Lou Diamond is no amateur sports bettor. Lou has been making bets for a living for over 30 years. He has been featured on popular networks like ESPN and was even documented on HBO’s Real Sports with Bryant Gumbel where he voluntarily picked 105 games over 5 months. Lou hit on 62% of his bets and turned in a net profit of over $50,000.
Anyone who has ever placed a wager on sports knows that it is not easy to make money, and it is pretty easy to get carried away chasing losses and before you know it bad choices have piled up and you find yourself in the hole. We asked Lou for his advice on how to avoid making these mistakes.
Here’s what he had to say:
"If they’re your favorite team you’re almost guaranteed to be highly emotional before, during and after the game. The highs can be extra high but more importantly, the lows can be incredibly low and cause you to make bad decisions. Don’t be a bookmakers dream client!"
"Half points or five cents in juice adds up over time. Most sports gamblers spend a significant portion of their lives betting on games. That half point comes quite often and it never feels good for you, or your bankroll. Keep the lock on the safe."
"Many gamblers get lost into thinking that the players are the reason to make a bet. The fact is most successful gamblers fully analyze the coaching style that represents each team. Of course, a superstar can make a team much better but generally speaking most players are at the same level and replaced with a relative level player and it’s the coaching that separates the game. You want your money on consistent coaches. Good or bad (fade)."
"When the game is money free money is the honey. With the legalization of sports gambling, everybody in the business will be doing everything they can to earn your business. You must do everything you can to take advantage of all of these fresh opportunities. The best advice I think I will ever give anyone is that the easiest way to make money is to save money. When the sports books are for you free money or lower juice, take advantage."
"Scared Money is your biggest enemy. The real key to sports gambling is understanding that you are in a marathon, not a sprint. This isn’t about getting rich overnight. Yes, the excitement can make you feel like you can at times and the fact that you can double your money or hit a big parlay and have a fat payday, that just isn't how this really works. You have to be in it to win it. That means when you have a bad day you have to keep going at it and not be scared of bedding again. In order to do that you need to make your plays relative to your bankroll. Your average bet should be between 2 1/2 and 3% of your bankroll. If you put yourself in their position you have to be in it to win it. That means when you have a bad day you have to keep going at it and not be scared of bedding again. In order to do that you need to make your plays relative to your bankroll. Your average bet should be between 2 1/2 and 3% of your bankroll. If you put yourself in that position Y’all increase your chances of keeping stress out of your game."
"Most sports gamblers lose due to poor money management! Giving in to your stress at the wrong times and chasing money is a surefire way to completely screw your bankroll. We have all done it. Once in a while it works out, and that’s great when that happens. But when it doesn’t, it knocks you out of the batter's box."
"If you are not committed to putting in the hours of research necessary to be successful, then you are exactly the sucker the bookies are looking for. There are ups and downs for everyone. But I have been successful over my 30-year career because of one thing. I am absolutely obsessed with the process and I am addicted to winning and making smart money."
Lou’s wealth of knowledge is available on his website at louiediamond.com. Lou offers daily free picks and also sells packages of picks with expert analysis to give you the edge you need to beat your bookie.