Money Management Wisdom
Bad money management can cost you more than just heart ache.
Everyone has witnessed someone having a huge week or sports betting only to donate it back and more to the sportsbook. More than 98% of sports bettors make the same common mistakes. Here's some other examples.
(Raising Wager Amounts): It's week one of the season and Sports Bettor #1 makes five wagers of $1,000 and goes 4-1. Therefore, in week two, he makes six wagers of $2,000 and only goes 2-4. Always stick to a percise investment amount per game.
(Lowering Wager Amounts): Sports Bettor #2 makes six plays of $110 in week #1 and goes 2-4. Due to losses from week #1 he lowers the amount wagered per game in week #2 by betting $55 on five separate games and he goes 4-1. Overall, gambler #2 has lost $95 despite going 6-5 (54.5%). Sports Bettor #2 would be up $110 instead of being down $95 if he only bet the same amount on each game.
(Taking Big Risks/Chasing): Sports Bettor #3 loves to risk it all for big rewards. Sports Bettor #3 starts with a $1500 bankroll and has decided to load up and hammer games. He bets $1100 and risks most of his bankroll on the first game, and wins. Then he wagers $2200 on the next game which also wins, now his balance is $4500 (counting the $300 left in his bankroll he's not used yet) Feeling lucky, he bets his whole bankroll on a game that looks fantastic and wins. Bringing his balance to $8200, he decides to risk everything won so far on what looks like possibly the easiest money ever. This time luck wasn't on his side and loses $8200. Sports Bettor #3 has a balance of only $300 in his bankroll despite going 3-1 (75% winning rate)
(Chasing Losses): Sports Bettor #4 has a bankroll of $5,000. He wagers $550 on a game and loses it. Frustrated from losing the game he wagers $1100 on a second game and loses again. Now enraged, he raises his wager amount to $2200 and loses again. He's now lost $3850. Now with a smaller bankroll he ends up risking it all on another game hoping to get some back, and loses the fourth game, he has now lost his bankroll. Sports Bettor #4 is faced with two choices, reload his bankroll with more money or stop playing.
These examples show you exactly why we said, any handicapper that has players wager different amounts on each game, eventually cause some to pay a heavy price. Bet like a pro and you'll get paid like a pro!
Losing streaks happen to everyone, know matter how good you are. Don't chase losses with bigger bets. We know proper money management can't make any player win at a higher percentage, but it will make your bankroll last longer, that gives you more opportunity's to get paid. Taking calculated risks to win money is what sports betting is really all about. But those taking crazy risks and betting their entire bankroll on anyone's one million star can't lose game of the year, may need to have a back up plan. Murphy's law says "Anything can and will happen" it seems real especially when it comes to gambling. Far too often it's just one key play in each game that will make the difference of covering or not, so sometimes you can have the right side and still get jacked. That's the reason money management is critical, remember nothings perfect. The only proven fact is... anything really is possible and nothing's a sure thing in life or gambling. Keeping all of your wagers to a consistent amount on every game is the key to making substantial money and long term success in this industry.