Sports’ betting in general is quite literally all fun and games, but in order to make sure it stays that way a punter must understand the importance of money management. When you sit down and ask yourself why professional sports gamblers have managed to make millions, you really only need to remember one thing, that being bankroll management. Bankroll management is the heart and soul of any successful online sports betting strategy, but if you think bankroll management is an easy skill to master think again. It takes time, patience, and certain degree of knowledge to do properly. Now we can’t help you when it comes to time and patience, but we can help you when it comes knowledge. The following takes a long look at online sports betting money management and how you can do it effectively.
The effectiveness of money management
The whole purpose of employing a money management strategy is to stop you from running out of money when partaking in sports betting, while it is also in place to make sure that you get as much out of your bankroll as possible. The basis of bankroll management is found within creating a set of rules that relate to how much money you place on any given wager. The theory is that due to the rules that are in place you will be able to endure long losing streaks without emptying your back account. Thus it will give you more time to make better wagers and hopefully turn things around over the long term. Money management is something that is a given for any gambler, largely as it requires strict discipline in order to carry through.
Money for nothing
Let’s face it; online bookmakers don’t give you the chance to gamble on sport events just for the sake of it. They do it because they want to make money, more importantly they want to make money through the most minimal amount of effort possible. When the odds you see are calculated they often implement a house edge, the edge which players must work to overcome. But as the edge is what it is, more often than not the players can’t achieve that. This is obviously a key factor you need to consider when you layout your bankroll management plans.
Going over the top
When discussing bankroll management you need go straight to the core of why a punter’s bankroll situation may unravel in the first place, that being misguided betting. More often than not many player’s simply bet too much. It doesn’t matter whether they are betting with designated money or not, too many players just go over the top with what they spend. The reason this tends to occur is because players lose grasp of what the term “finite money” means. There is no planning involved when this is the case and it comes from a general lack of understanding. No gambler, no matter how good they are, will pick winners every time. Even the very best in the world of online sports gambling have had bad runs of luck. Lesson one, before you make any money management arrangements you must be wary of going over the top, as it can and will undo any money management plan you put in place.
Fear the chase
Going over the top when it comes to betting is one thing, but chasing losses occurred can be just as damming. Now saying that, it is something that every person will do on occasion. This is because in some instances you will just feel that urge. However, you will notice that the very best online gamblers understand that this is an urge that must be curbed in order to manage a bankroll effectively. Chasing loses usually comes around through trusting judgment that “luck” will soon return to a betting strategy. While in some instances players may start in ramp up the level of risk they take in order to recoup a large sum of money. Those who want to master the art of managing a bookmaker bankroll need to resist the temptation to try to undo failures through increased betting.
Step one when it comes money management is to allocate funds for sports betting purposes. This amount of money is dubbed “bankroll” and is the only money you should ever use to gamble with. This money should be considered disposable income and not be required as a day to day live expense or make up part of your savings. The whole reason for allocating funds is simple, it ring-fences the amount of money you can use for sports betting purposes.
After allocating your funds for sports betting you need to figure what your averages are as far as wagering goes. Often dubbed a “base-betting unit”, this figure relates to the percentage of your total starting bankroll that you are willing to risk on a single bet. The actual percentage will generally relate to your style of betting along with your attitude towards risk. In most cases people will stick to a based betting unit that falls somewhere between 1% and 3%, but if you are fairly fearless you may want to bump that up to around 5%.
Flat or variable
The final decision you need to make in order to complete your bankroll management strategy comes in deciding whether or not your betting model will be flat or variable. For new punters it is advised that they stick to a flat stake-betting model. This is because it is considered to be the simpler of the two and carries a lesser level of risk. Should you have a higher level of bankroll and some experience in the field, then you may want to switch to a variable stake model. But when doing so you need to be aware of the increased risk is that involved.
As important as ever
The importance of a bankroll management in 2015 cannot be stressed enough. By implementing what has been discussed here today, you can make sure that you remain protected every time you log-on to an online bookmaker and start putting your money down.