Becoming A Better Gambler Pt. 1: Money Management

Money Management.
By Dan Perkins


Becoming a better gambler and beginning to earn consistent profits all starts with one key concept, Money Management. Money Management has brought the demise to hundred of common bettors and even more professional bettors. Below are some common examples of bad management along with behavior to produce correct money management.

Don’t Expect To Get Rich Overnight.

The average professional sports bettor aims to have a winning percentage of 57% per 500 wagers. Only the top professional sports bettor’s are able to abide to wagering 1.1% of their bankroll on each wager during that stretch. The rule of 1.1% kills many regular bettors because they want to jump in and get rich quick. To be successful in sports gambling you must be willing to grow your bankroll gradually over a period of time. The best professional gamblers realize that their bankroll will only exceed its former peak 5% of the time they spend wagering. Many regular bettors expect their bankroll to grow each and every day. If you are one of many gamblers that occupy that mindset, sports gambling may not be the best fixation for you.

Don’t Use A Unit Scale Or Bet Altering System.

When you are altering your wager size by any amount you will increase your break even percentage from 52.38%. If you choose to play your wagers on a 1-10 unit rating scale your break even percentage jumps above 55%. After time the only wagers that will make you a winner are the larger ones, so why even bother betting the smaller plays?

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The best professional gamblers realize that their bankroll will only exceed its former peak 5% of the days they spend wagering. Many regular bettors expect their bankroll to grow each and every day....
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Don’t Become A Streak Bettor.

We have all heard the saying, “When your hot, your hot!” In gambling you should never use that approach to determine your bet size. Going 6-0 on Tuesday has no effect on what you will do on Wednesday and in turn should have no effect on the amount you wager. This same concept applies to a devastating cold streak. If you have not been able to pick a winner in 10 plays, you should not drop your wager size down. If you knew you were on a hot streak and would win your next wager, why not lay down ten times your normal wager? If you knew you were on a cold streak and would lose your next wager, why risk anything at all?

Results From Applying Correct Money Management.

By reading this article you are aware of the correct money management guidelines and the common displays of bad money management. It all sounds fine and dandy but how effective is money management? How much of a profit window is there by enforcing strict money management? Here is some math that will show you.

As stated above the average professional sports bettor aims to have a winning percentage of 57%. If you were able to hit at a 57% winning percentage over 500 bets your results would be,

~Betting 1.1% to win 1% on every wager.

285 Wins: +285%
215 Losses(x1.1%): -236.5%
Net Profit: 48.5%

Assuming your are betting $100 a game you will net profit $4850 per 500 bets. In order to place 500 wagers you will need to place 3 bets a day for 5.5 months. No one can live off of $4850 per 6 months, but from a return on investment point of view those results are off the charts. The average stock market returns roughly 6%-11% per year, correct money management in sports wagering will entitle you to a return rate of 48% per 6 months!
According to statistical websites the average working American earns $39,795 a year, or $19.15 an hour. (Monday to Friday working 9-5.) In order to be making $40,000 a year in sports wagering you will need to be wagering between $400-500 a game. This means your bankroll must be between $40,000 and $50,000. Even though it might seem like a long way until your bankroll is between $40,000 and 50,000 applying correct money management is your first step. Follow the previous guidelines and in no time will you start winning more games and getting better returns

Sunday December 23rd Wagers.

Below are Daniel Perkins free selections for Sunday Night Sports Wagering.

8.5 Point Teaser Football:

Washington Redskins +14.5
Over 32

Point Spread Basketball:

Sacramento Kings -2.5