What is money management?
What is the most important thing to be a good bettor? Yes, of course, you have to like sport, be interested in some sports, know all the peculiarities and don’t be lazy to analyze every game you want to bet on. But there is one thing most people forget about – you should not only win money but also learn everything about money management. Ask any professional tipster and he will say that money management is extremely crucial. If you want to find out more about it now, this article is worth reading for you.
To win more in sports betting, you should master the art of money management, a process of deciding on the size of a wager. There is not the only way to manage money, you can choose among various systems and always use it as most of the tipsters do to become professionals. It also helps not to chase losses or bet over your head that is the greatest problem in sports betting.
How to start managing money?
There is a short guide of how to manage your bank.
Create a bankroll
This is a certain sum of money which you will spend on betting. Whether it’s $100 or $1000, that’s always an essential thing for every professional tipster because the sum of the wager depends on your bankroll.
Determine the size of your betting unit
Having created a bankroll you should decide how much money you will spend on every wager. It can be a fixed sum of money or a percentage of your bankroll so that the amount of money will depend on your bankroll. The second option is more popular among tipsters. This percentage is usually quite low, from 0.5% to 3%.
Determine your money management strategy
Now when you have created a bankroll and determined the size of your betting unit, you should choose the best strategy for you and stick to it. Let’s dwell upon some popular money management strategies.
What are the best money management strategies?
Here are some examples of money management strategies.
- You bet 3% of your bankroll every time.
- You bet $50 every time.
- You value every wager from 1 to 5 and the amount you will bet depends on this “mark”