This rule is affirmed everywhere around us. The Pareto Law, also known as the 80-20 rule or the Law of the Elite, is widely applicable in economic science as well as in social life. And it turns out that it can also be used successfully in the field of online betting - both in sports betting and poker and casino games.
What is the Pareto Law?
The Italian engineer and economist Vilfredo Pareto gave the definition more than a hundred years ago. He found that about 20 percent of people in Italy own at least 80 percent of all land. Pareto formulates his statement as follows: "20 per cent of people in every society produce and generate 80 per cent of goods and profits." There is another interpretation that states that 80% of the results achieved are due to only 20% of the resources invested.
The 80-20 rule is also observed in social relations. 80% of communications and reactions on social networks or from calls and messages on the mobile phone are made by no more than 1/5 of our contacts. It can also be argued in politics that often about 20 percent of the population has a decisive influence on making 4 out of every 5 decisions that affect the whole society.
And when it comes to bets, Pareto law takes us in yet another direction. Certainly no more than 20 percent of all players can boast with a positive balance. Even this number is high, but it can be accepted if we include those who rotate around zero and even have a small plus in the overall balance. But more important for betting success is knowing and doing more than what 80 percent of people do when trying their luck with prediction.
Always look for more information
If you act the way most sport predictions fans do, then you will not have more success than most of them, unless we are talking about an accidental luck. And what do players most often do when trying to make up their minds about a match or race before putting their money on the event? Everyone looks at the rankings, form, direct matches, absent players (injuries, penalties). But this is relatively easy and quickly accessible information. In order to take precedence over the others, and most of all - to increase the odds against the bookmaker, you need to find additional data or to have serious accumulations in the relevant field, sport, championship, etc.
When we talk about the Pareto rule, both in sports betting and in every other field, we talk about a period of time that is not very short. It is certainly longer than a day, a week or a month – in order to know for sure if you are part of the top 20%, you need to gather a solid database for your game. With three, five or ten predictions, it is not serious to talk about enough empirical material. And the accumulation of history also leads to the accumulation of experience - this itself enhances your knowledge of the game, knowledge of how bookmakers work and understanding their logic, as well as specializing in specific niches in online betting.
There is another rule - that for the 10 thousand hours. It states that in order to become really good in a particular field (sports, music, science, work), you have to spend at least 10 thousand hours in learning and practicing the relevant occupation. Well, with sports betting you do not have to take that long to climb the success curve. In any case, these are 1250 8-hour workdays - assuming that we spend this much in 5 days per week for exploring and betting, then we're talking about full 5 years! And you want to be successful faster, right? It is possible, but not lightning-fast possible.
A detailed study of statistics data can give you this advance over the others, allowing you to reach the level you are looking for. Many think that they gain knowledge of the teams only by watching matches, but often this is misleading. Yes, the live impression of the game also plays a role, but a detailed insight into the numbers and the relationships between them can add a lot more.
It is most difficult to succeed in the top championships
With the biggest and most popular championships and tournaments on the planet, whether we're talking about the English Premier League or the Spanish Primera Division in football, the NBA and Euroleague Basketball or the Grand Slam Tennis Tournaments, there's always plenty of information. And this is a problem because this information is easily accessible to everyone. And that means you won't know more than the others, unless you dig deeper than reading a few news and quick stats before the game.
Moreover, the larger the database for a given league, the more advantages the bookmakers have in their hands. They use every piece of information for more accurate analysis so as to limit the risks and leave bettors with more luck than thoughts and skills to guide their predictions. The more you go to the favorites, the derbies, the more decreasing your chances for a breakthrough are.
Does this mean that it is better to search for a less popular league for which you can accumulate information over time and start winning from this effort after a week or a month? It can certainly be reasoned this way. With less sought-after leagues and tournaments, you are more likely to enter that 20% at the top of the pyramid.
Focus efforts on a specific championship, team or athlete
It is already about specializing in a particular direction. If you narrow the horizon of options and select a few to strictly follow and to follow with your bets, then you will gradually build a better ability to predict and "smell" good odds. Even in the big leagues, it is possible to profile yourself in a niche that delivers high returns (for example, over 3 goals scored or a goal scored in the first 10-20 minutes). And when you focus on a particular team or athlete, gradually accumulating information about his or her behavior and capabilities, you can learn to forecast more accurately and profitably.
Do not blindly follow the advice of others
Many try to outsmart the system by borrowing directly the predictions on betting sites. Tipsters can really give you pretty good guidance, but how do we really know who they are when the online space is filled with people writing predictions (and avatars) claiming to be specialists? So finding a reliable source for betting tips also requires effort and research. Do not blindly trust, but check how much of the tips on the site or from a tipster are profitable.
If they are about 80% - bingo, this is your source! But others will smell it very quickly, and it is unlikely any online betting specialist will retain such a high performance for a long time. So if you want to achieve 80% of the results with 20% of the funds, you need to have your experience and your skills in order to achieve it. Even in games of luck, effort and work are required if you want to be successful.
