Money Management for Sports Betting Success:
A Fundamental Strategy to Grind Out Long Term Profits
>From DocumentedCappers.com
Let's face it: the number one goal of anyone who bets on sports
is to win money. No one likes the feeling of wagering on a
sporting event and then losing their hard earned money because
their team didn't win the game or cover the point spread. It has
been well discussed in the past that most people who bet on
sports lose money in the long run. After analyzing this trend,
one of the biggest problems that most amateur bettors have is a
poor, or nonexistent, money management strategy. While nothing
in sports betting is ever for certain, there are some very
important skills that you can learn, and implement today that
will set you apart from a majority of the people that lose money
betting on sports. You can become one of the few who shows a
nice profit. This article is by no means all that there is to
know or consider with a money management program, but it will
give you a SOLID foundation from which to build your bankroll
month after month, and year after year.
Establishing Sports Betting Goals
As I said earlier, people bet because they are trying to show a
profit. One of the main questions that you need to consider when
developing a winning plan for success is:
1. How much money do I want to make monthly or yearly from
betting on sports, and do I have enough money to start with to
accomplish this goal?
It's ok if you don't have a clear understanding of what the
answers to the above two questions should be. Very shortly it
will be perfectly clear.
Let's use an example of an unrealistic goal: "I would like to
make $500 per month betting on sports. I have $500 to start with
at the beginning of the football season."
FORGET IT, GO FIND A NEW HOBBY, OR GO PLAY THE LOTTERY!
Now let's use an example of a realistic goal: "I would like to
make and extra $100 - $300 per month betting on sports. I have
$3000 to start with at the beginning of the football season."
NOW THIS IS MUCH MORE REALISTIC, AND THIS ARTICLE WILL SHOW YOU
HOW TO DO JUST THIS AND MORE BY FOLLOWING SOME BASIC MONEY
MANAGEMENT SKILLS.
Just as with any business, if you treat sports betting as a
serious business, money can be made, if you understand what is
involved. Most people have unrealistic expectations that they
can bet $50 a game with a $500 bankroll and be doubling their
money in no time. It just DOES NOT AND WILL NOT work this way.
We will now look at how to establish a proper bankroll for your
betting habits, set realistic goals, and run your sports betting
just as you would do with any other business.
Bankroll Size
The first thing you need to do is establish a starting bankroll
for your sports betting, and then decide how much you will be
betting on each particular game. Your bankroll should always
determine your betting size, and the size of your bets should
correlate with the size of your current bankroll.
Let's define bankroll size as the amount of money available to
place your bets with, and the investment vehicle to build your
profits. The main betting technique that we use, and that we
recommend you use for long term success with a majority of your
bets is a basic 2% flat rate of bankroll. What this means is
that if you start with a bankroll of $1000 your first bet would
be for $20, or 2% of your bankroll. Why 2% you may ask? By
betting 2% you will have nearly no chance of losing your entire
bankroll during a losing streak, because as your bankroll
decreases, a 2% bet will also get smaller as well. When things
turn around and you go on a hot streak, and your bankroll grows
to more than your initial $1000, you get to increase your bet
size, simply by being disciplined and sticking with the 2% flat
rate of bankroll system.
Now you can see that if you are the type of person who feels
comfortable betting $20 a game, you should start with a bankroll
of $1000. You need to use this type of system to minimize your
losses during cold streak and maximize your profits during a hot
streak.
How much can I expect to profit?
To look at this we will use a scenerio of someone who has a
starting bankroll of $1000 and we will examine how much money
they can make using the 2% flat rate of bankroll system with
different winning percentages for picking winners. We will track
100 bets.
Scenerio #1
Starting bankroll: $1000 Winning percentage: 55% Initial bet
size: $22 Number of bets: 100
Results:
55 winners = $1100 45 losers = $990 Rough estimate using 11-10
point spread odds $1100 - $990 = $110 profit
Scenerio #2
Starting bankroll: $1000 Winning percentage: 57% Initial bet
size: $22 Number of bets: 100
Results:
57 winners = $1140 43 losers = $946 Rough estimate using 11-10
point spread odds $1140 - $946 = $194 profit
Scenerio #3
Starting bankroll: $1000 Winning percentage: 59% Initial bet
size: $22 Number of bets: 100
Results:
59 winners = $1180 41 losers = $902 Rough estimate using 11-10
point spread odds $1180 - $902 = $278 profit
If you are getting thoughts that you are interested in making
more per 100 bets there are two ways to make this happen with
this system. The first is to pick a higher percentage of
winners, if you pick higher that 60% winners you will make more
money than if you only pick 55% winners. The second way is to
increase your bankroll, which will allow you to increase the
size of your bets. As a 2% bet of $1000 was $20, (we used $22 to
simplify the math), 2% of $2000 would be $40. This situation
would now allow you to increase your profits quite nicely over a
100 bet stretch.
The above is a basic fundamental strategy involved in long term
sports wagering success. It is a way to grind out long term
profits month after month, and year after year. This system does
not have the excitement factor of hitting a 6 team parlay, but
it is a very safe way to build a bankroll little by little and
make you one of the few you can proudly show a profit at the end
of the year. Good luck!