MONEY MANAGEMENT
While most bettors are mainly interested in finding all kinds of betting strategies, events with high odds or bookies where they can enjoy top betting markets, they neglect one of the most important aspects that can separate them from amateur bettors: the management of the bankroll or the money management.
We can say that money management is one of the things that influences the biggest part of the betting activity. It's clear that no bettor can successfully predict all winning bets - therefore anyone can lose, at any point, regardless how much knowledge, experience or information he has, but with a good money management any bettor can have the possibility to recover the losses or avoid losing big amounts of money.
The point of money management is to set some limits and only use fixed parts of the bankroll when placing bets. We've probably all had those moments when we said "I'm 100% sure that this team will win" and placed a really big stake on a team that eventually lost the match. This type of example points out that if bettors get carried away, they tend to make mistakes that can result in losing the whole bankroll or making them unable to recover the losses. This is where money management interferes:
1. Set up a maximum limit that you can bet (it's recommended a maximum of 10% from the total bankroll):
2. Always keep in mind that no bet is 100% sure, therefore you should organize your stakes accordingly so that in case of losing your bankroll won't be too much affected .
3. If you lost a bet, try to be calm, eventually take a break. The biggest mistake is to try and quickly recover the lost money - this usually ends in losing more and more, until you're left with nothing.
4. Make sure you set some odds limits/stake in order to reduce the risks. For example, for odds between 1.30 and 1.60 you can bet 10% from the bankroll, for odds between 1.60 - 2.20 you can bet 7% from the bankroll and for odds between 2.20 and 3.50 you can bet 3% from the bankroll. You can easily set your limits based on the types of bets, markets or sports you're betting on.
Money management can be combined with most of the betting strategies, so it won't affect you - but on the contrary - it can improve the results. An exception would be the Easy Money strategy because, by using it, each time you'll have to place all stake and profit.
In the end, money management won't bring amazing results in the short term, but will help you in the long term, reduces the risks and will lay the foundation for a good and successful betting experience.
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