Money Management: Part I
Forget about set systems.
Some people do make money on systems.
The ones who sell them.
2) Determine the utility of your capital:
Do you view gambling as entertainment or an investment.
It can be a fun and actually inexpensive leisurely indulgence.
If you’re a $20 bettor you can spend all day at the racetrack
and lose less than $200.
You’ll spend lots more taking a family of 4 to most professional sporting events.
If you bet $100/game each week on Monday Night Football without doing any
research, you should break even losing only the vigorous
which would be $5/week (17 weeks/season with the bye).
You could rent a movie each week for more.
If you bought my first book you should be attempting to maximize profit over
the long term.
Proper money management practices can increase your bankroll
by a few percentage points each season.
This can increase ROI dramatically.
We’re human and prone to believe in intuition or subjectivity that has no place in sports wagering.
Sometimes it’s difficult to stick to the plan.
4) Bankroll Management:
This is simple.
Don’t ever bet more than 5% of your bankroll on any one game.
Don’t ever expose more than 10% of your bankroll on any given series of plays.
When you have more money you’ll be able to increase your wagers.
If your bankroll decreases, show patience and bet less until things change.