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| How to Treat Betting on Sports like a Business |
By:
Jamie Hanson |
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Winning money is the prime concern for everyone who bets on sports. No one likes the experience of wagering on a sporting event and then sacrificing their hard earned money because their team didn't get a victory the game or cover the point spread. People lose their money in the long run as it is seen in many occasions. After evaluating this trend, one of the biggest problems that most amateur bettors have is a poor, or nonexistent, management of their money strategy. The knowledge of few strategies can put you in a better position to win than the people who lose, as betting is always uncertain. You may become one of the few who shows a good profit with a Dependable foundation from which to increase your bankroll month after month, and year after year.
Establishing Your Sports Betting Goals
To gain profit is the primary intention for betting. One of the main questions that you need to take into account when developing a winning plan for good results is how much money do I need to make monthly or yearly from gambling on sports, and do I have sufficient money to start with to achieve this goal?Let's use an example of a realistic goal: "I would like to make an extra $100 - $300 per month betting on sports. I have $3000 to start with at the beginning of the football season.".Just as with any business, if you handle sports betting as a motivated business, money can be produced, if you understand what is required. People do not realize that they will not be able to double their money and bet unrealistically with a camouflaged vision. It clearly does not and will not work this way.
Determine the size of your Bankroll
The first thing you need to do is establish a starting bankroll for your sports betting, and then decide how much you will be betting on each particular game. Your bankroll must always determine your betting capacity, and the size of your bets should correlate considering the size of your current bankroll.
Let's define bankroll size as the amount of money available to place your bets with, and the investment vehicle to build your profits. For example, start with a simple 2% flat rate of bankroll. This means that if you start with a bankroll of $1000 your first bet would be for $20, or 2% of your bankroll. By gambling 2% you will have nearly no chance of losing your entire bankroll during a losing streak, because as your bankroll decreases, a 2% bet will also get reduced as well. Even if you win on bet yet it is advisable to stick to the 2% investment in gambling for sports. You need to use this type of system to reduce your losses during cold streak and maximize your profits during a hot streak.
How much can I expect to make?
To look at this we will use a scenario of someone who has a starting bankroll of $1000 and we will examine how much money they can make using the 2% flat rate of bankroll system with different winning percentages for picking winners. We will monitor 100 bets.
If you are getting thoughts that you are interested in making more per 100 bets there are two ways to make this happen with this system. The first is to pick a larger percentage of winners, if you pick higher that 60% winners you will make more money than if you only pick 55% winners. The second way is to increase your bankroll, which will allow you to increase the size of your bets. As a 2% wager of $1000 was $20, (we used $22 to simplify the math), 2% of $2000 will be $40. This situation would now allow you to increase your profits quite nicely over a 100 bet stretch.
The above is a basic standard strategy linked to long term sports wagering economic success. This strategy will give you monthly profits. This system it is a safe way to build a bankroll bit by bit and make you one of the few you can proudly show a return at the end of the year. Professional advice is essential for money management, to begin betting on sports.
Adam Meyer is Americas top sports handicapper and has the inside track on betting on sports. Las Vegas insiders rely on his sports handicapping advice when placing bets on sports games |
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