While money management is probably one of those topics most people don’t find very interesting, successful sports bettors know just how important it is. Be smarter than the majority of sports gamblers and take a few minutes to discover some important money management and betting strategies. It will serve as a good refresher for the experienced gambler and it’s very important for those who are new to the game.
Most sports bettors don’t take the time to properly plan their wagering strategy before laying down their hard-earned money. It’s been estimated that over 90% of sports bettors come out on the losing end in the long run. A large number of these losses are a direct result of poor money management.
With the 10% juice factored into pro football games, a player needs to win almost 53% of the time to come out ahead. That percentage holds true only if you bet the same amount on each game. When you start to vary your bets though, there is a greater danger of getting crushed during a losing streak or not getting paid fully when you reduce your bet size.
Luck has too big of a role in sports betting and there could be weeks when you finish with a solid 4-2-0 week but lose money overall because your biggest bet of the week doesn’t come through. A big bet shouldn’t be plunked down because you’ll be watching the Monday Night game on the big screen or even because it’s the Super Bowl. That’s simply not acceptable. No matter how well you handicap, each week there are a handful of games that are decided by 1 critical turnover, a late field goal attempt, etc.
You Have to Win the Battles Before You Win the War.
Don’t think of sports wagering as gambling. It’s an investment. This is no different than the stock market. You are going to educate yourself on how to handicap the games accurately or get your information from someone who is reliable. You are going to wager on plays that offer good “value” for your money. You have to decide on how much of a bankroll you want to start with.
This bankroll should NEVER be money you can’t afford to lose tomorrow! You then decide what percentage of this amount you will put down on each wager. The amount of a single bet will depend on how much of a risk-taker you are but should never exceed 5% of your bankroll. Next, you reduce your vulnerability to unlucky streaks by spreading out you money over a number of high percentage wagers. Consider each week to be small battles you’ll try to win while the “war” lasts the entire year. The profit or loss you see overall will be based on how your overall win record compares to the 53% break-even point.
Money Management Tips:
Never bet an unusually large amount on any one game, no matter how good it looks. Set a limit and stick with it. “Locks” simply don’t exist and many sports bettors lose big by falling into this trap each season.
Never have more than 25% of your bankroll at risk during any given week, even if means reducing your wager amount.
Stick to a flat betting system or something similar to avoid increasing your bet on high profile games. These games get more attention from the odds makers and the lines are tighter.