The latest explosion in sports betting in the USA has become a bonanza for Las Vegas as well as on-line gambling sites. But those hotels and web empires are built with each mounting loss from today's avid sports gambler. If only the everyday sports gambler used simple logic and money management skills when approaching his daily picks.
Money Management in sports betting can sometimes be the difference between losing your shirt and breaking even.
For example. Many gamblers will purchase a "service" and receive multiple picks for a given day. They are usually ranked (5 star pick, 4 star picks, etc.). Your average gambler looking at this slate of picks will weight his wagers according to the "value" assigned to each pick. But this is a critical error. If you through $500 at your 5-star pick, and $200 at the lowly 2-star pick, you are exposing yourself to unneeded losses.
The first lesson is: If the pick is only a "2-star", DON'T PLAY IT!!! This may seem simplistic, but think about it: If you were given 2 stock tips, and one was a SURE THING and the other one was described as less than 50/50 that it might pay off, would you even bother investing in the "iffy" pick? NO, of course you wouldn't. You lesson number one: Be disciplined and only bet the picks that you are sure of (or close to sure of).
The second lesson is: Bet the same amount across the board. If you do not have the discipline to only bet the top rated picks, and you need to have "action" on multiple games, bet the same number of units on all the picks. The fact of the matter is, every single bet you place is an individual, 50/50 proposition. If you start betting different amounts on all of those 50/50 propositions, the odds are you will end up in the hole, even if you win more picks than you lose.
Do the math, use discipline and don't be a GAMBLER, be a BETTOR. Gamblers take risks, Bettors make smart decisions and have a good chance of making money.
Friday, February 29, 2008
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