It's one of those questions people love to ask.
Whether betting small, medium or large sums of cash you need one thing on your side.
At the very least enough knowledge to take advantage of the person who is willing to lay the odds. It may be a given day, month, year, a decade or a lifetime but winning is your goal however easy or elusive. It may come early, in the middle of your life, or at the end. This journey will be littered by a million foolish, brave, seemingly triumphant souls who bet they knew more than the person who was willing to say: ''That's a bet!''
If you are wise enough you will win.
As I often say: ''Knowledge is power.''
Consider for a moment the person who takes your bet. Who are they? What do they look like? What life do they lead? How talented are they? What do they know about the subject you wish to bet? In truth, you are unlikely to know but that shouldn't stop you from thinking about this imaginary, often hard, competent and probably wealthy foe. Your knowledge needs to be the mirror image of what they wish to be. You need to consider this person is opposing you to a race to the line. They are not your friend or enemy just an opponent you need to beat. They are just like you.
For most punters, they don't give two hoots. The main reason being they bet for fun or they have given up hope of making their betting pay.
Yes, I'm slowly getting to the point.
Imagine if you were a chess player, would you fancy taking on the old bloke down the road for a bet of £1000.
If you are just a fair player I would worry who is your opponent.
However, much depends on your ability. If your name is Bobby Fischer you would be knocking on his door, cash in hand.
Remember gambling is betting a pile of cash against another person and not just a horse in a race.
Some people get lucky and win a fortune. But they are simply extremes on the statistical bell chart.
To hold any hope of winning, your wager needs to be based on skill. If you are more skillful than your opponent you are odds-on to win. If you are better than the general population you are odds-on to win. By the very statistical criterion that we live or die - you don't need to be the best on planet Earth (although it is a bonus if you are).
Always be careful of your opponent because there is a chance you will bump into someone who knows more.
Personally, I have placed a number of large bets. I'm not going to say too much about the bets but they were within my niche of two-year-old horse racing. I was confident I had the odds in my favour. That factor was proved correct because the majority of the time I won.
I placed several bets up to £2000. Each and every one of those bigger bets won. That may sound very impressive. However, if I told you the full story you would probably think the bets were bordering on insane. They were very logical - the key being knowledge. My insight was proven correct because they made a profit. At times, I was literally on the edge of my seat. A tide of emotion that flickered between winning and losing. I bet with the confidence I would win. It wasn't misplaced.
To be honest, I felt uncomfortable at times.
That's the nature of the beast.
Over that particular year, my bets totaled almost £400,000.
I suffered a few losses; the biggest being £700. Losing brings a mixer of emotions. Thankfully, I could afford to lose that sum. After a loser, I was always fearful of the next few bets just in case another inflicted more pain. The confidence growing daily until it was back to business. With time, those losing bets fade from the memory (just a little) mingled with good wins, bad losses and days of indifference. The journey continues. Forever a work in progress to keep ahead of the game.
These days, I don't bet so much although next season will be a time to press forward once more.
Knowledge is power.
Betting is and should always be a serious business.
Even after years of experience, polishing that stone, until it shines like a diamond, I am prone to the layer who knows more. Long term, it is very unlikely they will know more but on a day-to-day basis, there can be a limitation. Each loss a good reason to work harder, to understand what went wrong and invest time to nullify aspects of weakness.
Know your niche. Understand your subject to a point you are confident you know more. Bet with confidence. Look at your opponent whoever they may be and appreciate the journey you have endeavoured.
Take their bet with the knowledeg that long term you are confident you will win.
Do not bet for fun.