One of the main reasons sports bettors fail is due to improper money management. Of course, there’s a small percentage of instances in which a person is very disciplined, exercises proper money management, and just can’t pick an apple from an apple tree.There’s ample reasons why that may occur, and it can be a discussion for another day.
The first step to proceeding with strict money management is establishing a bankroll. That should be followed with finding a reliable sportsbook to wager with. YouWager offers qualified odds on all major sports, and has been a personal favorite of mine over the past few years.
A sports betting bankroll can only be accurately done by being honest with yourself in regards to your own personal finances. I’m not going sit here and lecture anyone on your financial future. However, I will say this as a matter of opinion. Using next month’s rent or mortgage money as part of your betting bankroll is not a wise idea. Nor is delving into your retirement fund to procurea more sizable bankroll you otherwise couldn’t afford. Here’s my advice in that regard. Ask yourself this. If a worst-case scenario were to transpire, and you lost your entire betting bankroll, how would it affect your overall quality of life. If your answer is very little if at all, then you’ve done a stellar job of thinking things through very carefully, and were realistic in doing so.
If the answer is anything else, then you either can’t afford to indulge in sports wagering, or acted impulsively while paying no mind to possible negative consequences.
Establishing a Starting Bankroll
Now let’s move on to a strategy. I’m going to be hypothetical for the sake of example. John Doe is starting with a betting bankroll of $10,000. The first rule of thumb for John is this, never exceed an individual wager of more than 5% of your total bankroll. My own personal preference is more like 3%. Whatever percentage is decided upon, John should stick to it, and at no time should he deviate from the plan.
Let’s just say that John determined that 3% of his total bankroll is what his individual bets will be. In a nutshell, it means he’ll be betting to win $300 per wager. Putting those numbers into perspective, and based on an average of $330 to win $300, John would need to lose approximately 27 more bets than he’s won for him to dissipate his entire bankroll. It’s certainly possible for that to occur, but not highly probable for it happening in a short span of time. If that betting futility were to indeed transpire, either John should come to grips with he’s terrible handicapper, orseeking the advice of a professional that does it for a living would be an intelligent alternative.
A Method to the Madness
There’s a reason why I alluded to a possible negative scenario in the previous paragraph. It goes to making sense of this specific betting strategy. Even the sharpest and most polished sports bettors sustain a bad run. Once again allow me to be hypothetical, and what if John were to start by going 5-12 with his first 17 bets. Based on an average of $330 to win $300 per bet, John would find himself down $2460 right out of the gate, and possess a remaining bankroll of $7560. That’s certainly not good news by any stretch of the imagination, but even with that misfortune he remains a viable player.
My point is simple, by having a definitive money management plan which is well calculated, it has prevented John from being broke before he even had an opportunity to go on a torrid win streak. John’s money management system allows him to withstand an extended losing streak, and thus increases his chances of being profitable over the long haul.
If you don’t remember anything else, then remember this. Sports betting isn’t a sprint, it’s a marathon. Being a successful sports bettor requires not only strict money management, but extreme patience and discipline is required. The ability not to panic and chase when you’re down is essential. Equally important is not getting cocky when things are going well, and straying from your original money management strategy. Be willing to grind it out daily, and steer clear of having a get rich quick mentality.