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| Sports gambling always involves risk, and the responsible sports bettor should always observe sound money management techniques to both minimize risk and maximize profit potential. Practicing these techniques will also enhance your peace of mind and overall enjoyment of the experience. The goal here is to formulate some simple, user-friendly guidelines that work so that you can create profit while minimizing risk from your sports betting investment. The first thing a prospective sports bettor must do is establish a bankroll. Your bankroll should always be money that you can afford to lose. It should not include money that should be used for more important things like groceries, bill payments, and other necessities of life. A good rule of thumb is that if the thought of losing your bankroll is in any way painful, worrisome, or would cause any lifestyle discomfort, you probably can’t afford to lose it. It is also wise to separate your sports betting bankroll from your other monies. Open a separate bank account or deposit the bankroll in a reputable offshore sportsbook or sportsbooks. Keeping your bankroll separate from your other money helps to ensure financial peace of mind. In summary, be honest with yourself and establish a realistic bankroll before you begin sports gambling. Once you have a bankroll, you then need to set some goals for both winning and losing. First, set a limit for how much you are willing to lose. Usually that number is your total bankroll, but for some it may be only half their bankroll. Let’s say you have a bankroll of $1000 and that is the maximum you are willing to risk, and half the way through the season you have unfortunately lost all of that $1000. It is now time to stop gambling. The key here is to be disciplined. If you can establish another bankroll that you are completely comfortable losing, then you can start again, but only at that time. The same principle holds true for setting a winning goal. Let’s say you have a goal of turning that $1000 into $2000, and again halfway through the season your bankroll is now $2000. Now is the time to listen to yourself and stop gambling and pocket your winnings. If you want to continue playing, take the $1000 in profit and play with that money alone while pocketing your original $1000 investment. If you are using an offshore sportsbook, don’t let your money just be a virtual accounting summary on a computer screen. Recover your winnings, get the cash back and play on with the profits you have realized. Or just stop all together. Again, discipline with sticking to your own personal goals is a key to success and betting comfortably. Probably the most common dilemma facing the sports bettor (other than who or what to gamble on!) is how much to wager on each play. There are lots of varying opinions on this, but we believe that by following a few simple guidelines you can maximize winnings while keeping a good size of your bankroll available for any possible losing streaks. It is important to be cautious enough to ensure yourself action during the good and bad streaks that are inevitable in sports gambling. A good rule of thumb is to only bet between 2-5% of your bankroll per individual play, and never bet more than 5% of your total bankroll on any one play. Despite what some would have you believe, there is no such thing as a “lock” or “sure thing”. As long as you are only betting a percentage of your remaining bankroll, you can never be wiped out. It is mathematically impossible. But can you make money this way? Of course you can. Remember, you are betting a percentage of your available bankroll, so as your bankroll grows, so does the size of your bet. Safety is the key here. Establishing a set percentage to wager on each play is a great way to remain disciplined on your winning streaks and also helps protect your bankroll against the inevitable losing streaks. Discipline and self-control is the main component to sound money management. It sounds great and easy to do, but in reality it is probably the most difficult aspect of being a successful sports bettor. This means when you have a poor NFL weekend, DO NOT chase your losings by loading up on Monday Night Football trying to recover what you lost that weekend. If you want to bet on the game, then simply stick to the percentage you established at the beginning of the season. Conversely, you don’t want to go on crazy betting sprees after winning streaks. We have all looked at a game and thought this is a “sure winner” and have been tempted to bet higher on these games, but that is an impulse that you should always resist. Discipline. Discipline. Discipline. That is the key to responsible sports betting. |
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