Money Management in Sports Gambling
For as long as there has been some form of betting there have been betting systems that are supposed to give you the edge you need to make more money. Many of these systems show you ways to vary the sizes of your bets and, in doing so, fill your pockets with cash. Unfortunately, as many bettors have found out over the years, these systems don't work and the false hope they provide can make them money-losing traps.
The main problem with changing the size of your bets over and over is that it disrupts your cash flow and raises the point of breaking even that you must hit and exceed to make a profit. Here's what that means: Say you're betting $50 per game and you've just bet on five games for a total of $250. You go on a bad losing steak and pick the wrong team on all five games putting you $250 in the hole. Now according to your so-called never-fail system, during a losing streak you should decrease your bets. So you lower your bets 50 percent down to $25 a game. You bet on five more games for a total of $125. Even if you win all five of those games you will still be down $125. By decreasing your bet you have increased the number of games you must win to get back to even. You're putting yourself at a disadvantage by making it harder on yourself to break even or make money.
The best way to bet to make a profit and manage your money effectively is to wager a percentage of your bankroll and stick to that percentage. If you can hit the magic number of a 56 percent success rate in your betting picks, you can turn this small percentage into a nice profit. One thing to remember though, as you win and your bankroll increases the percentage of your bankroll also increases. After a year of winning, five percent of your bankroll has risen from what it was a year ago.
To keep your profits on a steady plane, you should re-examine the size of your bankroll on a regular basis and adjust your percentage betting accordingly. One thing to remember though, do not adjust your betting downward if you notice your bankroll has decreased after a bad run. As we said earlier, by decreasing the size of your bet you are making it harder on yourself to get back to even. Ride out these rough patches and your bankroll should recover when you start picking winners again.
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