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Money Management 

Is by far and away the most important part of being a successful gambler of any kind. In sports betting, it is even more important. If you are a good handicapper and you manage your bankroll correctly, you will never go bust or broke. Poor money management has busted many people I know. You have to have some patience, some self-discipline and self-control. If you cannot, that is OK. I would consider your bankroll as spending money and treat your handicapping as more of an entertainment cost versus an investment. There is nothing wrong with that. Sports gambling is fun as hell. You will be entertained. It is just like going to the casino with $200 and playing $25 hands of Blackjack. Your odds of making money without using any money management are very slim to none. Yes, the goal in all of this is to make money. And at some point you would hope to spend/see some of your winnings. But you cannot depend on money in your bankroll to pay bills or to buy cool things. If you do, you have to adjust your bet size. Once you remove money from the bankroll, it is no longer part of the bankroll. That means you should also change your bet sizes accordingly. Most people like moving their bet sizes up when winning, but have a hard time moving back down when losing. When you should move your bet size down (because you are no longer in that 1-2% range), it is usually after a bad run. You also probably had a decent amount more then you do now. Some people have pride issues with moving down. A lot of people will start chasing their losses when it gets to this point. When everything is going good, it is easy to fall into a nice little trap where you give it all back, and more. I have seen it in poker many times, where someone placed in 10 $5 sit and go tournaments in a row and now think it is time to try a $100 tournament. Well I see it happen in sports gambling even more. Don’t fall for it. If you want to be successful long term with this, treat it like a marathon and not a sprint. Even if you win that big one, you will be even more brain washed that this is like printing money, which usually leads to taking more shots, chasing losses, and going busto. Chasing is a term I use to describe what happens to most gamblers during a bad spell. Let’s say you are a $50 per unit gambler. On Sunday, you play 7 football games for $50 each, and they all lose. On Monday, you decide you want to make a $400 bet on the Monday Night Football game to make it all back. You think to yourself, “I just lost 7 in a row, no way I can lose this one.”

This is commonly referred to as “Gamblers Fallacy”, where in our minds we think that previous results can dictate future results. People sometimes confuse the probability of things happening with what has already happened. Meaning if you start on game 1, your odds of losing 10 in a row are very low, but if you already lost 9 in a row and are betting on a 50/50 outcome, your odds are still 50/50 regardless of the previous results. This sounds so simple, but casinos and bookmakers have made a lot of money because people confuse these idea. This is very bad on multiple levels. If you lose, you will probably tilt yourself into chasing until you bust. If you win, this scenario will happen again, and you will remember the time you bailed yourself out by chasing. It is a vicious cycle.

Lets all make Money Guys!!

VyperATS