In my opinion the importance of good money management while betting is THE most important factor to becoming a long term winner. Picking winners is great, but no one wins all of the time, no matter how good they are.
So what do I mean by money management? Well, to me money management is the art of keeping your losses to a minimum so that you bank is never affected too much by a single day of losses. Not only that but it is making sure, as best you can, that your bank grows over time. Bank growth is where the issue appears for most people.
Lets take a very common example…
Betting can be a lot of fun, but if you are in it to make some money then you should start treating it as a business rather than a game (though having a smaller bank for fun bets is still a good idea).
It is very easy to lose your head when betting, we have all had moments when your well researched top picks don’t come in and you are left with a hole in your betting bank.
Make sure you follow a good money management system.
Money management is key to making and keeping your winnings. Find the money management strategy that best suits you and your budget and then make sure you stick to it.
Betting Staking Plans
There are many varying opinions on staking plans, but one thing all Staking Plans have in common is the notion of protecting your betting bank.
Your betting bank should be your starting point for your staking plan. The size of your betting bank should be based on the money you have set aside and can afford to lose if it all goes wrong. This should never be money that should be paying your bills or looking after your family. If you don’t have the spare money to start now then please take the time to paper trade different staking plans (put on imaginary bets which you log in a book or spread sheet) while you learn and perfect your betting skills.
Finding value is the key to making profit long term from betting. Not one single punter wins every bet he/she makes, in fact just getting a good winning percentage can be hard. Don’t give up if you have a few loosing bets because the good news is that if you make sure you find the value you will profit long term.
Value simply means finding better odds than the chance of it occurring. A crazy example might be a football match, lets say England v Andorra. The realistic odds for England winning at home might be around 1.2, but lets suppose you see the odds available at 1.7? This is a value bet it gives England roughly a 58% chance of winning the game, where in actual fact the probability should be more like 83%. If you could pick a bet like this every day then you would be very rich.
Spanish Grand Prix Betfair Trading
My initial trading bets with Rosburg and Glock didn’t really pay off, but after tracking the practice and qualifying it was clear that Rubens was going to be good in the early stages of the race. I backed him just before the race started and layed him after the first lap.
I placed bets on each of the drivers during the race, but couldn’t get that much on Button as he was always looking good and the odds were always low. I took a screen shot towards the end of the race as seen above. As you can see, no matter who wins the race at this point a profit will be made.
Trading on betting exchanges can be great if you think you can predict the flow of a race or game.
Note: Never bet with any money that you are not prepared to lose. This system is a high turn over system with the aim of long term profits; it is not designed to be used for single selections. Always form your own opinion when betting and do not blindly follow tips.
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