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Even more important than picking winners is having a well-built money management system in place. Even some of the best handicappers that pick long term winners go broke because of faulty money management. With sound handicapping picking winners against the spread is a much easier task than staying disciplined in your betting habits.
First you must define what a bankroll is. Your bankroll is the amount that if you were to lose you would stop gambling today. This does not mean that you would reload or that you would include money set aside for a car or house payment. Treat sports betting as an investment not gambling, thus you would not invest money that you don’t have, and cannot use a fictional amount that you do not possess.
Next you would determine your per unit bet or your bet size. For those starting out with a bankroll of $2,000-$20,000, I recommend making all wagers in the 2-3% range. Once your bankroll grows to over $25,000 I advise not making any bets over the 2% range. Finally once your bankroll reaches $50,000 no bets should be made over 1.5% of your bankroll. What this does is protect you against a prolonged losing streak due to either short term fluctuation or the law of averages working itself out.
All sports bettors wish it was easy to pick 13 out of every 20 winners but unfortunately it doesn’t work like that. There will be winning and losing streaks along the way. The good news is with a sound money management plan in place, you will be able to absorb the losing streaks, and out weight them with the winning streaks throughout the course of your betting career. Remember keep your bets small in accordance to your gambling bankroll and treat this venture as an investment with the long term goal of being up at seasons end.
Money management isn’t the most entertaining part of wagering, but in my opinion is the most important piece of the puzzle to be a successful football bettor. The final piece focuses on accurate record keeping and you read so by clicking here.
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