It is often noticed, especially with newcomers, that they start sportsbetting with a good enough bankroll but the money seems to be disappearing at a fast rate. Why is this so? This is only because you are either betting too much or betting on too many games or simply betting parlays, teasers etc that can be highly risky bets. You can be a successful sports bettor if you know how to manage your finances well. One can have both winning as well as losing streaks and if you know how to manage your bankroll well, you will never find yourself in a tight spot. The first rule to wise money management is to only bet the amount that you can afford to lose and never bet all your bankroll on the same game.
It is advisable to set a certain amount of your bankroll for online betting and use only this amount to place your bets. Once you have got the hang of it and have explored the kinds of bets and analysed what would be profitable for you, you may experiment with different games and bets. For the novice, it is always wise to stick to straight bets and flat bets, as these have fewer risks involved, are straightforward to understand and a good money management strategy. Straight bets are bets that are made on a single game and comprise of a point-spread, money line and game total (over/under). To win a straight bet, the bettor must be able to choose a team that can cover the spread or select a game score that would be over/under a particular amount.
Flat betting, on the other hand, is betting an equal amount of money on a series of games. You set aside a small part of your bankroll and you bet this on a game, again you bet the same amount on the next game and so on in a similar pattern. If you are talking money management, you may bet about 2% and not more than 5% of your bankroll on a game. Also stay within this limit. Do not let yourself get carried away by the excitement of the game. You cannot win all your bets, but if you stick to a set amount and win most of the bets, you will still be on the profitable side. Until and unless you have accomplished your skills as a handicapper, it would be advisable to stick to flat bets. Sometimes even the best handicappers fail to make the right decisions, so if you are a beginner, flat betting is what you should adopt.
Good money management says that you should not bet more than 2% on an average. Why? What can happen if you bet more than the maximum of 5%? As is a known fact that one can have both losing and winning streaks, one should also remember that if they are having a winning streak, they can have a higher percentage in one week and probably a lower percentage of wins in the next week. Consequently, one cannot have the same winning trend in continuity. If this winning streak makes you decide that you may straightaway jump to a 55-60% betting of your bankroll instead of your safe 2%, you are outrightly mistaken here, as this is bad money management. With such a large portion of your bankroll invested at one go, you are calling for trouble, for you are bound to lose a lot of money here.
Keep to your 2% stand and when you have reached a certain profit margin and you see yourself winning and are on a good roll, you may increase your bet by a small percent, but it should still not be a huge percentage of your bankroll. When you see yourself losing, immediately decrease your bet size. You will never be able to lose all your money if you stick to this strategy. As long as you bet only a percentage of your bankroll, you will never lose all of it. This is solid money management. Keep to the maximum limit of 5% and you will always be on the safe side. See a winning streak, increase you bets by 1%, but if you find the game going against you, step back to the original bet of 2%. This is a sound and proven strategy of keeping your bankroll intact.
Beginners usually lose their money because they do not know how to manage their bankroll properly. Also when they experience a losing streak, they tend to bet more money in the hope of recovering the lost amount. This is absolutely the wrong approach to winning and certainly poor money management; for sure no one can recover lost bets by investing more than they have already lost. Instead of using only a portion of their bankroll, they use all of it, which leads them to nothing but bankruptcy. While you can lose all you have if you do not have proper money management skills, you can win a lot of money with a soundly managed bankroll. Without proper bankroll management, even the best sports bettors can suffer a great loss.
Now that you are familiar with how to manage your bankroll sensibly, it’s time for you to sign up at a known sportsbook and begin your sportsbetting career. Remember that you must stick to flat betting or straight betting only. Also do not wager big. This is a discipline that you have to maintain, as a large part of your success in sportsbetting is due to the discipline of correct money management that you adhere to at all times. Although you want to win money fast, you cannot achieve it in a day or two, so thinking that betting big will get you big money will in fact get you none. Be patient, learn the skills, analyse the market, observe the betting trends and the odds and grasp everything that you can on sportsbetting and soon you will see yourself learning the tricks of handicapping and placing your bets more professionally.
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