If you want betting to be more than a streaky sprint, you need rules you actually live by. Mike Quigley’s “Ten Golden Rules” are a rock-solid foundation. Here’s our take for My Knowledge Tips—condensed, modernised, and made practical—plus a tongue-in-cheek “what not to do” checklist you’ll want to avoid at all costs.
1) Track everything—or you’re guessing
It’s painfully easy to remember the big winners and quietly forget the leaks. Keep a simple ledger with:
- Market & selection
- Stake & price taken
- Closing line (if applicable)
- Result & P/L
- Notes (why you bet, what you’d change)
Update daily if you can. Reviewing your own data is the single best “tipster” you’ll ever have.
2) Ring-fence your bankroll
Your betting bank is not your rent, not your food shop, and definitely not a joint account. Decide a bankroll amount, then size stakes as a small % of bank (e.g., 0.5–2% per bet). This keeps you in the game when variance bites.
3) Price-shop like a pro
The same selection can vary wildly across firms and exchanges. Consistently taking the best available price is a built-in edge over time. Use an odds comparison tool before you click. A few ticks better, every time, compounds.
4) Never chase—up or down
Chasing losses turbo-charges bad decision-making. Equally, don’t up stakes just because you’re hot. Your next bet doesn’t “know” about your last one. Keep unit sizes steady and let volume + edge do the heavy lifting.
5) Skip the “interest” bets
If you don’t have an angle, pass. Watching a big race or Super Sunday without a punt is a flex, not a failure. Your bankroll exists to back edges, not to make TV more exciting.
6) Detach emotionally
Each wager is one line in a long ledger. Bad beats happen; miracle covers happen. Treat both as noise. The calmer you are after a swingy result, the sharper your next decision will be.
7) Review what actually wins for you
Segment your records by sport → market → bet type (e.g., Football → Correct Score; Horses → Win; Tennis → Set Handicaps). Quarterly, prune what’s not working and lean into what is. Your strategy should evolve with your data.
8) Only hedge if the hedge is value
Hedging because you’re nervous is understandable—but costly. If you do hedge, ensure the counter-bet is fair value on its own merits. One compromise: occasionally take out stake-back insurance when the numbers are close.
9) Be allergic to tips
If you’re following someone connected to the selection (owner/trainer/jockey), assume bias. If you follow any tipster, price-check and sanity-check. Better yet, use tips as research prompts, not auto-bets.
10) Be choosy with short prices
Odds-on can be fine if your estimated probability genuinely dwarfs the price. But systematically backing short prices without an ironclad edge is a slow bankroll bleed. For horses especially, be disciplined about your minimums.
The funny (but painfully true) “Don’t Do This” list
A quick, cautionary mirror of common mistakes:
- Don’t avoid record-keeping—it only protects illusions.
- Don’t think short-term—this is a marathon with variance hills.
- Don’t “smash out of trouble”—you’ll just dig deeper.
- Don’t skip research—price = information; earn better info.
- Don’t ignore price shopping—value lives in the margins.
- Don’t worship rumours—if it’s public, it’s in the price.
- Don’t mix alcohol and betting—clarity is your edge.
- Don’t fill the day with “fun bets”—they’re budget sinkholes.
- Don’t auto-back odds-on—especially in volatile markets.
A quick, usable framework
Before you bet
- Do I have an edge I can explain in one sentence?
- Is this the best available price?
- Does the stake fit my bankroll rules?
- Have I logged the bet?
After the event
- Log the result, check the closing line (did you beat it?).
- Note one learning (market move, team news impact, pace angle, etc.).
- File it under the right sport/market so review is painless.
Common edges to cultivate
- Numbers: model-based probabilities, beating closing line, exchange vs. book discrepancies.
- News: quicker, more accurate read on injuries, going changes, weather, line-ups.
- Specialism: niche leagues, specific horse profiles (front-runners, course specialists), or micro-markets where the books are lazier.
Bankroll sanity checks (monthly)
- Hit rate vs. price: Are your 2/1s landing anywhere near expectation?
- P/L by market: Double down on your winners; cut the clutter.
- Emotional audit: Any chases? Any booze bets? Fix the environment, not just the outcome.
Responsible betting
Only bet what you can afford to lose, set deposit limits, and take time-outs when needed. If betting stops being fun—or starts to feel necessary—step back immediately and consider speaking to a professional support service. There’s always another race or match; there’s only one you.
TL;DR
Bet like an analyst, not a fan: record, price-shop, size stakes, avoid emotion, review relentlessly. Do that, and the line between “punter” and “profitable” gets a lot thinner.
