No matter how good a punter get in picking the winners and predicting the match betting outcomes, there is a betting aspect many a bettor will neglect and discard which would eventually lead to failure.
The vital part of any betting strategy and a cornerstone for the betting itself is effective money management.
Managing your bankroll in an effective manner will allow you to maximise the betting profit and get the best possible return on the bets you make. The key to creating an effective money management strategy is to come up with a clearly defined plan and stick to it throughout.
Structuring the Bankroll
Most of the bettors are faced with limited amounts of money they are able to spend on betting and the first step you need to do is creating the bankroll – a fixed figure and an amount of the hard-earned cash you are willing to fork out over a certain period of time.
Structure your bankroll on weekly and monthly bases for starters and do your best not to exceed it, as that is exactly here all the betting problems originate from.
Structuring your bankroll should be an important step to help you limit your expenditure and contain your emotions in the betting process. An average punter – particularly a novice or a beginner – will succumb to emotions upon a winning bet, or a losing one for that matter, and invest more than he is able to endure which usually spells disaster.
Don’t think your gold streak can last any longer than a losing one and never do these two things: Do not overbet after a winning wager and Do not chase your losses with increased bets after a losing one.
A solid bankroll structure should have a long-term goal for punters who plan to make a habit, hobby or even a profession out of betting on sports. The aforementioned over bets and chases on losing bets are considered to be reckless short-term goals and should be avoided.
Money Management Systems
Structured resources can be deployed by various methods or better yet systems that are specifically designed to keep track of the stakes and wagers, in order to help you gain control over spending.
The most common of them all are the Fixed Stake System and Progressive Stake System.
Fixed Stake betting is arguably the safest method a beginner and a novice punter can make. It implies betting with fixed amounts of money, which are usually a small percentage of your initial bankroll, often an amount equally spread and distributed according to the time structure. An equal amount of money of every single bet regardless of the odds, chances and probabilities will let the betting account for variations without putting you in harm’s way.
Progressive Stake System is universally referred to as the Martingale and it is probably the best-known money management system, well-suited for slightly experienced punters. Martingale also controls your stakes and is believed to be a guarantee for profit as it works on the double-stake pattern which eventually grants you a win that is bigger than the total sum of your previously lost bets. Every losing bet is to be followed by a doubled stake on same odds in progression (£1, £2, £4, £8, £16, £32, £64) until you win again when Martingale resets the stake value to the original amount.