There’s a dilemma many of us face when deciding to bet on sports. Whether because we don’t have time, we don’t know enough about analysing sports, or because we have a big amount of money and don’t want to risk it just like that, do we pay for a premium tipster or not?
We are here to help. In this article, we will teach you everything you need to know about bitcoin betting tipsters, how to use them, and when.
Splitting our bankroll for various tipsters
One time, some guy in a group was complaining about a tipster channel that posted 22 units in a weekend because it was “too much”. And he could be right, but if we consider that there were four or five tipsters posting picks, maybe his complaints were motivated by a badly managed bank. But what can we do to follow various tipsters without leaving half our bankrolls in bets every time? There’s a little trick I like very much, and that’s splitting our bankroll into many tipsters. It’s a pretty simple trick, and very effective too.
First thing you need to consider is that this is interesting to people with $500+ bankrolls. For lower banks it’s better to laser-filter your tipsters and stick to only one or two.
Now, let’s say we have a $1000 bank and we follow three tipsters. Imagine that at one point they would have us place 30-40 units at the same time. As that would be crazy, how do we fix this so we can follow all three? The answer is, we split our bankroll in four parts:
$300– for tipster A
$300 – for tipster B
$300 – for tipster C
$100 – for particular picks and interesting stuff we find
The interesting thing about this system is that we are going to calculate our stakes based on each tipster’s bankroll separately, not from our global bank. So if tipster A posts a stake 5 pick, we won’t calculate our bet based on our $1000, but on the $300 we had assigned to tipster A.
This way we can follow as many tipsters as we want without risking much money at once.
Advantages of splitting our bankroll amongst tipsters
The advantages of this system are many, but here are the top three reasons why we should split our bankrolls amongst tipsters:
Customized tracking. A bad losing streak of a tipster does not punish our global bank.
Less money in risk at once. We can follow more tipsters and that doesn’t mean we risk more money.
Progress. We can easily track the performance a certain tipster has, if a tipster is not performing right we can unfollow him or reduce the stake we have assigned for him.
When can we break the rules?
There are certain occasions when you can break the rules. As we saw earlier, the important thing is to have a well managed bank, assigning 1% of our bank for each stake unit. But what happens when we find a tipster that’s easy to follow, is giving us great consistent results for months and his work is almost perfect?
In those VERY rare cases we are allowed to break the rules, why not? We would be losing on the opportunity to make more money if we didn’t.
If we split our bank as we said earlier and one of our tipsters gives us much more confidence than the rest, why only risk 1%? I believe up to 3% of our bank per stake unit is pretty good for a highly trusted tipster. This operation must be done in very special cases and with tipsters that are giving us very, very good monthly results. Don’t do it with the first guy you come across telling everybody he can double your money every month or other such nonsense.
And it works the other way, too. The same way as we can modify our rules if we have high trust on a tipster, we should also do it when we have low trust on a tipster, when he goes on a losing streak or seems unreliable.
When should I pay for a Premium Tipster?
Betting can be a rewarding activity when done in the right way, and can also be quite a lot of fun. Not everyone is willing to go through the length of what it takes to become a pro bettor on their own, and still enjoy the act of betting. That is the perfect case for making use of betting tipsters.
There are certain factors you need to consider before hiring a premium tipster. If these factors can be handled or are not present, you might be wasting your money. Let’s talk about the main cases so you make the right choice:
I don’t have time, so I can’t study my picks myself.
I’m bad at making the analysis, I don’t know how to read statistics, I don’t understand the betting terms and strategies.
I have a large bank, so I can afford to pay premium and allocate part of my bank to him.
Having a good bank and lack of time to make your own analysis are the most important; being bad at betting is something that can be worked on. There are many pro bettors, even tipsters, who hire the services of colleagues. The truth is, one of the most common things to do is to hire services when you don’t know how to do something.
Let’s dive deeper into each factor.
1. “I don’t have the time”
Time is our most valuable (and scarcest) resource. No one gives away time “just because”. All the time we dedicate to the things we do in our everyday life is to get a reward, financial or not. It’s normal that at some point we decide to prioritise the things we do, leaving aside the activities that we don’t like that much or the ones that reward us the least. There’s people who would rather use their free time for things other than getting deep into betting. In this case you should definitely consider using the services of a tipster, even if it’s a free one.
2. “I’m bad at betting”
Let’s face it, 90% of bettors lose money long term. The normal thing is for you to be in the group of people who feed the state and bookies. You have the choice to dedicate yourself to study the science of betting, something that will take a lot of your time. Not many people are willing to sacrifice so much time to learn and develop an activity with uncertain benefits, even if it can pay off great returns. If you don’t have time to learn and you are part of that group of people who lose tons of money, you should probably hire a tipster.
3. “I have a big bank”
If you don’t have much time, you are not that good at making analyses and you also have a pretty small bank, you would probably be better off putting your money somewhere else. Maybe you were expecting me to cheer you up and tell you that you can do it no matter what, but if you don’t have the time, can’t read games and don’t have much money, better to leave betting for later. Things change if you have a decent bank ($500+), because you can take advantage of bookie’s bonuses or because you have enough money to invest in it. In this case, even if you don’t have time or skills, you have the money to spend a stake unit paying for a month of a premium tipster.
So we are left with a few options - what should do?
“I don’t have time and I’m bad, but I have a big bank” - Hire a tipster;
“I’m good at betting, I have a good bank but I don’t have much time, what should I do?” - Hire someone, if you’re good with betting principles you will be able to make money;
“I don’t have time, I’m bad and I have a small bank” - Sorry, but you better try something else;
“I still have a small bank but I’m good at betting and I have time” - Keep up, keep learning and soon you will be able to hire a tipster to start with;
“I have a small bank, I suck at betting but I have time” - Read a lot, study, absorb all you can before placing your bets; then test your strategies and grow your bank.
Once you know if you fit in the criteria to hire a tipster or not, you can read on to the next section, which covers one of the most crucial things: how to find good tipsters.
How do I find the best sports tipster?
A quick look at Twitter or Google shows that there are hosts of premium tipsters pretty much everywhere, and they all tout their huge user bases with impeccable history of getting it right. So what do we do? Do we just take their words on the amount of subscribers they say they have? Hell no.
As sports betting grew with online books offering all kinds of deals and odds on almost anything you can think of, many have found it a profitable niche to exploit one way or another. However, there are also an ungodly amount of people that are just out there to risk people’s money with terrible results, be it for malice or sheer incompetence. Be very careful when hiring someone.
Ultimately we can’t tell you who to hire as the choice is very subjective and depends on each one’s preferences. But we can help by outlining what to look for when picking a good tipster.
Do extensive research on any prospective tipster
It goes without saying that one of the first things you should look for is their success ratio. If a tipster has anything less than 50% successful returns, than don’t waste your time - you are better off just flipping a coin. However, even that should be taken with a grain of salt. It’s much easier to have an 85% strike rate on 10 tips than a 60% ratio after 1,000.
And when you find a tipster that seems interesting, Google him, search for comments about him on social media and check dates. Scammers usually change their names, disappear, etc. Also, beware if no one is talking about them.
Check the tipster’s reputation on a trusted platform
Check if their work is verified in a platform like Blogabet. Never put much money on a tipster that doesn’t have enough history to prove his work is good or bad. If you decide to go for a new tipster, start small and be conservative. Be smart: don’t risk your money on a wildcard.
Be wary of secretive tipsters
If a tipster is good he won’t likely be hiding. If the one you like is showing a face, personal videos talking about sports and an actual name, then you get extra reasons to believe what he says. Putting a face to their tips is one of the best signs when it comes to trusting a tipster. A picture is worth a thousand words, and much more than a Wolf of Wall street avatar.
Bonus: responsiveness is a big plus
Don’t be afraid to ask questions. Not always will a tipster have the time to respond to each subscriber’s specific questions (especially the bigger ones), but responding to their users is a sign of reliability. Ignoring comments, questions and having a bad attitude are not good. Professionals know how to keep their act together and understand how to deal with their user base.
We have now learned when and how to hire a premium tipster. Prices can vary wildly, so it’s up to determine how much is too much. Also, if you don’t want or you can’t afford to hire one, you can always count on free tipsters. It may seem counterintuitive that someone would just give free tips if those tips were any good, but there is a reason for that. Advertising money can be a great source of income for bigger tipsters, which means they have the incentive to keep their fans always eager for their next big tip.
And that’s it! Now you know what to look for, why use, and how to make the best of betting tipsters. Ultimately, it’s up to you to decide on following a tipster, so choose wisely. After gearing up with the best tips, make sure you check out Cloudbet’s bitcoin sportsbook for the best betting odds and put them to good use.