Cash Management Fundamentals
Before a prospective bettor even thinks about placing his first wager, the very first thing he/she needs to do is understand how crucial managing your cash will be in the success of your sports wagering career. Time and time over, players wager on impulse and spontaneity resulting in situations of negative financial abyss.
Below are a few tips that will ensure your profitability in this business:
1. Determine Your Bankroll – Bankroll is the amount of dispensable money you feel comfortable putting at risk after all your daily expenses are accounted for. If you have other bills, commitments or obligations that need to be attended too, please do not risk using that money to wager on games. In the event you lose, you are putting yourself in a very uncomfortable position which may force you to dip into a savings account or borrow money from someone else.
2. How Much To Bet – The amount you wager per bet will depend on the size of your bankroll. This also depends on your wagering style. If you choose to be conservative, typically your max wager should be around 3% of your bankroll. This gives you the freedom to make multiple bets and not digging yourself into a big hole if you lose. If your style is more aggressive, you could bet in greater quantities, but keep in mind that if you lose, you could find yourself in a deep hole fairly quickly. Betting anything greater than 10% is extremely aggressive and should be approached with caution. Think about it like investing in stocks, savvy investor never deposit too much of their bankroll into one investment, most like to spread their risk amongst many stocks and over a duration of time. Another aspect that you have to take into account is how strongly you feel about the wager. Here at SpreadSmashers, our picks are rated on a scale of 1 to 10 with 10 being the most confident selections. The higher the selection, the more confident we are in increasing the amount to risk.
3. Staying Disciplined – One of the most vital aspects of gambling successfully is staying disciplined with money you have set aside for your investment venture. One of the major habits you want to avoid is betting a high portion of your bankroll on one wager. No matter how easy or sure a bet may look, a bet is always a 50/50 proposition. There are no such things as “locks” and although handicapping games helps with predicting positive outcomes, there’s still a reasonable chance you can lose the bet. If you stay disciplined and control the amount you wager on each bet, you will never put yourself in negative situation with your overall bankroll. Another important habit to avoid is chasing bets. Many times if a player loses one bet, he/she becomes eager to make that money back which results in making poor decisions by wagering on other best where the player might not know as much about the game or may make an impulsive bet. More likely than not, this is a sure way of doubling down and losing twice. You have to remember that you will not win every wager. Its extremely important to stay patience and disciplined. The last bit of advice we’d like to provide is STAY AWAY from prop/exotic bets. These bets are there for a reason, for suckers to play them and most of the time lose them. Parlays require players to win 100% of the time, and you can ask any good gambler or handicapper and they will all tell you these are sucker bets and to stay away from them if you want to make a profitable return.