The most basic rule of money management is to make sure you
have a winning betting system in place. Simply, money management means taking steps to reduce the chances of wiping out your betting fund, while maximizing the chances of making a profit. Of course, this means
the system must actually win at a rate slightly higher than 50% of the time – even an intuitive sports investor who bets correctly more than half the time may be stung if his system does not win often enough to beat the vigorish.
Money management it is in my opinion one of the most important criteria to achieve success in betting business is to manage your money well.
What Must I Do?
Set Up a Betting Fund
This is money you set aside for your betting investment, the money you do not need for anything else. If you are using more than one system, it is important that you have different betting fund for each system. Each system must account for its own profitability. .
Set Up a Monthly Betting Budget
Your monthly betting budget should be treated as a budgeted expense.
Once it is depleted, you should not spend any more. You should set yourself a maximum you are allowed to lose in a month. This will prevent you from the temptation of chasing your losses. If this month you have a profitable month, you may set a higher budget for the next month.
Set Up a Staking Plan
Staking is one of the most important aspects of making money in the long term. The pros know that even though they may pick more than 50% of the winning bets, they may still lose if they stake more $$$ on the losers. No staking plan can turn a losing bet into a winning one BUT a good bet can be ruined by a poor staking plan. (It is my hope that by the end of this report, you’ll agree with me on this). I would recommend a fixed stake plan (also known as level stake) especially for the beginners. After you have decided on your betting fund, use a fixed stake of no more than 3-5% of your fund. The amount can be adjusted daily according to your performance. Over time, as your betting fund builds up, decrease the stake gradually from 3% to 2.5%,
Remember, any betting system is to be used for the long term. This means you must have $$$ in your betting armory. Apart from selecting profitable bets from your system, you need to have the most sensible betting fund and staking plan in place. This is where most ill disciplined punters fail to do. So they ended up losing, and they then blame the system for their failure, even though the same system is producing tons of profits for the disciplined punters. Once you have decided on your most sensible money management rules, do not fiddle with them. Some of yo are too impatient. Do you want to make too much too soon and risk a high % of their betting fund. And you may run the risk of busting their betting fund too soon also.
Do not place “fun bets” in the same account you are running a system. In fact, stop placing such bets. If this is difficult, bet them in a separate account and record down EVERY FUN BET. You will soon get bored to see how much the fun is costing you. If you lump these bets in the same account of a betting system, the losses of these fun bets may cancel out any profit from the system.