Three Useful Money Management Tips
Posted on 21. Aug, 2010 in Online Wagering
In the sports betting world, one of the most undervalued systems is money management. As the name suggests, money management is the act of using a budget or same price for each and every bet you make whether it’s online or in person. Here are three tips to successful money management:
1. Finding Value – As most sports bettors have come to learn, the sportsbooks always win. In order to become a successful money manager, it is important that you find value on your wagers. Finding value involves shopping around at a variety of sportsbooks. Your goal as a sports bettor is to find the best odds that give you not only the best chance to win but also the highest payout. Our tip is to have accounts at a plethora of sportsbooks as wagering on the same game at five different shops, can net you a rather high return.
2. Kelly Criteria – This legendary piece of betting information has made many hardcore bettors also the most intelligent. The short version of the Kelly Criteria, is that through the formula used, handicappers can determine how much of their set budget to use during each day of betting. For instance, the Kelly Criteria varies in suggesting you use between five to 50 percent of your overall budget. Essentially how this operates is that whether you make one bet or 10 bets, each wager is made from within the five or 50 percent of your budget that you set aside for that day. Whether you win or lose, the only money being utilized is from within the five to 50 percent. This method prevents over spending.
3. Keeping Your Winnings – One of the most overlooked aspects of becoming a good money manager is maintaining your winnings. What most sports bettors do is rather than place their winning wagers back in their accounts and then use money from their budget, they will use the winnings to parlay into more money. Instead, bettors should be using their percentage from the Kelly Criteria in each bet, and set their winnings back in their accounts. This way, by the end of the day, you will go home a winner, because you saved your money from the winning wagers.
