Gambling is
Money Management
Kris
Lazaro-Cangco - Thursday, February
23rd
To gamble on sports is much like
putting money in the stock market. I think of it as a rollercoaster
ride: some days you just can't lose, some days you just can't win.
The secret to surviving in this volatile hobby of ours is money
management and I cannot stress enough how important it is in sports
betting. Countless people have lost their bankroll on one game due to
poor management; others go on a hot streak and 'press their luck', only
to lose all of it in one bad streak. On a personal note, as much as I
preach, I too sometimes do not follow wise management. The trick is to
know strategies to maximize your profits and minimize potential losses,
and never place your entire bankroll on one game, unless you are willing
to walk away from this hobby and find a new one.
The standard rule of thumb is betting in percentages. In order to
survive, and play the odds, I suggest never playing any more than 5% of
your bankroll on any one side. This conservative style of play will
assure you that you will never 'get rocked' and will save you to play
the next day. Even if all your bets lose, you still have 95% of your
bankroll left. I once heard somewhere that "the national anthem will be
played again tomorrow, so there's no use putting all your eggs in one
basket on one game".
The great thing about the 5% rule is that when you win, your bet size
increases, and when you lose, you decrease your bet size. This will
ensure that you maximize your luck when you go on a hot streak, and
minimize your losses on a frigid roll.
If followed correctly, one may be able to withstand the strict –110
obstacle placed by sportsbooks and survive in this hobby given that you
win at a rate of 55% or greater.
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