While some will claim they do it for the entertainment, making a substantial profit is the bottom line when it comes to betting on sports. Whether you are a professional handicapper or a casual fan, you are looking to make some money if you are betting on sports. One of the biggest mistakes that the casual bettor makes is focusing too much on the number of wins they record and not enough on managing their bank roll. Here is a look at money management and its impact on sports betting success.
One of the most important rules to remember when it comes to successfully managing your money is to stick with flat betting. Chasing or increasing bet size is one of the biggest mistakes that a player can make but it’s a lot easier to avoid if you stick with betting at a flat rate. Professional handicappers will set the same amount for the majority of their wagers to maintain a level of consistency and avoid blowing a large portion of their bank roll on a bad beat.
It’s also very important to determine early on what type of a bettor you are and stick within your limits. If you are an aggressive bettor then you will tend to risk a little more, while a conservative bettor will risk a little bit less. This is referred to as a “unit size” and it’s important to understand what you are willing to risk in order to avoid making the mistakes we referred to in the previous paragraph. If you are a conservative bettor, then you will be more careful not to blow a big chunk of your bankroll on a bad streak. The most successful sports bettors will set their limits not just in terms of how much money they risk but also how many wagers they make in a given period of time in order to avoid an extended cold streak.
When it comes to determining the amount of money you should wager on each bet, it all comes down to figuring out your risk capital. You want to make sure that you aren’t putting yourself in position where one wager can have a dramatically negative impact on our overall situation. Take the time to understand how much of your capital you are willing to risk without going over the top. The majority of casual bettors can’t wait to jump right in to the action right away but it makes that much more sense to set yourself up for the long term before you get started.
Good money management is like playing defense at a high level. You are trying to make a profit but you also understand that if you lose too much on bad beats then you won’t have any money left to wager in the first place. It makes that much more sense to avoid risking too much money in short periods of time since the longer you are betting on sports the more chance you have to make a profit. The best sports handicappers in the world understand how important money management is and they are careful to manage their bankroll.