It is impossible to say which specific events and odds should be picked at any given time in the future; that said, there are ways of minimising your potential losses that are applicable at any period in time.

We begin with the law of probability. Taking a two horse race into account, regardless of skill, gives you a 50% chance of being correct. Patience is often the key here – wait until the odds drift out past at least 2.00 so you can be confident of making a worthwhile return from your investment. Keep an eye out for inflated odds given on champion teams enduring a slump, particularly in finals matches. Of course, if you are absolutely confident of team winning, be prepared to bet at any odds. Outlaying money at odds of , say, 1.05 is ridiculous, however – the return is guaranteed to be relatively small no matter how large the bet, and even if the return is to be of reasonable size, a massive amount of money must be wagered – and don’t forget taxes.

Another instance that should not be easily forgotten, particularly by cricket fans, is the 1981 Test at Headingley. England were quoted midway through the match as being 500-1 to win – which, as the apocryphal tale goes, Australia’s wicket-keeper Rod Marsh and strike bowler Dennis Lillee, had a little dabble at. A splendid innings for Ian Botham followed by Bob Willis ripping through the Australian batting saw England win in perhaps the most famous Test cricket victory to date. Conventional wisdom would state that backing England at 500-1 was as good as throwing money away – but those that backed Australia into heavy favouritism would be ruing the events of the final day.

Another good tip for sports betting is to keep an eye on the sum of the book. For example, if both teams are quoted at 1.83, calculate 100/1.83 + 100/1.83 to give the book sum – in this case 109.3%. Some UK online betting sites regularly offer lower percentages than others, and betting with these sites can have a gradually noticeable positive effect on your balance sheet.

Bearing this in mind, arbitrage betting can also be considered – when two different online betting sites (or three, perhaps, for a win/loss/draw) offer a combined book that totals to less than 100%. Certain formulae and free betting systems allow you to calculate how much to outlay at each online betting site to guarantee a profit. This is still risky – the quote at each may not exactly live, or may change at the last moment, giving you what might turn out to be a guaranteed loss. The profit to be gained from this system is also relatively small.