When you choose to start risking your hard earned money by placing sports bets you need to remember the golden rule; “if you run out of money, you’re busted”, it’s as simple as that. It also stands to reason that making the best possible use of that same hard earned cash should be our number 1 priority. However, parting you from your money as quickly as possible seems to be the aim of our opponent, the bookmakers.
Therefore, the best rule for money management in sports betting is to avoid as many of the “teaser bets”, bad side bets and “easy to place bets” as possible. The bookmakers only draw your attention to these to stop you focusing on your main objective – money management.
Potential online betting danger – access to your credit card.
Money management applies every bit as much to an online betting experience as it does “in the shop”, perhaps more so. When you’re in a betting shop and you have a couple of losing bets, and you’re running short on cash, you can easily see that you’re running short on money. Online, the danger is that you just type in your credit card details without worrying too much. The problem comes home when the credit card bill comes in.
You don’t need extensive formulas and theories to manage your finances for sports betting. You just need to understand that it’s very easy to underestimate the amount of money you’re actually spending. After all, the idea is to make a profit, not create a huge loss.
Betting strategy will help money management.
Having a specific strategy about what you’re going to bet on, both the actual events themselves as well as your total budget will help stop problems before they begin. Decide how much you’re willing to bet and stick to your limit. After all, if it does go wrong, there’s always another day. If you exceed your limit don’t place any further bets as that type of play can become addictive and you can lose a lot more money than you’ll ever make from sports betting.
mega888 Make sure you concentrate on what you’re betting on at the time. Don’t let yourself become distracted by the other betting opportunities around you. Beware that the shop or online betting site you’re in will try to encourage you to make rash bets. These will stop you winning your objective. These “side bets” will lead you away from what you’re trying to do and turn a successful betting day into a losing one.
Your emotional state also matters.
Beware of the emotional state that you’re in and ask yourself “Is the bet I’m about to make logical and justified?” If you can’t justify why you’re about to risk your money then leave that bet alone. Feelings like “It won last time so it’s bound to win now” or worse still “The team haven’t won for a while so this must be their week” are only going to lead to a lot of losing bets.
Finally, there is absolutely no hard and fast set of rules because each player has his own style of betting and you need to control what you’re doing. Your level of expenditure can only be decided by you and needs to take account of your level of expertise and betting ability.
With knowledge of the game and a check on your emotions, you can manage your money for sports betting to your ultimate advantage. Remember to bet only after having considered all the various factors that are available to you and treat every bet as though it were your first. This way you’ll win a lot more than you’ll lose and don’t be tempted to bet based on emotion.