Money Management Advice
On our website you can find a number of articles for the public to read. Our purpose of this series of articles will be to inform and educate gamblers about all aspects in sports wagering which will hopefully lead to a more profitable wagering experience for you the player.
It seems like everyday now we receive at least one email from someone inquiring for a money management system to implement into their sports wagering. While we are delighted to see that a few of the amateur sports bettors are interested in proper money management, the fact is that the majority of the betting public are uneducated players.
Today we will focus on money management. Let us start out by saying that the prime reason that 99% of sports bettors lose is improper money management. While even if you access to winning picks (i.e. Maddux Sports) without a proper money management system in place the picks are worthless.
Now we understand that there are recreational bettors who just like to have a little money on the usual Sunday football game to make it more exciting for them to watch. For those of you that don’t mind losing a few dollars but like the rush of having some action on the game you are watching this article is not for you. For the people that treat sports wagering as an investment and not entertainment read on.
The first step to successful money management is to establish your gambling bankroll. Your gambling bankroll consists of the amount of money you have set aside to risk betting on sports. Your bankroll does not include money used to pay the mortgage, utilities, or car payment. In fact I recommend that you have a separate bank account to make sure that slipup's don’t happen.
Next would be to determine your bet size. You should never wager more than 5% of your bankroll on any one game for the simple fact that in sports wagering there is no sure thing or “lock” as some handicappers might have you believe. You have no control of the way the ball bounces and there are too many variables in any single game to be positive the outcome of the game will go your way.
I suggest keeping your daily bets in the 2-3% range of your most current bankroll. (depending on bankroll size, obviously players with larger bankrolls should be more cautious, whereas players with smaller bankrolls that are replaceable can play more agrressive). We say most current bankroll because throughout the course of every year, every bettor will have winning streaks as well as losing streaks. I don’t care who you are, you are going to have some sort of losing streak and probably a few extended ones throughout the year. Judging by the law of averages and variance it is impossible not to. By keeping your daily bets in the 2-3% range of your current bankroll you eliminate any chance of losing your entire bankroll because of one money draining losing streak while maximizing profits during winning streaks and cutting down your losses on losing streaks.
The final piece in the pie, and most important, for a sound money management plan is to weild a little self control. That seems so easy but in fact is the hardest aspect of being a successful sports bettor. To be successful you can’t step up your bets if you lose the first game on Saturday morning or if you have a rough Sunday you can’t load up on the Monday Night Football game. You have to come to grips that you can’t win everyday, let alone every week, or every month.
In closing the problem that most gamblers have is they don’t look at sports betting as an investment. Remember this saying “sports wagering is not a sprint it’s a marathon. Remember results should not be measured daily, weekly, or monthly. If you take your time, stay focused, wield a little self control, sports wagering can be one of the most lucrative investments available today.