Gonna start sharing a few tips here and there to help you implement a better gambling strategy and money management to help you make the best decisions when making bets. There are a lot of different things to cover but the most important one to remember is money management because without it your account will be back at zero in less than a month.
Gambling is a marathon. People who get in this to get rich quick go broke just as fast. The key to pacing yourself is setting limits before you’ve even made your first bet. As I have mentioned in previous post, losing happens. The best sports gamblers in the world are not hitting 60% of their bets over a full season. The reason they are able to be profitable is because of sound money management.
DO NOT CHASE LOSSES.
You will win and you will lose but it is very important that you never try to chase a loss. Emotional betting a losing strategy because majority of the time it leaves you picking a game that you really didn’t like in the first place all because you have it in your mind that you need to make up for that loss. I stress this so much because it is a very easy hole to fall into. There are way to many variables already in play from strengths vs weaknesses, team motivation, injuries, home field advantages, calls of the referees, weather, and more that you have to take into account when going through the game you want to bet. Chasing a loser means you are now trying to do all of that with emotion of overcoming a loss. Don’t do it. Pick out the games you feel good about before the 1st game kicks off and stick with those throughout the day. If you start out losing early, narrow down that list for the later slate of games to avoid the dreaded reverse sweep (Losing every game you bet that day).
Units = amount bet on a single game.
Another very beneficial strategy to use is flat betting or unit betting. What that means is having a set amount as a standard wager. Majority of your odds are going to be -105 to -120 and what that is telling you is this:
Team A (-105) vs Team B: You would have to bet $105 to win $100
Team A (-110) vs Team B: You would have to bet $110 to win $100
Team A (-115) vs Team B: You would have to bet $115 to win $100
You can also find money line value on underdogs (teams not expected to win) at +105 or better which means that amount is what you would win on a $100 bet. Majority of bettors make their single bet (Unit size) anywhere between 5-15% of their account balance. What that allows for is room for multiple bets during the day that also gives them a cushion so that one loss does not hurt them as much as someone who bets 50% of their balance on one game. Keep thinking marathon.
Let me just put this scenario in play:
You deposited $100 into an account and in your first 10 bets you went 8-2. With the 10% being $10 per bet that would mean you would have won $72.72 but with the 2 losses of $10 that would leave you $152.72 (you started at $100). Now in the next 10 bets you go 3-7, and for the sake of the keeping it easy on the math you were still betting $10 a game. That would mean you would have lost $47.28 in that 10 game stretch which brings you back down to $105.44.
Now in that same scenario, but altering your bets after the first 8-2 start because you feel confident you make your wagers 20% of your $152.72 account balance (we’ll call it $30 to keep it simple). Now say you hit that same 3-7 stretch over the next 10 and all the sudden, the 3 wins would have netted you 234.53 but the 7 losses would have cost you $210 and now you are sitting with $24.53 in your account after a 11-9 overall record in 20 bets.
Stick with your standard unit size until you’ve made at least $200 in profit and even then don’t adjust the percentage of your bet amount but you can re-adjust to 10% of your account balance from that point.
If you have any questions please feel free to shoot them my way on Twitter – @Jordan_Bishop and be sure to check back in later this week as I will continue to give out 5 college football bets and 3 NFL bets for the rest of the season to build on my current 13-7-1 record.