Do you find it strange to talk about money management in the same sentence as football betting? That is not surprising since many people picture gamblers as either super high rollers who “let it ride” in reckless fashion or the person who just threw down the rent money and is sweating bullets. The truth is there is another type of gambler out there and one most people should aspire to become, this is the wise gambler who enjoys the process but allows sound money management skills to lead the way.
Fever of Greed
Why doesn’t everyone use financial principles when gambling? It is simple really, greed gets in the way and the gambler wants to feel like they are the Warren Buffet of the gambling world. The idea of slow and steady wins the race may seem foreign, but it is definitely better than the alternative of going bust and becoming homeless! To that end, here are a few tips for your football betting money management endeavors.
Create Your Bankroll
How much money are you going to put in your gambling account? This amount will vary, of course, depending on your current financial situation. How much money can you part with this year without missing it? You must be prepared to lose every single dime of that money; otherwise, you are in trouble when you start. Whether you have a few hundred or a few thousand per year you can bet with, this must be your frame of mind.
Now that you have your money allocation decided, let’s go ahead and remove it from the rest of your money. Set it aside in a safe location such as a separate savings account or lock box in your home (the prior is preferable of course). This is the sum total for your football betting enjoyment, and you must never ever add to this amount from your personal finances, if you win big then of course you can increase your bankroll.
No one is going to win every single bet, you will lose some and on occasion, you will lose more often than you win. This is known as a streak and you will experience both winning and losing streaks in sports betting.
During a losing streak, it is not uncommon for people to get desperate to turn things around. This is where your commitment to money management and your bankroll will be tested. Gamblers are often tempted to revise their betting strategy in an effort to recoup losses, even though the methods are risky and dangerous. The two most common mistakes in chasing your losses is to bet bigger in an effort to get all your money back in one fell swoop or switching to only the safest bets which have tiny returns if any returns at all.
Both of the above responses to a losing streak are likely to leave you in the same position, out of money and desire to participate in football betting or any type of sports wagering.
Take the time to come up with a betting strategy that works well for you, personally and financially. How much of that overall bankroll you use in a given week is totally up to you, but many professional gamblers stick to a 20% rule. Just remember whatever your actual numbers may be to stick with only using your bankroll for this seasons betting and never chase your losses.