postheadericon The Pro Betting Money Management

Regardless of how good your betting skills are, there’s not a way to consistently profit from sports betting should you not manage your betting bankroll correctly. Should you wager all of your betting money on every game, it just takes one to get you bankrupt. This really is a clearly exaggerated example. It is true though, that people focus on the possibility of a big win and not on keeping their bankroll alive. Absolutely, without doubt you need to know more about managing you betting money correctly, because it’s the essential component of your pro betting approach. It is money management which makes the main difference between gambling on sports betting and investing in it like a pro. Below you will find a couple of simple tips that should help you here.

What’s Your Betting Edge?

If you are just starting out, this is simply not possible to estimate. When I began betting on my own predictions, I assumed I probably had no edge at all. While I hoped I could make money, there was no way to be sure. I knew there was a chance I was going to break even or lose money in the long run. I wanted to have a safe betting bankroll, that would let me not to be afraid of losing it all. I decided to only bet on one football (soccer) league (because you should focus your betting, don’t bet on everything), probably one to three bets each weekend. I multiplied the mid figure (two) times the number of rounds for the season, which for the league I bet on is thirty. So I ended up with an amount of sixty bets. To have a cushion in case I end up just getting it wrong a lot, I decided that a betting bankroll of fifty (50) units, which is essentially 2% per bet, should be enough. I ended up making a profit but it was extremely comfortable knowing I’m not exposed to too much risk.

Have you a sample of bets already, you can find out what your betting edge is quite easily. Just take a look at your Return on Investment number (ROI) and that’s all you need. If it’s 15%, that just means you have a 15% edge over the bookmaker in the long term. Naturally, the bigger the sample of wagers, the more accurate the figure. Fifty wagers sample is a nice starting point for you to start looking at this figure.

No worries if after individual 50 bets you lost money or are around break even. Soon you will gain more betting knowledge, your skill will establish together with your edge. First concentrate on how to manage your the betting money and risk to actually remain on the field. And enjoy your betting!

Odds are Important

Average odds should be the next factor you need to consider. It is different if you wager on a tennis player to win at 2.00 odds and on an underdog golfer to win a large tournament at 20.00. Within the second situation, a bigger bankroll is required to withstand the likely longer losing runs. On the other hand, in case you win a bet, you win a pleasant amount.

Moving back to our betting edge estimation, let us have a look at two good examples in which you have 10% Return on Investment over a pretty big sample of bets:

1. Betting on soccer, average odds: 2.00

2. Betting on horses, average odds: 20.00

It’s rather easy to see, that with the first scenario one would (statistically) hit a win a little more often than in one of two matches. While in the latter case it’s once in roughly 18-19 wagers.

You could obviously change your stake if you bet on a wide range of odds. I’ll show you an example to make thinks a little bit clearer. I generally bet on odds around 1.75-2.80 region but occasionally, if I spot a very good value opportunity, I take longer odds (5.00 or 6.00). If that’s the case, I only stake half of my normal amount. So I essentially use 2 stake sizes: 1pt and 0.5pt. There are guys out there that like to vary that even more than me. And you can consider that too if you bet on wide odds range often.

Loss Tolerance

This is personal for everyone. It’s all about figuring out how much of your betting money you are (possibly) willing to lose, without hurting your betting confidence too much (and your personal life too).

I look at this figure in percentage (%) of my total capital. I said earlier that when I started out, I set it to 50 units. I accounted my possible losses when deciding this as well. If my edge and thus ROI would be really negative (this would generally mean that bookmakers would have edge over me, not the other way around), like say -30%, over 60 bets (the whole season) I would lose 18 units of that set amount of 50. That’s something around 35% of my total betting bankroll. One unit was quite a little amount then. I was just beginning my betting adventure and didn’t really want to put too much at stake early on. And losing this much was really my worst case scenario, I actually expected I could be better than that.

Start small

I would simply like to remind you once more that you should perceive your betting as a long run investment, not a get-rich-quick scheme. It’s truly tempting to start big and take your chance of winning a lot of money right away. Believe me though, that’s not a good idea. You don’t have any idea how big your edge is, if there even is any. So why risk too much at this point? Start betting with smaller amounts and go bigger as your skill and experience level rise.

You’re correct. If you happen to be an extremely talented bettor and start winning right away, you’re not going to make much money. But thinking about money from the start is not the way to go. Treat that first period as a time when you work on your skills. And don’t forget to use the pro betting principles I talk about at ProBettingBlog site – do game analyses, research, put your work into each pick. Whatever your stakes are, I am sure you will still feel great when your horse or team wins. You’ll feel unhappy if it fails to do so. And can even go mad during a long span of losses. That may be a fantastic chance for you to experience emotions involved with pro betting. And while doing so, not be under too much pressure moneywise. I myself started with absurdly tiny stakes, 5 dollars a point or something, and I still remember how real those feelings were. I truly loved it! Don’t be hurry, raise your stakes over time.

Chasing Losses – Never, Ever Do It!

In a few words – never increase your stakes during a losing period! This may look logical to you, because this may let you get your money back faster. Regrettably, this is not often the case. It’s more probable that you lose your whole betting bankroll by doing this. Especially as feelings get in the way and your skills may not work as they should. Many times you’ll feel a deep need to bet more and more, immediately value starts appearing at every corner. This is something many punters face sooner or later, but you absolutely have to overcome those temptations on your way to success. This sounds easy enough but believe me, it is not. Using tips I described in this document will help you with making correct decisions. Remember, your aim is to invest in betting and not gamble your money away.

Don’t Bet More Than You Can Afford to Lose!

You should know this by now but I want to just say that once more as I wrap this up. Don’t use money you need to pay your rent or buy food with. This won’t make you any good. You should have a separate amount of money set aside just for sports betting. It is a very reasonable advice so never forget about it. Again, I want you to enjoy your betting, not gamble on your living!

If you want to find out more about betting money management and learn more about how to make money betting, you should definitely visit my site – just google Pro Betting Blog.

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