You've decided that betting on sports is a game that's for you, and you want to get more involved, make a greater commitment. Well, if that is indeed the case, the best approach, the method that will offer your the most likely opportunity at a successful outcome, is to go into the wagering world with an established gameplan. You need to approach sports betting as if it were a business - a business with a lot of fun, excitement and perks, but a business nonetheless.
Managing Your Money In Sports Betting
And what's first thing every successful business does at the beginning of each fiscal year? Why they create a budget, of course. This is also what you need to do as you enter into the world of sports wagering. You absolutely must implement a money management plan, beginning with the establishment of your bankroll.
Think of this as the same way you might approach a night of poker with your buddies. You know how much money you can afford to lose before the game starts, and the smart player sets that amount aside and brings only that stake to the table, so they're not tempted to bet more than they can afford to lose. You must take the same plan of attack as you embark on your sports wagering adventure.
Before you place your first wager, you need a system in place, and we're not talking about one of those 1-800 numbers you see on TV in the middle of the night with their foolproof way to make a million betting on football. No, your system in this case is basically the budget for your business, and your business is betting on sports.
For starters, establish your stake, or your bankroll if you will. How much money are willing to commit, or can you realistically afford to commit to betting on the games people play? Is it $1000? Could you put aside $5000, or even $10000? It must be an amount that isn't going to take away cash flow that you need to cover the essentials of life - food, shelter, and clothing.
Stick To Flat Betting
Once you have established that bankroll, your next mission is to determine what percentage of the money are you willing to risk per wager. If your bankroll leans toward the higher end, then the estsablished quota in sports betting tends to lean toward between one and three percent per wager. If you've got a good feeling about a wager, go in at the three percent rate. For more conservative bets, where the outcome doesn't appear to be as certain, that's when you should never risk more than one percent of your bankroll.
Now, if you are someone who is starting out with a smaller bankroll, then you will probably be required to skew these numbers a bit higher. In this case, the industry standards tends to run between five and eight percent of the bankroll per bet laid. You must adhere to the same principles when you wager as were outlined in the previous paragaph relating to those bettors with a high-end bankroll. And whatever you do, don't stray from your plan.
This bankroll can also be impacted by the manner in which you choose to bet. Are you planning to wager on just one sport, or do you plan to sample from the seemingly endless menu of sports betting opportunities? Even if you choose to focus solely on one sport, that sport can also impact how you wager. If football is your choice, the number of days they play per week is limited, and each teams plays just once per week. Hockey and basketball teams can play 3-4 games in a week, and baseball is in action most every day.
Risk Management Is Vital
It's essential to always remember that sports betting is a lot like the faucets in your kitchen sink. It runs both hot and cold. You will find as you wager on games that there are going to be times when you can do nothing wrong. Everything is coming up roses, every bet is a winner, and the cash flow is suddenly excessive. This is not the time to decide that too much of a good thing is wonderful.
You've prepared a strategy before ever placing a single bet, and that will always be your strategy. It has to be if success is the endgame you have in mind for your sports betting empire. Just because you are ahead of the game, that doesn't mean you start making more bets than usual. And it most certainly does not allow you to dramatically increase the amount of your bankroll that you will wager. Think of it like this - if the lottery was $60 million instead of $6 million, would you buy $500 worth of tickets instead of $5? No.
You don't go overboard when the going is good, because betting on sports is just like life in general - it is filled with ups and downs. And at some point in the season, your bets are going to crash and burn. When things go south and the experience turns sour, it's absolutely paramount that you stick with your allotted wagering gameplan. Don't make crazy wagers in an effort to recoup your losses. It never works.
Think of it this way - professional sports bettors, the best of the best, hit winners between 58 and 60 percent of the time. That means the LeBron James of sports wagering loses a minimum of four out of every 10 games they bet. You have to accept that losing is part of the lifestyle and roll with the punches.
You hear coaches all the time stressing that their team must stick to the process, even when the team isn't winning. That's sage advice for you as well. You've set up a strategy and implemented a gameplan. The good teams don't stray from their process, and neither do the good sports bettors.
Stick to your plan, and there's a good chance that at the end of the year when you assess how things went, you will find that your bankroll has blossomed.