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How to Manage Your Money When Sports Betting

If you like excitement and a little bit of mystery, then you might be interested in getting into a little bit of sports betting. This is of course is a big step to take when you are dealing with your finances. This really isn't something that you should jump into unless you can afford to lose the money you have set aside for the betting, it's no different than the stock market when it comes to managing your money when you place any kind of bet of any kind of sports.

To be successful at sports betting and to not get yourself into financial distress you need to understand that the key is how well you manage your money. You need to first have a plan with regards to the money you are going to allow yourself to use and then no matter what happens stick to that plan. You should never vary the size of your bets. By increasing and even decreasing your bets for whatever reason could lead you to losing even more and not winning more. So, if you are really serious about sports betting then you should set aside a certain amount of money to be used as your bankroll and then only lay down a small percentage of that for your bets. For example let's say you decide to bet 2% of that bankroll. When you do you need put down 2% on both the favorites and the underdogs. Never put more on one or the other.

On average, a professional sports handicapper generally will not wager more than 2% of what their bankroll is when they bet. This means if they have say $5,000 as their beginning bankroll if their betting unit is going to be $100 since that would be 2% of $5,000. You can of course have a much lower bankroll this is just an example.

When it comes to betting, never take money that you need for something else and use it to make your bets with. In other words, never bet your rent, your groceries or other money that you need that helps you keep life running smoothly. So in other words if you can't really afford to be betting your money on sports you shouldn't be doing it. After all, if you made $400 a week you wouldn't go out and spend $500 on camping gear, would you?

Let's talk about the bankroll. Let's say you have a bankroll of a $1,000 and you've been winning on your recent sports betting. Now is the time you might want to increase your bankroll by 50% and you can do this by taking the money from your profits and then begin with a new bankroll of $1,500. This now means that you must get to a profit of at least $1,500 in profits before you should consider raising your bankroll again. With the new bankroll however you shouldn't bet so much that you go below the original $1,000. This is a good way of controlling your money without ever having to reach into money that is not set aside for your betting. The object of betting is to make money not to lose money and that is why it's important that when you start winning that you start using a percentage of your winnings to keep betting and not the original bankroll. Of course at any time though, you can take those profits out of your bankroll and use for your own purposes and you will still have that bankroll to use for future bets.

Corey Manhart commented on 10-Feb-2016 04:43 AM

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