If you want to survive in the game of sports betting, Soccer Prediction Tips Site in Tips then you have to use effective money management. I recommend that you follow these guidelines at all times.
- Only invest what you can realistically afford to lose. Best Sport Prediction Site you have to remember that you really do not need to start with al a lot of money. I got started with only $100 dollars and I followed the system and my money has doubled over and over again over the course of years.
- Do not make your initial bet too high. Only invest 5% of your total bankroll for a flat betting system (in which you bet the same amount each time) and no more than 2% for a progressive system. You need to be patient here and allow your systems to do their slow and steady work.
- Increase your initial bets when your bankroll has increased by 25%. This will increase your earning power, Soccer Prediction Tips Site just remember to stick to the suggested percentages in #2.
- Remember to Diversify your portfolio. If you have a total bankroll of $1000 and 4 systems that you would like to use, then each system should be allotted $250 and you have to keep those amounts separate.
You have to be disciplined in your use of your systems and in your money management strategy. It can be difficult especially you are doing exceptionally well or if you are losing badly. You may be tempted to deviate from the systems or the money management guidelines in either of those situations. But do not, Today Match Prediction just remain diligent and the rewards are sure to follow.
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In a previous article I jokingly suggested I had put all my assets – my savings, the deeds to the farm, my kids’ Trust fund, and the proceeds from selling one of my kidneys – on a horse at Newbury. I showed this was potentially financial suicide, and an extreme example of bad money management.
I wrote that more often than not a losing punter will find himself saddled with a bunch of bad betting habits. It is these bad habits that have gotten him, and his betting bank, to where his is now – the Poor House.
To arrive at a change in fortune, and to start making consistent profits, the losing punter has to be prepared to make changes to the way in which he bets. In the previous article we talked about the cornerstone supporting my own personal betting strategy, and that is finding value in every bet you make.
You will only ever make a profit from betting if you consistently back horses at prices too high when compared to their actual chance of winning. This is exactly how bookmakers have made their money for generations – they consistently lay horses at prices too low compared to the actual chance of the horse winning. When punters continue to take these low prices day-in and day-out, it will only ever be the bookmakers who come out with a profit in the long run.
The second ‘bad habit’ I want to examine is the subject of inappropriate staking. What do I mean by staking that is not appropriate? Well, what I am driving at is placing bets that are generally too large in proportion to the size of your betting bank.
Before I expand upon this, the concept of a betting bank is a side-issue in itself. You categorically MUST have a sum of money put aside for the sole purpose of betting. It scares me rigid when I hear of people simply ‘dipping’ into their current account to place a bet using their debit card.
If you do not have a separate account for your betting activities, you cannot keep records, and you will not be able to answer that simple question, “Am I making a profit, or a loss?”
It goes without saying, that betting involves a degree of risk, and you should never bet with money you cannot afford to lose.
Getting back to inappropriate staking, the idea of lumping all your money on one horse is an extreme example of over-staking. Of course, on the one occasion this strategy may pay off. We had friends round a few nights ago to play one of those Race Night DVDs. I was comfortably in front by studying the form before each race, and placing considered bets at what I considered to be value prices. As you might imagine, I had a suitably smug expression on my face as we came to the last race, and our friends were complaining I enjoyed a ‘professional advantage’.
My wife then decided to put every penny she had left on an 8/1 chance. The race turned out to be the ‘lucky last’ for my wife, and she walked away with the whole bank!
But seriously, continue with these tactics, and it will not be long before you lose everything.
Personally, I would never consider starting any betting campaign with a bankroll of less than 100 points. In other words, I will divide my bank by 100 to arrive at my unit stake. You can see that I will only ever be putting 1% of my bank at risk when I place a bet.
This is a very generalised approach, and you might argue that a little more consideration should be given to a punter’s typical strike rate. True, if someone has a strike rate of 50% then it is statistically highly unlikely that he will suffer a run of 100 losers to go bust. So, in this case you might be justified in operating a smaller bank. Bear in mind that when flipping a coin, it is by no means unusual to see 6 or 7 ‘heads’ in succession, and losing runs in double figures do occur.
Erring on the side of caution, you could foresee two such losing runs occurring twice in close succession. In which case, I hope you can see that even when considering a system which such a high strike rate, having a bank of well over 20 points now seems very sensible.
With my own Redd Racing betting service, we enjoy what I would consider to be quite a healthy strike rate. However, we have experienced a negative swing of some 60 points during one particular month a couple years back. The account recovered to make a profit by the end of the month, but it underlined the importance of having a bankroll large enough to absorb the losing runs that EVERYBODY has to endure from time to time.
Indeed, it would probably be better advice if I suggested members of my service had a bankroll of 150 or even 200 points in reserve.
Yet I often receive emails asking me whether it is OK to deposit £100 with Betfair and start with unit stakes of £10.
Betting with stakes too high in proportion to your bank normally comes out of a desire to make money quickly. I think we are all guilty of getting overly greedy sometimes, and unwilling to think a little more long-term. People are inclined to set themselves unrealistic profit targets, given the size of their betting bankroll. Having a bank of £100 and expecting to be able to make £100 per month is not realistic. Get-rich-quick does not exist.
Akin to the Tortoise and Hare story, let me give you an example of where what might initially seem like a very moderate return, actually gives surprising results over time.
If you started with £100 in your betting bank, and increased this bank by just one-half of one per cent every day, after just 6 months your account would have a balance of £244 due to the compounding effect. You could more than double your investment in 6 months with this seemingly small daily profit return. Take that to your bank or building society and see if they can come anywhere near such a deal!
Hopefully this demonstrates how ‘slowly but surely’ wins the race.
To summarize, my advice would be to set your unit stakes at one per cent, or even one half of one per cent, of your total betting bank. By striking only value bets, and when the odds are in your favour, your betting bank will grow. As your bank grows, so you can naturally increase the size of your unit stake to make more profit – but your bets will still be in proportion to your bank.
In the next part of this Sensible Money Management series, I will look at more bad habits that suck money from the accounts of losing punters.
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Wasn’t it me that predicted that Twins manager Ron Gardenhire would be the first baseball manager to be shown the door in 2006? Yes I also think that Barry Bonds is being unfairly accused of using performance enhancing drugs? No Gardenhire is doing just fine these days as he and his troops prepare for a crucial three game set in the Twin Cities tonight.
Minnesota (59-41) has won 34 of 42 since June 8 to cut what was an 11-game deficit in the wild card to a half-game.
"We’re just playing really good baseball," said manager Ron Gardenhire, whose team was 25-33 nearly seven weeks ago. "People keep talking about the streak we’re on, but streaks don’t last two months or a month and a half."
The Twins caught the struggling Chicago White Sox, who have led the wild-card race for most of the season, by completing a three-game sweep with a 7-4 victory Wednesday. Minnesota and Chicago are right behind the New York Yankees, who open a three-game home set against Tampa Bay on Friday night.
The Tigers under veteran skipper Jim Leyland have maintained their composure and now must deal with the newest phenom in the American League and that would be none other then rookie pitcher Francisco Liariano. The Twins look to keep rolling Friday behind Liriano (12-2, 1.93 ERA), who pitched poorly against the Tigers in two relief outings this season, allowing seven runs and 11 hits in 3 2-3 innings for a 17.18 ERA.
Since being moved into the rotation, though, the rookie left-hander has become a leading contender for the CY Young Award, going 11-2 with a 1.59 ERA in 13 starts. Minnesota is 2-7 this season against Detroit and has been outscored 64-25. In a three-game sweep from April 28-30 at Comerica Park, the Twins were outscored 33-1. The Tigers (68-33) have the best record in the major leagues, and their 30-13 mark against divisional opponents is also tops in baseball. Detroit leads the AL Central by 8 1/2 games over Minnesota and Chicago.
The question mark for all contending teams is the starting pitching and the Tigers send a struggling Zach Miner to the hill tonight. Miner has lasted only 6 2-3 combined innings and given up 10 earned runs in losing both of his starts since the break. In his first seven starts after being recalled in early June, the right-hander was 6-1 with a 2.57 ERA and didn’t allow more than three runs in a game.
Detroit gave Miner a five-run lead after one inning Saturday against Oakland, but he surrendered five runs in the top of the second and was pulled after a season-low 2 1-3 innings of a 9-5 loss.
Detroit has lost 9 of the past 12 in Minnesota and will be a dog tonight!
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