Sportsbetting is huge business in and outside of the legal Nevada sportsbook With so many people eager to wager on sports it is no surprise that many mistakes are made the average better preventing them from making a profit.
This article is not to teach some unique betting angle but to remind you how important it is to follow a set rules when wagering in sports. So many times I see a person believe they have either inside information or a play that can’t lose sop they bet ten times their normal wagering and then lose the bet. Even if they win the bet chances are they will continue to make risky betting maneuvers until the money is gone.
Money management is so important to sports betting yet very little is ever mentioned about it. Selecting the right side in a sports competition is only half the job. Placing the appropriate amount of cash on the bet is just as important. I personally know of individuals who on Sunday full of games can select 5 out 7 winning teams and still lose a large amount of money.
Here are a few things you should be aware of in order to be a winning sports handicapper. First you need to have a sum of money to set aside as your bankroll. This money must not be money from you living expenses. Gambling with the rent money only makes if more difficult to select the right as the stress and fear of losing may affect proper decision making. Once you have your bankroll you then take the amount and multiply it by .05 or 5% to determine you betting unit. Your betting unit is the amount of an average bet. You never want to bet more than 20% of your bankroll on a single game or group of games. In other word, your 20% of the bankroll in total allowance for that day’s action.
Let me demonstrate this procedure. We will assume that we $1000 for our bankroll. That is money that is not needed for any of the current living expenses so instead of letting money sit in a saving account we are going to try to turn a profit with it. Now lets take $1000 x .05 (5%) = $50. This $50 is out betting unit. Now remember, we never want to wager more than 20% of the bankroll on a single game of groups of games. $1000 x .20 (20%) = $200. So our betting allowance for the day is $200. If we have a strong play we can bet as high as the $200 or we could make 4 separate bets of $50. Get the picture, there are many combination of bets the main thing is not to exceed $200 during the day.
Very few people follow such a simple procedure. They will bet the entire $1000 during the day not allowing any room for losing. Some will even bet a series of parlays which if hit pay nicely but the risk is just too great. If your follow simple money management like this the chances of turning a profit are common.