– Last Updated on April 30, 2020 12:21 pm
Sports Betting Tips – Money Management
Have you stopped by Cappers Picks today to use our Sports Betting Tips from the experts at Cappers Picks? Specifically tools for how to learn about how to gamble with sound Money Management? Continue reading on for some insight on how to make more money gambling on sports.
1) Money Management: Pre-Determine Your Bankroll, Set Expectations
The first step is the most important and that is to budget your bankroll. This guarantees your betting experience to be at least fun, if not profitable too. Betting on sports for the entertainment, for the social camaraderie or for the challenge of trying to beat the bookie, not to get rich quick.
Those starting out looking to get rich quick is not only a disrespect to the many professionals who make their living on either side of the window, it also opens a gateway to pain, addiction, financial ruin and worse. Greed, ignorance and arrogance will ruin it not just for you, but for everyone.
So set aside a wad of cash you can afford to lose and then tell yourself as much. Think of it as spending on entertainment, like going out to the bar. If you take this approach, you won’t go chasing losses later.
If you follow the money management tips I outline below and still lose the lot, it means you aren’t a winner yet. Work extra hard at the day job, save up another bankroll and try again but do not go into debt or neglect more important payments to fund another go-around.
2) Money Management: Budget Your Bankroll
Now you have to budget your bankroll. If you can’t at least break even, the size of each bet will only determine for how long you stay in the game. If you can beat the book, however, financial discipline is key to making sure a bad run doesn’t wipe you out.
Divide your bankroll by 100. The resulting number is one “unit.” If you bet just one or two units per game, you would be considered a fairly conservative bettor, which isn’t a bad thing. An aggressive approach may be to bet up to five units in a given game.
I would advise a conservative approach. If you are just betting for entertainment, winning a lot of money shouldn’t be a large concern and you will stay in the game longer. Most beginners I talk to just enjoy to have something on a game; it doesn’t really matter how much.
If you think you can beat the book and lean toward a more aggressive approach, be careful and consider why you are thinking about getting more aggressive. If it’s for a lack of patience, you’re asking to lose it all. A more conservative approach, especially at the start, will give you the opportunity to re-invest your winnings for more sustainable growth.
3) Money Management: Managing Your Balance
That leads me into step 3, which is how to handle a fluctuating balance as you win and lose.
You can make your bankroll dynamic so that you always bet a unit as 1% of what you have. Your unit size goes up as you win and goes down as you lose. This slows down losing and speeds up winning.
Of course, if you start hot and your average bet increases, it will take even fewer losses to return to where you started. If you get down at the start and decrease your average bet, it will require more wins to climb back out of the hole.
Some bettors like to update their unit size at certain milestones, perhaps at the end of the month or when they hit a certain number (they would decrease the average bet if they lose a certain amount and increase it if they win a certain amount).
And then there are some adamant about keeping their winnings. If you set out to just have fun anyway, there isn’t anything wrong with taking everything more than what you started with and putting it away at the end of the month. That way, even if you end up losing it all later, you still have something left over from when times were better.
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