Money management is probably the most important aspect of sports betting and which you have substantial control over. In fact, most sports betting experts believe that next to handicapping, money management is the aspect of sports betting that is critical to the profitability and long term success of sports investments. Of course, your main concern is to ensure that you pick more winners than losers to stay competitive and viable.

There are a lot of money management concepts and philosophies, and it is imperative that you determine which one matches your needs and circumstances. When it comes to sound money management, it is extremely essential that you stick to your chosen strategy regardless of the results. For instance, if you are on a losing streak, you will most likely handicap the games where you have 100 percent confidence on. And there will be situations and instances where you will be tempted to break from the established money management template. It is extremely important that you stick to your strategy regardless of the result that you are getting, lest you want to be burned irretrievably.

Smart Sports Betting Money Management

If you haven’t chosen one yet, then it is best that you consider the following tips when searching for the “best” money management strategy.

  • Establish a realistic bankroll – Proper bankroll management would involve the determination of the realistic amount that is within your comfort zone. This is the amount of money that you can lose over the course of the sports betting season without losing the figurative shirt on your back.
  • Establish your expectations – It is essential that you establish your expectations on how your wagering would go over the course of the season. This task will also involve the setting of a realistic percentage of winning that you want to achieve. If you have had a not-so-good track record in sports betting, then you may aim for a 50 percent winning clip.
  • Adopt a fixed unit amount for your wager per play for the season – It is essential that you set a fixed unit amount for your wager, regardless of how poorly or well your sports betting is going for the current season. In most cases, you will see a significant dip in your margin if you succumb to pressure and vary your wager on a weekly basis.
  • Incorporate a progressive bankroll with your fixed unit wager – If you have a good sports betting record, which is usually at least 56 percent winning clip in the last 5 years, you would have the basis to consider a money management strategy which is more aggressive.
  • Keep track of your performance – It is imperative that you keep a record of your sports betting. Proper recording of what and how much you are betting on are important in the implementation of the money management system. You can also use this compiled data when you make strategic money management decisions in the future.

Key Elements of an Effective Money Management System

The key to the success of a money management strategy is for you to formulate a method by which you can effectively handicap and pick games. Thus, even the most effective money management system will not deliver the desired results if you are picking more losers than winners. If you want to earn profit in the long run with your money management system, it is imperative that you maintain a decent winning percentage.

There are sports investors that devise their own handicapping system while others tap the services of professional sports handicappers with proven track record and experience. You can go either way but it is important that you prepare a list of the sides that you are planning to wager on for a particular week as well as the amount that you will wager before the start of the game for a particular week night or weekend. It is important that you don’t deviate from this prepared list no matter what. For instance, the results of Wednesday’s games should not have any impact on your betting decision the Thursday night.

Discipline is the most important element of a good money management system. You must have discipline when picking winners in a particular game. This is what makes a winning and profitable sports betting season. SB