Between (1) analysis/handicapping, (2) bet execution and (3) bankroll management, be able to identify your weaknesses and address them adequately so deficiency in one area does not cascade to impact your overall betting success.
Gambling or Investing
The sooner you treat betting like an investment rather than a form of entertainment, the better chance you have at making sustainable long term returns on your bankroll. This involves discipline, purpose, mitigation and accountability.
Pay Your Tuition
Many experience a period of time best described as ‘paying your betting tuition’ including reckless decision making (e.g. chasing losses) and acting irresponsibly with your bankroll (e.g. over-betting). This tuition does not have to be completely wasted and in return it can be converted into certain domain knowledge that often cannot be read in a book or learnt at University.
Finding an Edge
Identify where you can best utilize your specific knowledge and skillset to find situations to maximize your advantage.
Be vigilant about how you allocate your time. Think about ways to automate process, allow technology to accelerate aspects of your betting and don’t forget to spend time analyzing past performance.
Process vs Result
One of the most profound shifts in mindset that must take place is understanding that an individual result is almost always irrelevant compared with the process it took to get there. A final score, race result or bank balance at the end of a day is not nearly as important as the components/process it took to make your decisions, that are required to be replicated over and over.
Uncertainty & Randomness
Acknowledging, understanding and even embracing the epistemic uncertainty that exists (in your models), as well as the randomness (of the underlying events) that impacts many forms of betting can allow you to use it to your advantage rather than it being a shortcoming to reaching certainty and/or control.
Innovation, evolution, efficient markets and progress will not allow you to become lazy, satisfied or comfortable. The moment you do not evolve, the market will swallow you up.
To enhance your skill set you need to draw on other fields, people, systems and approaches in order to augment current practices. Intellectual curiosity and meaningful engagement across multiple subjects can allow growth and adaptation in often highly complex betting environments.
Many areas such as psychology and philosophy will have useful cross-pollination with betting. Many concepts from these fields can have betting applications and broaden the way you tackle complex betting problems.
The business of betting is a global enterprise and therefore a global endeavor for those that are involved in any given market. Whether you choose to recognize it or not, how the market is formulated and evolves is based on a multitude of factors spanning countries, syndicates, bookmakers and bettors alike.
Do Something (sensibly)
Whether it is entering a new betting market/league/sport or augmenting your skills (e.g. learning to code) the vital ingredient is to start somewhere….anywhere…… and continue to refine and adapt your process