Money Management - the number one rule
This article will outline the number one rule for all aspects of gambling money management. Before we get fancy, this is something you just got to read and take to your heart. If you weren’t aware of it; money management in sports betting is absolutely crucial. Howtobet.net has seen a number of potentially world beating sports bettors and poker players disappear from center stage simply because they could not manage their money. The talent was undoubtedly present, but the leaks were many and unfortunately not easy to plug. The scope of this write-up is to make sure this won’t be your fate.
Two types of bettors
It is important here to understand that there are basically two types of sports bettors. We have the weekend Joe’s that enjoys laying out their cash hoping their favorite team wins. Others play monster parlays that have no hope even in hell at hitting. These guys and gals are considered recreational sports bettors (leisure punters). These folks tend to get themselves into trouble down pretty much every betting road. You may ask why they get into trouble? Yes, they get in trouble because of bad money management. Spewing cash betting without any clue is pretty much the worst way of managing the bankroll we can think of.
The second type of sports bettor is the investor. The investor is in it to make money. Much like the stock market, sports betting investors work hard at finding the best lines available, and prey on errors made by the bookmakers. Smart sports betting investors have sound money management strategies.
Money Management number one rule
The first step in successful money management with regard to sports betting is to not bet more than you can afford to lose. Let’s repeat that. Do not bet more than you can afford to lose. Got it? This common sense money management rule is not hard to understand, yet it is sinned against on a regular basis by plenty of bettors that really should know better, and a hell of a lot of people that simply know about it. Now that you know about it, you got no excuses!
Like a household budget, sports gamblers must have a gambling budget. This budget is referred to as a bankroll. Your budget should be money that is left over after all of the essentials in life have been met. We suggest you set aside money for betting on a separate bank account or in an online wallet that can transfer money to betting operations. Under no circumstance should you ever sway into your real life budget to accommodate bad streaks. Such streaks are bound to happen due to the small edges and betting turnover you must produce. Be prepared!
Money management in action
Once you have established a bankroll that you want to work with, ensure you are betting within your means. For example, if you have determined that after all of the real life stuff is covered, you have $500 you want to work with, be smart with it.
Many many beginners, and even intermediate bettors will throw out ridiculous wagers in hopes of hitting a lucky winner. This might produce an adrenaline rush, but it is nothing more than poor money management. Here is an example; placing 5 $100 wagers with your $500 bankroll is not smart money management at all. You can easily lose it all.
Money Management systems
You can check out our comprehensive betting system section for more information on the nitty gritty bare bones stuff. In short; most successful sports bettors will flat bet a fixed cash sum or utilize a percent of their bank roll for any given bet. Yet others may go for the Kelly Criterion; which is a progressive staking system based on the bet value offered. There are other progressive staking systems on the market too, and Howtobet.net covers these in the betting system section as well.
How you go about laying your bets is at the end of the trading day your business. We will not interfere with your decision making, but if you can sports bet for profit then Howtobet.net recommends not betting more than 2-3% of your bankroll on any bet. Over time we have observed this is an ideal sum to maintain sanity and build profits brick by brick, one bet at a time.