Money Management with sportsbook
For sports gambling, money management skills are very essential. The purpose in betting on various sports is to make money. Gambling is often addictive, making people lose their control on their money. When you bet on sports, there are equal chances for winning and losing a bet. If you are an experienced gambler who can make proper judgments, then you can win most of your bets but even professional gamblers cannot make consecutive wins. Many beginners get addicted to sports betting and they continue gambling without worrying about their financial status. This is where people lose and you should never leave your hold on the money.
Prioritize your expenses
The essential aspect to managing money is to know what your expenses are. You may be a gambler but you also have bills to pay. Your source of income is something different from gambling and sports betting to make more money. First, identify all your expenses and form a budget plan. Set aside some money that is required for your normal living. This includes the money you have to spend for your food, dress, home, phone, cards etc. It is also better to have a savings account and you can use a part of that money for gambling. Many people face heavy loses while gambling because they expect that the money they'll win through gambling can be used to pay the bills. This attitude should be avoided and you should be ready to risk the money when you are gambling.
Set limits for wagering
Setting your limits for wagering is crucial to manage your bankroll. Many bettors think that they can win more money when they bet more. This is true if you win the bet. But if you lose, you will be losing the entire large amount that you have risked. This does not mean that you should bet as low as possible for risking lesser money. The bet size that is optimal for you to withstand loses is determined by your bankroll. If you have a larger bankroll, you should risk lesser money because you should take steps to protect your investment. The general money management tip is to use 2%-3% of your bankroll if you have great finances. For example, if you have $5000, you can set your bet size at $100. However, if you have a small bankroll with $100, bet size of $2 or $3 will not bring you notable profits. In such case, you can set your bet size to 5%-7.5% of your small bankroll. Since you have lesser money to lose, you can risk more.
Spread your bets
Parlays and teasers are the most tempting types of bets that attract beginners to invest their money. The amount that you can win for successive winning bets is great with these types of bets and this fact is also true. But you have to bear in mind that only very few gamblers are gaining such large money and the chances of winning all three bets out of three games are very low. Straight and flat bets provide smaller returns but you will make some money if you win two out of three bets. The same with parlays and teasers will lead you to lose all the money you have risked.
Don't count on individual wins
Many beginners tend to feel happy after winning a few bets. The actual money you have got should be counted at the end of the season by looking at your bankroll. It is advisable to follow the same bet size for all your bets. If you use varying bet sizes and win two smaller bets, you will still end up with loss when you lose the bigger bet. For standard bet size, eventhough you lose some money by losing the bet, your bankroll will not be affected much. The number of winnings and loses is not important but the money that is in your hands after the gambling season determines if you have made success or failure.
