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Money Management: Be Smart With Your Money!
by Bryan Leonard - 03/15/2012
What's the biggest mistake bettors make in regards to sports betting? Most will state the obvious of not picking enough winners. But the truth of the matter is the biggest miscue is betting more than you should per game. You need to win 52.38% to break even laying 11-10 odds. You need to beat that winning percentage and not bet too much per game in order to be profitable. Sure there are reduced juice shops in which lower that percentage but for our purposes lets use the 11-10 odds as an example.
Ask anyone who bets sports for a living and they will tell you that you can make a nice living winning 55% of your wagers. Yet ask the man on the street and they will tell you that anybody worth their salt can pick at a higher rate. The truth of the matter is that the best sports bettors in the world would gladly take 55% winners each and every season. With solid money management that 2.62% profit could make you a ton of money if you bet accordingly.
Today I received a call from a client who just started purchasing my plays. He has called sporadically over the last few weeks and he always asks the same questions. Are these strong plays? Did you bet these yourself? Do you feel these plays are winners? He always receives the same answers, yes, yes and yes. I told him that I don't release any games that I don't personally bet myself and I wouldn't release a play that I didn't think was a winner. I then asked him what percentage of bankroll he was betting per game. It was as if I was speaking another language. He had no idea what I was talking about. He said he bets $100 a game, so I asked him about the size of his bankroll. He had no idea what a bankroll was. After I explained it he said his bankroll was $500. So basically he was betting 20% of his bankroll on every game. I told him he was betting way too much per game, he should only be betting 2-3% of bankroll per contest. That would be $10 to $15 per game, not the $100 that he was betting. Needless to say you can only explain things so far over the phone so I suggested he look up money management articles on the internet.
If you find that you are picking more winners than losers and yet you are in the minus column more often than not, you need to adjust your betting percentage. Chances are you are betting way more per game than you should. Keep in mind the best sports bettors in the world are in this to grind out a profit, not to get rich quick. It just doesn't happen like that in real life.