Carrying on with the recent theme of learning from those who gamble professionally I was recently introduced to an interview done by professional gambler Russel Clarke.

I must confess to previously never having heard of Russell Clarke however there were a good few things within the interview that I agree with and should be highlighted.

Remember, all these things can be applied to gambling, betting, trading, playing poker since much of it really is all in the mindset.

1) The Importance Of Compiling Your Own Odds

Clarke says ” My golden rule is that I don´t look at a paper or a web-site until I have approximate prices compiled. Then I look at Betfair and highlight the potential value horses in each race. It is then a case of deciding the best way to back them.“

I expect most people reading this will readily admit that they will look at the markets FIRST before then trying to work out which bets they should go for.

It really should be the opposite.

Take an upcoming football match, work out where YOU feel the prices should be on certain markets and THEN look at the markets. Once you see prices better then you expect then you are usually finding value. This is obviously providing you know what you are doing when working out odds!

By looking at the market prices first you will cloud your own judgement from the outset and end up letting the markets dictate which bets you will take.

2) Do Not Worry About The Short Term

Clarke said ” I watch very little racing and sometimes don’t even check the results for a few days (I think my record is catching up on 4 days worth of results). I actually got that tip from a client. He reasoned that what happened day to day wasn’t really of any consequence if you have long-term faith. I think he has a valid point.”

This is very true.

Having a losing day can be hard to take and can put you in a bad mood however if you believe in what you are doing then it really should not. I might lose today and even lose tomorrow but it really is the long term that matters. Getting hung up on what happens on a daily basis really will be a challenge to your mindset.

If you are simply placing bets then just wait until the week or month is up to check how they are doing. You could have one day where you place bets and they all lose which will, more then likely, cause you to question everything the next day. If possible you need to try and stay as emotionless as possible. Easier said then done!

3) Treating It As A Business

Clarke said “It is no different to running any business of your own. My advice would be to forget it is about betting…just treat it as a business. Do all the things you would do to make any business successful.”

This is very true also. Treating your betting as a business means keeping accurate records and remaining organised. Many newbies will try a new method for a handful of times, hardly keep any records and then go and try something else. Really you should be sticking to what you are trying for a solid amount of time so you can see what is working and then potentially change the things which are not working.

Also, ask yourself just why you are betting on an event. Are you betting on an event because you see a genuine opportunity or for entertainments value?

There is nothing wrong with betting for entertainment but you should not expect long term profits from this approach. If you are placing a bet on an event just because you are going to be watching it then that is considered an entertainment bet.

Make sure you keep these bets separate from your “business” bets otherwise you are not going to be in this game for very long.

There is plenty to take from reading the words of the professionals and you can read the full interview in full here.