Money Management for Gamblers
The purpose of this article is to educate and inform gamblers of the aspects of sports wagering. With the hopes of leading to a more profitable wagering experience for you the player. I have had the distinct pleasure of speaking with many gamblers and it seems the one area that most need help with is a money management system to implement into their sports wagering.
Let’s jump right in and begin our focus on money management. First, let us start by saying that the main reason that 99% of sports bettors lose is improper money management from the start. Even if you were to have access to winning picks – without a proper money management system, the picks are useless.
This article is not intended for those of you that are recreational bettors and like to put down a few bucks on the occasion Sunday football game to make it more exciting to watch. On the other hand if you are one of the people that treat sports wagering as an investment, please continue reading, this article was made for you!
First and foremost you need to establish your gambling bankroll. Your gambling bankroll should consist of the money you have set aside to risk on your sports betting. Your bankroll should not include money used to pay your mortgage and bills. Actually, if possible you should have a separate bank account so you can keep your gambling and living monies separate to avoid any confusion or mishaps.
Next is to decide what is your betting size is going to be. You should almost never wager more than 5% of your bankroll on any one game. Simply because in sports wagering there is no “sure thing” or “lock” as some handicappers may have you believe. There are too many variables in any game to be able to control which way the ball will bounce and if the game will end in your favor.
Your daily bets should be in the 2-4% range of your most current bankroll. We say “current bankroll” because every bettor will have some winning streaks and some losing streaks through out the course of the year. It doesn’t matter who you are, you will have some losing streaks through out the year. By keeping your daily bets in the 2-4% range of your current bankroll you will eliminate the chance to lose your entire bankroll on one losing streak.
Lastly and most importantly – for good money management plan to work you must have some self control. It may sound easy but that’s not always the case and it can be the hardest part to being a successful sports bettor. You won’t always win and you have to be able to show control in these situations or you will find yourself digging a whole you may not be able to climb out of.
The problem most gamblers have is they fail to look at sports betting as an investment when in fact it is just that. Remember that old saying “sports wagering is not a sprint, it’s a marathon”. Your results should not be measured daily or monthly. Instead, take your time, stay focused and practice self control. Sports wagering can be one of the most lucrative investments available today if you employ our suggestions outlined above and proceed with caution.