Money Management Strategy Tips for Sports Betting Beginners

Source: angelbettings

You won’t make money in sports betting without paying some attention to money management. You must follow strict rules because if you lose your head and start to gamble for the sake of gambling, you can quickly find yourself on a downward spiral that will see your bankroll wither away very quickly.

Never, never bet more than 5 % of your total bankroll per bet!

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Your bookmaker’s initial margin is their maximum loss per single bet which they are willing to accept at all times. This varies from just a few percent up to 15% per single bet for high-risk markets such as outright betting or live betting duels.

This means that with a bankroll of $100 you can bet no more than $5 per game or match (if your bookmaker sets the margin at 10% then you would be allowed to bet up to $10). If you want, you could increase this slightly to 6-7% if you play very safe and stick only with low odds. Experience shows that the biggest losses come when you set off chasing losses after a series of defeats (or wins). The main thing is not what percentage is correct for each individual bet, but rather to stick to your own rules no matter what!

Never chase losses – cut your stakes instead!

There follows from Rule 1 above important it is not to chase an event where most matches are played over 2 legs (home & away). If the first leg goes badly for you, then your bookmaker’s margin is perhaps 10% and that means that if you bet $10 on this game, then there is only $1 left to bet on the next game. If you lose again, there won’t be anything left at all anymore.

This could mean that in the course of just 2 games you have lost over half of your bankroll, whereas if you had set your stake at 1 or 2%, it would not have caused too much damage. It is therefore essential to cut stakes, rather than chase losses! If you need a good betting site check out https://22bet.ug/

Don’t let winners run – cash out 5-6% of your winnings each time!

Source: smartbettingguide

It also makes sense to always cash out a certain proportion of your winnings each time. It doesn’t matter whether you have won or lost – as long as you stick to your rules, because even if the bet has gone against you, it is possible that a few other bets in the same match would then go your way instead and that could help prevent a serious loss from turning into a disaster.

It makes sense not to cash out more than 5-6% of your total bankroll at any time because this will ensure that there is always enough back-up money left should one of your bets go badly wrong. If you have made a profit of $100 after 10 bets, don’t think about cashing out $600 – keep at least half ($50) behind just in case!

Do not look back – you should always be planning ahead!

You should never think about what has happened in the past. You should not try to ‘break even‘ or start chasing lost bets again so that you can at least get even with your bookmaker for all the times he/she won (i.e. stopped winning). No matter how tempting it may seem, there is no point at all because whenever you do this, the resultant loss will be much bigger than any gain made up till then!

Always pick value bets – don’t forget this rule either!

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This means that you must only bet when you are sure of an outcome instead of ‘taking a chance. The idea is to avoid unpredictable markets like outright betting or live betting duels where the outcome is in doubt right up to the last minute. There is plenty of less risky markets in football, e.g. half-time/full-time betting or over/under goals markets where you can find value bets much more easily!

The bookmaker’s margin is your stake money deducted by the house edge – NEVER forget this!

This means that when you have bet $100 on an event with a 10% margin, then your actual cash at risk is not $100 but rather just $90 (because you must allow for the 10% that goes to the bookmaker). And if you win, then you will be paid immediately only 90%, i.e. $90 and everything else stays with the bookmaker (he/she will probably bet it for you again!)

Never bet on the first half – choose alternative markets instead!

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This is a good tactic because bookmakers set their margins according to how likely they think an outcome is. There is no point therefore in betting on events where there is only 1 possible outcome and little chance of getting good odds e.g. Liverpool v Leicester playing each other at Anfield, where there is hardly any doubt that the home side will win as usual. This could be your $100 down the drain, whereas if you had bet on over/under goals or even just on the winner instead then with 9 times out of 10 this would have been a winning bet!

You can never know for sure how a match will end – the only exception is when you bet on over/under goals!

This means that you can never be completely sure. If it helps, think of all the matches where your team was leading 0-1 and ended up losing 2-1 or drawing 1-1 instead. You thought that there was no way they could lose this one, but then again it’s football and you just don’t know what will happen next!

Conclusion

Betting is a good way of increasing your bankroll but only if you are disciplined enough to stick to the rules. The golden rule is simple – ‘ don’t chase losses! ‘ i.e. never try to make up for past mistakes by betting on events with little chance of success or high odds. Only bet when there is value in the market and remember to never bet on the first half in sports games!

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