answer is yes then you may want to consider number 2 or number 1. If you are new to betting or have never made a profit before then I would very strongly recommend that you look for selections that have a high ROI and high strike rate with less selections.
This will help you on your path to betting success because the losing streaks will be shorter and it will be easier to place the bets.
Being a successful gambler is not all about profits. It is about being able to cope with the losing runs without getting unnerved. Start by getting used to them and taking less profits and then build up slowly. If you can get comfortable with number 3 selections then you will be in a strong position to start betting on number 2 selections.
Hi Michael, yes long losing runs take some getting used to when you are just starting out.
I found by taking selections that gave a good strike rate helps you to progress but it is finding thats the problem.
If you can find one don’t worry if the profit is small finding winners add to your confidence.
Barry