Sports betting may sometimes look like an easy way how to make some money but the fact is that only about 1% of bettors are making a long-term profit. One of the most common reasons why the majority of people fail in this business is their lack of money management skills. Good money management plan allows you to achieve a long-term profits in sports betting.Sure, you have to have some betting skills and gain experience but with lack of self-discipline and poor money management you will most probably end among loosers. Many punters are betting too much on each game as they don't have any money management plan or just want to become rich very fast. Then any run of a few bad results, that is totaly inevitable even for the most experienced bettors, can have fatal consequences for their betting bank. Good management of your money significantly reduces the chance of extreme losses and allows you to make a successful long-term investment out of sports betting. There is clear parallel between sports betting and investing at stock market - you shouldn't think in a short term and try to achieve profit on daily or weekly basis but instead you should aim to show a positive balance at the end of the year.
Setting the Right Money Management Plan
First step is creating your bankroll - money set aside specifically for betting. This must be an amount that you can afford to lose and its possible loss will not affect your everyday living in no way. Then the decision about how much you wiThere is clear parallel between sports betting and investing at stock market - you shouldn't think in a short-term but try to show a positive balance at the end of the year.ll put on each bet has to be made. Ideally it shouldn't be more than 2-3% of your bankroll. Again, if you set it on too high level then any loosing streak may become devastating for your bankroll. In this scenario your stakes are always calculated as percents from your current bank (the other option is to calculate your stakes from initial bank but this way your betting success won't have any effect on your stakes), so when you are winning your stakes become bigger, when loosing they become lower. This way the possibility of bankrupcy is extremely low and in addition it will help you stay disciplined and not to overreact with your stakes.
Having a good money management should be essential for every bettor and it often makes the difference between success and failure. So create your bank, set your rules and strictly stick to them in all situations. And for this you will have to be disciplined.