If you want to survive in the game of sports betting, Online Internet Casino in Review then you have to use effective money management. I recommend that you follow these guidelines at all times.
- Only invest what you can realistically afford to lose. Where Can I Bet On Sports you have to remember that you really do not need to start with al a lot of money. I got started with only $100 dollars and I followed the system and my money has doubled over and over again over the course of years.
- Do not make your initial bet too high. Only invest 5% of your total bankroll for a flat betting system (in which you bet the same amount each time) and no more than 2% for a progressive system. You need to be patient here and allow your systems to do their slow and steady work.
- Increase your initial bets when your bankroll has increased by 25%. This will increase your earning power, Online Internet Casino just remember to stick to the suggested percentages in #2.
- Remember to Diversify your portfolio. If you have a total bankroll of $1000 and 4 systems that you would like to use, then each system should be allotted $250 and you have to keep those amounts separate.
You have to be disciplined in your use of your systems and in your money management strategy. It can be difficult especially you are doing exceptionally well or if you are losing badly. You may be tempted to deviate from the systems or the money management guidelines in either of those situations. But do not, Where Can You Bet On Sports just remain diligent and the rewards are sure to follow.
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Now that we have put the Barry Bonds/ Babe Ruth blah, blah, blah to sleep, I think it’s time that we sat back and wagered a few bucks on our favorite MLB team. Parity is here and every one of the six divisions is up for grabs this year and handicapping these teams, takes patience and talent.
Let’s start with the glamour division and of course I am referring to the American League East where the New York Yankees and Boston Red Sox have been trading punches since the opening week of April and George’s boys are now sitting in the penthouse.
Lurking down in the lobby are the Toronto Blue Jays who have fought off injuries to their starting pitching staff, with superb hitting and are 32-25 and are just three games back. Toronto has made it clear from the get go, that they will spend money during the season in order to contend.
In the AL Central my 9-1 betting bonanza and that would be the 2005 Chicago White Sox are scuffling a bit after a torrid start and presently trail the Motown Detroit Tigers. The Tigers began the first 50 games under Jim Leyland in spectacular fashion, but injuries are beginning to hit them, with the latest being to Pudge Rodriguez.
At 28-29 the Cleveland Indians will make a move at some point and placing a few bucks on them, could provide you with a nice return on your dollar. The AL West with Texas, Oakland, Seattle and Los Angeles is a crapshoot, with only 5.5 games separating the VIP section and the cheap seats. The first place Rangers incidentally are the only team in the West with a winning mark in games played within the division and against the powerful AL East and you cannot ignore that vital gambling statistic.
The New York Mets like their neighbors the Yankees like to throw the money around and they sit atop the NL East presently, but the Phillies and Braves can almost reach out and touch them. With 14 straight division titles, I certainly would think about a wagering a few bucks on them to win once again.
The Cardinals are suddenly trying to ward off the Cincinnati Reds who are getting healthy and pounding the ball. The Cardinals meanwhile have all kids of injury issues with Pujols and ace Chris Carpenter does not look stable.
Just like their counterparts in the AL West, the NL West Diamondbacks, Dodgers, Padres, Giants and Rockies are in a fierce battle for supremacy. Just six games separate the top and bottom, with Arizona leading the pack. The Dodgers are getting superb play out of Garciaparra and if their veterans can stay healthy, watch out!
Current baseball betting lines
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In a previous article I jokingly suggested I had put all my assets – my savings, the deeds to the farm, my kids’ Trust fund, and the proceeds from selling one of my kidneys – on a horse at Newbury. I showed this was potentially financial suicide, and an extreme example of bad money management.
I wrote that more often than not a losing punter will find himself saddled with a bunch of bad betting habits. It is these bad habits that have gotten him, and his betting bank, to where his is now – the Poor House.
To arrive at a change in fortune, and to start making consistent profits, the losing punter has to be prepared to make changes to the way in which he bets. In the previous article we talked about the cornerstone supporting my own personal betting strategy, and that is finding value in every bet you make.
You will only ever make a profit from betting if you consistently back horses at prices too high when compared to their actual chance of winning. This is exactly how bookmakers have made their money for generations – they consistently lay horses at prices too low compared to the actual chance of the horse winning. When punters continue to take these low prices day-in and day-out, it will only ever be the bookmakers who come out with a profit in the long run.
The second ‘bad habit’ I want to examine is the subject of inappropriate staking. What do I mean by staking that is not appropriate? Well, what I am driving at is placing bets that are generally too large in proportion to the size of your betting bank.
Before I expand upon this, the concept of a betting bank is a side-issue in itself. You categorically MUST have a sum of money put aside for the sole purpose of betting. It scares me rigid when I hear of people simply ‘dipping’ into their current account to place a bet using their debit card.
If you do not have a separate account for your betting activities, you cannot keep records, and you will not be able to answer that simple question, “Am I making a profit, or a loss?”
It goes without saying, that betting involves a degree of risk, and you should never bet with money you cannot afford to lose.
Getting back to inappropriate staking, the idea of lumping all your money on one horse is an extreme example of over-staking. Of course, on the one occasion this strategy may pay off. We had friends round a few nights ago to play one of those Race Night DVDs. I was comfortably in front by studying the form before each race, and placing considered bets at what I considered to be value prices. As you might imagine, I had a suitably smug expression on my face as we came to the last race, and our friends were complaining I enjoyed a ‘professional advantage’.
My wife then decided to put every penny she had left on an 8/1 chance. The race turned out to be the ‘lucky last’ for my wife, and she walked away with the whole bank!
But seriously, continue with these tactics, and it will not be long before you lose everything.
Personally, I would never consider starting any betting campaign with a bankroll of less than 100 points. In other words, I will divide my bank by 100 to arrive at my unit stake. You can see that I will only ever be putting 1% of my bank at risk when I place a bet.
This is a very generalised approach, and you might argue that a little more consideration should be given to a punter’s typical strike rate. True, if someone has a strike rate of 50% then it is statistically highly unlikely that he will suffer a run of 100 losers to go bust. So, in this case you might be justified in operating a smaller bank. Bear in mind that when flipping a coin, it is by no means unusual to see 6 or 7 ‘heads’ in succession, and losing runs in double figures do occur.
Erring on the side of caution, you could foresee two such losing runs occurring twice in close succession. In which case, I hope you can see that even when considering a system which such a high strike rate, having a bank of well over 20 points now seems very sensible.
With my own Redd Racing betting service, we enjoy what I would consider to be quite a healthy strike rate. However, we have experienced a negative swing of some 60 points during one particular month a couple years back. The account recovered to make a profit by the end of the month, but it underlined the importance of having a bankroll large enough to absorb the losing runs that EVERYBODY has to endure from time to time.
Indeed, it would probably be better advice if I suggested members of my service had a bankroll of 150 or even 200 points in reserve.
Yet I often receive emails asking me whether it is OK to deposit £100 with Betfair and start with unit stakes of £10.
Betting with stakes too high in proportion to your bank normally comes out of a desire to make money quickly. I think we are all guilty of getting overly greedy sometimes, and unwilling to think a little more long-term. People are inclined to set themselves unrealistic profit targets, given the size of their betting bankroll. Having a bank of £100 and expecting to be able to make £100 per month is not realistic. Get-rich-quick does not exist.
Akin to the Tortoise and Hare story, let me give you an example of where what might initially seem like a very moderate return, actually gives surprising results over time.
If you started with £100 in your betting bank, and increased this bank by just one-half of one per cent every day, after just 6 months your account would have a balance of £244 due to the compounding effect. You could more than double your investment in 6 months with this seemingly small daily profit return. Take that to your bank or building society and see if they can come anywhere near such a deal!
Hopefully this demonstrates how ‘slowly but surely’ wins the race.
To summarize, my advice would be to set your unit stakes at one per cent, or even one half of one per cent, of your total betting bank. By striking only value bets, and when the odds are in your favour, your betting bank will grow. As your bank grows, so you can naturally increase the size of your unit stake to make more profit – but your bets will still be in proportion to your bank.
In the next part of this Sensible Money Management series, I will look at more bad habits that suck money from the accounts of losing punters.