The purpose of this article is to highlight how to maximize your profits through controlled bankroll management.
The above summary leads me to say that the two key aspects of any successful sports bettor are: firstly the ability to find and extract ‘value’, and secondly controlled bankroll management. Without these two areas covered, you will continue to lose money.
Finding Value | Bankroll Management
Finding value is the easy part – most handicappers or sports bettors will discover value on their selected sports. This could be via a gut instinct, a statistical model of some sort, or by simply having an in-depth knowledge of the game. However, once value has been recognized, what size bet do you place? Or in other words, what percentage size of your bankroll do you invest? The term bankroll is one which I want you to get used to, as I cannot emphasis the importance of it.
So how much of your bankroll should you put on? Well, there are many theories and investment strategies available online of which several derive from the world of finance and have been adapted by economists and handicappers alike to suit sports betting. One click on Google will give you access to the hundreds available. However, my objective for this article is to give the experienced and inexperienced bettors an idea and familiarisation of the bankroll strategies available, and to ultimately aid in improving profits! Before I go into more detail I would like to explain four golden rules which all sports bettors must abide by:
1) Always withdraw every bet immediately after winning. Never leave money in a betting account. I promise you it does not matter how disciplined you say you’re going to be. This just tempts fate too much and eventually you will give in to a silly first goal scorer bet of some kind. Avoid this rookie error at all costs.
2) Never get carried away with the size of an event – an evens bet on a conference game pays the same as an evens bet on the Champions League final. As obvious as it sounds, it still needs to be mentioned as it’s a cardinal sin getting carried away with televised events.
3) It is okay to lose! This one may shock you, but hey you cannot win every time. Sometimes
you will lose, it’s inevitable. Nevertheless, if you stick to the correct principles and learn from your mistakes, long term profit will be secured.
4) This is my last one but it is probably the most important one, and that is to simply record
everything. I myself am a statistical freak; I literally record everything. I would certainly recommend recording every bet you place: the date, the time, the odds, the size of the bet, pay-out etc. The list goes on, and the more you record the easier it is to analyse bets, to learn from potential mistakes and to identify where you’re going wrong. With those 4 rules in place you’re one step on the way to becoming a winning bettor.