Money Management and Sports Betting
BTB's Betting Rules are a set of rules that have been created to remind the sports bettor of certain rules that they should always keep in mind. These rules apply to everyone regardless of the experience they have in the realm of betting on sports. Some of the rules are simple and some are complex but they all have the same end result—making money betting sports. This edition is going to cover one of the most important facets of sports betting that is often over looked and is the biggest reason people lose, money management.
Novice sports bettors often fail to realize how important it is to manage your money when they first begin wagering on sports. Since the goal is to win as much money as possible the focus is often on winning and not losing. Winning is fun and is the ultimate goal, but knowing and respecting the losing portion of sports gambling is more important than winning will ever be. If you prepare to win before the wagering begins there is a better chance that the bettor will succeed. The plan has to include great detail on what the goal is and the amount that could be lost. Making this plan is vital to a winning formula.
Money management is exactly what it sounds like. It’s the act of managing your money to work best for you in sports gambling. The first step is to set two goals, how much you want to win and how much you could afford to lose. When a goal is not set for either of these people tend to get in trouble. If figuring out how much money can be lost is not thought about in advance people lose too much and get in over their head. If a winning goal is not set then people will keep shooting for a bigger stake or a higher goal that they will never achieve and in the end they do not take any money out and lose everything going for more. The key to setting these goals it to be reasonable with the amount the goals are set for. If the starting bank roll is $100 a winning goal of $1000 is not reasonable. That kind of return on investment is not mathematically sound and the odds are against winning that amount. In sports betting the goal is to get the odds on your side not against you.
Money management is long term goal setting as well as the short term. The short term money management is the percentage of your bankroll that is at risk at any given time. This is debatable depending on the theory that you subscribe to but for most experts the maximum is 5% of your bank roll on any play. If the bettor starts with a bank roll of $100 and they bet $50 on one game then they are not managing money properly. The reason each wager has to be set at a percentage is to survive the losing cycles. In sports wagering, depending on the sport, 53% winners can make a profit. Hitting 53% or higher will mean that you will have your share of losses. If the wager amount percentage is too high it will take fewer wagers to go bust. Goal setting in the long term and the short term will lead to a successful future in sports wagering.
Money management is often overlooked but it is important to realize it is the keystone to a successful strategy in sports wagering. If this step is passed by then it could literally cost the sports bettor in more ways than one. This part of sports gambling may be tedious and even time consuming but it sets the foundation that will set the tone of the profit and losses in sports betting. Once a successful management strategy is achieved the rest is just about picking winners. A sound money management philosophy allows the sports bettor to focus on the handicapping aspect of the game and picking winners and in turn making money!