|
Sports betting money management
Poor money
management can generate more big losses for players than bad handicapping.
Take a look at the following
four scenarios. If you recognize
any of these habits as your own, now's a good time to make amends in your
sports betting strategy:
Scenario A - Raising your bet
amounts. In Week 1, Alan makes five wagers of
$110 to win $100 and goes 4-1. Brimming with confidence, he now thinks he can
beat the house every week. Therefore, in Week 2 he makes six bets of $220 to
win $200 and goes 2-4. Overall, Alan has lost $190 despite going 6-5 (54.5%).
Scenario B - Lowering your bet
amounts. In Week 1, Bill makes six plays of
$110 and goes 2-4. His reduced bankroll is now too small to play $110 a game,
so in Week 2 he makes five plays of $55 and goes 4-1. Overall, Bill has lost
$95 despite going 6-5 (54.5%).
Scenario C - Risking your
balance. Charlie likes to take big risks for
big rewards. He posts up $110 and risks it all on a single game, which he
wins. He then risks his entire new balance of $210 on another game, which he
also wins, upping his balance to just over $400. Feeling lucky, he puts the
whole amount on another game, which he also wins to bring his
balance up to an incredible $765. Feeling even luckier now, he risks the
whole amount again and loses. Overall, Charlie has lost $110 despite going
3-1 (75%).
Scenario D - Chasing your
losses. David has a bankroll of $1,000. He
wagers $110 on a game and loses. Frustrated at losing, he wagers $121 (to win
$110) on a second game and loses again. Thinking he can't lose three in a
row, he wagers $254.10 (to win $231) and loses yet again. He has now lost
$485.10 so he puts his last $514.90 on another game hoping to get back close
to even. He loses the fourth game and busts out.
Losing streaks happen to
every bettor, no matter how good they are. Players that chase losses will not
last long.
Money is an emotional thing. The more you
have, the more you spend. If you don't have enough, you're left wanting more.
The above factors lead people to do things
they shouldn't. Granted, good money-management skills cannot make you a
winner, but if you want your bankroll to last, keep your bets to
reasonable, affordable and consistent
amounts.
|
