Money Management for the Sports Bettor

I am asked all the time "How Much should I bet on this Game?" or Total for that matter. My clients were so used to betting 2 and 3 Units on my Basketball Totals last year they are now questioning me about why are the Unit ratings so low right now, and the answer is really quite simple. It just comes down to money management. An often used term along with discipline that is always heard but very seldom adhered to. Without it though your winning streaks that feel so good when they happen will all be for naught if you don't keep yourself disciplined in money management. How often have you decided to double your Units the next week off a winning streak when at most you should keep them the same. Now there is a difference between flat betting an increasing your Unit ratings.

I have no problem with, in fact I find it a necessity to bet sides or Totals that you like more for more money. That's exactly what you should do. What I don't want to see people do is let's say your average bet is $100 so let's make your Units = 1 /$100. So coming off a nice week you decide to change your Units to $200. Biggest mistake you can make, because lets say after you're winning week you were up +3 Units for the week. A very respectable profit for the week by the way. Now let's say the next week things don't go exactly as planned and you drop 2 Units for the week. If you had kept your Units the same size for both weeks you would still have netted a small profit which is what this business is all about, but instead in the case where your Units were doubled you are now at a negative for that same 2 week period. I am a firm believer that whatever you decide as your 1 Unit equivalent you should have a set period of let's say 30 day's where the only adjustment you would make is to decrease your Unit size should a losing streak set in.

Yes they do happen even to professionals. Oh I know most of the Handicappers in the industry have a problem admitting it, but that's Fantasy land and they are just trying in vain to bilk some money from you. That's one of the main reasons why I am placing all my bets right on the site after the start of the game. It has nothing to do with selling anything. Winning takes care of all of that, and for those that see someone with a sound plan that is successful they automatically want to be a part of that success. Paying a Professional Handicapper should be looked at as money exchanged for either expertise or in the saving of time. People with regular jobs don't have the time to be able to Handicap games with any real degree of success, and I get that. Which is why I offer the service that I do. If everyone had the time and the acumen to do this to the degree where they could make a living at it then nobody would ever hold down a 9-5 job we would just be a Country of Professional Gamblers, but that simply isn't nor will it ever be the case.

In any event I got off track a bit there, but if you stick to a few simple rules regarding Unit Size, and the length of time you hold that size you'll find your Handicapping in general to be a much more pleasurable, and financially beneficial experience.

Next post will be about Bankroll Management, a much different beast indeed.

Bankroll Management

Above I covered Money Management, which is quite a bit different than the Bankroll Management that I am about to cover in this section. Considering that your Bankroll is the main weapon in turning a profit in Sports Betting you better learn how to take proper care of it, or risk going bust. As a Professional Sports Bettor I realize than losing streaks can and absolutely will occur. Apparently I am one of the few that has no problem admitting to occasional losing streaks. I readily admit when I lose as I do when I win and realize it's all part of the end game of being profitable come years end.

So lets dig into it a bit deeper as I am of quite a different opinion than most so called experts. Most of the articles you read will say never bet anymore than 3% of your total Bankroll on any one game or risk going broke. I like to stretch it a bit further but not much. I'll go as high as 5% and that's about it. So lets say you have a $3, 000 Bankroll at the start of the season. At 5 % being your average bet you'll be at $150 with your average bet. Here's is where the management part comes in, and the most important part if you plan on staying alive in this business for very long. Your Bankroll needs to be adjusted daily as far as I'm concerned or at the very least weekly. I'm still of the daily school to get a true picture and to keep the tightest grip of your Bankroll possible. OK so lets say today you have 3 plays all at $150 a play or for a Total of 15% of your current $3, 000 Bankroll.

The day ends and you go (2-1) good for + $135. which now brings your current Bankroll to $3, 135. Now playing 5% of you Bankroll per Play moves your bet to $155, and no that doesn't mean to win $155 that means that that $155 is the amount that you bet.

That becomes your new bet amount. Now lets say the next day things don't go as planned and you make 2 Plays at 5 % = $155, and they both go up in flames.

Your current Bankroll drops to $2, 825 and now your bet amount drops right along with it to $140 Risk. I realize this might not be the most exciting way to bet but I can tell you that it is the best way to prevent you from going broke. It's no different than Dollar Cost Averaging of a Mutual Fund, or a Stock. If you were to invest the same amount every Month in either of these the Price will dictate how many shares you will buy for that Month. The price rises your standard investment amount will buy less. The Price goes down the same vested amount will automatically buy more.

Hopefully this gives you a better idea of the correct way to manage your Bankroll, and I know if you implement these important practice along with proper money management you will most certainly become a much more successful Sports Bettor

Best of Luck to all

Tony C

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