Keep your Mind on your Money, and your Money on your Mind
It doesn't matter if you're as smart and rich as Bill Gates
, or as crazy and poor as
Mike Tysoneveryone should be concerned with the responsible management of their
money. As a responsible sports bettor, you need to know exactly what shape your
finances are in at all times, and the correct answer is not "uh green and
rectangular with presidents on the front!" A successful betting system doesn't just
cover what picks you make, it covers how you manage the money you wager.
I mentioned in a previous article that one way of helping prevent financially
crippling security breaches is to keep a separate bank account strictly for your online
transactions, with only a reasonably small amount ever left in there for long periods of
time. If you need to make a one-time, big purchase, transfer some money in. By having a
specific account, you'll be able to keep track of just how much you're wagering on
sports. We all know people who have run into problems by telling themselves, "hey,
another ten dollar bet won't even make a difference, it's just ten bucks" over and over
again, until one day they realize they're deep in the hole.
After you've established this account (and I strongly recommend you do, if you
think you might bet on sports more than a handful of times), sit down and carefully
consider just how much you can afford to wager. I recommend coming up with a weekly
"max" figureyou will wager no more than (x) dollars each week.
The next step will require great self-discipline, but is arguably the most important.
At the beginning of each week, make sure that no more than this "max" figure is in your
account. If your max is $100 per week (just because it's an easy number to work with)
and you have $50 that you didn't wager the previous week, add no more than $50,
bringing the total up to $100. Similarly, if you experience a good week in your wagers,
and you find yourself with $250 in your account at the start of the week, consider taking
out $150 and putting it in your savings account. You'll still have your "max" figure of
$100 for the week in the wagering account, and you'll have another $150 tucked away
either to make up for weeks that aren't so successful, or to spend in other ways.
Next, you should establish a betting pattern and stick to it. After you decide how
much you want to spend each week, decide how many games you want to wager on each
week and from this figure out what you should bet on each game. If you prefer to only
bet a few choice games each week, this approach will maximize how much you stand to
win from your methodical, calculating approach. If you crave action and want to bet
several games each week, this approach will minimize how much you will be hurt by the
inevitable losses that come from betting on so many games.
Above all, once you have budgeted out a strategy, stick to it! Losses are part of
the sports betting industry, and while it is tempting, the worst thing is to try to bet oneself
out of a loss. I can't tell you how many times I've heard of people losing over the course
of a football season and then trying to make it all ok by putting one huge bet on the
Superbowl. Sadly, instead of suddenly having a winning season, these players often find
themselves in a hole twice as deep as the one they were in before.
Although it's tempting to take this portion of your gaming approach less
seriously, the bettors who possess solid money management skills are often the ones who
show the most consistent long-term success.
If you are thinking about wagering online visit http://www.gosportsbet.com and they will provide you with a $25 free no-deposit required wager.
Keep your Mind on your Money, and your Money on your Mind
By: Sam Jones
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