Money Management Betting Tips
LAS VEGAS, NV (The Spread) - Money management is often the key to building up your bankroll. Let's take a look at a few ways bettors can manage their money.
Money management is a difficult topic to tackle as there are so many philosophies on the subject. It's difficult to tell another bettor how they should use their money. Every bettor is going to have a different bankroll and a different comfort level of the size of their wagers per game. I have found that having an organized plan and sticking to it is most helpful in regards to managing my bankroll set aside for sports betting.
The first step is setting aside a comfortable bankroll that fits your betting style and allows you to absorb a few losses here and there. I find it best to be consistent with your betting style, increasing your wager on the juicier games. For example, you wouldn't want to be a $100/per game bettor one week and a $500/per game bettor the next week.
Sports bettors should also set a goal as to what amount they will take a payout and stick to it. You want to take your payouts when you reach your goal because you never know when a cold spell is around the corner. This is where a sports bettor could get into trouble giving back what they worked so hard to earn.
It's also valuable for a sports bettor to write down and track their results. This allows you to more closely monitor your results while seeing exactly where your money is going. You could also come across certain trends in your betting that will become helpful to you.
For example, you may find that you have a good read on a certain team and often win when that team is involved in a game, or vice versa. It's also helpful to take some time weekly and take a look at how you've done in that time span.
That being said, you don't want to sweat your bankroll daily. Keep in mind that sports betting is a long term game. There's always risk in any type of sports betting, but from personal experience I have found more success when I'm a little loose with my wagers, rather then overly conservative. Take these tips into consideration in managing your money and good luck out there.