Money management: ANYTHING can happen

[apomixis]

As a relative newbie to sports investing, I thought I'd share my bad wager of the night because I've seen a few other new people arrive recently too.

Maybe it's just my inexperience, but I was so sure Bucks would win at home tonight that I put a maximum of 5 units (5% of my bankroll) on the ML for Milwaukee to win, just to pick up a little extra "sure cash". Of course, Philly just finished winning by 15(!) a few minutes ago. So, it was obviously a doomed wager with probably no value at all, but my point is the 5% rule protected me here. My bankroll is still up over 60% in just a few weeks, and tomorrow is another day.

I just urge the newcomers especially to read and reread anything you can about money management from the people who have been doing this a lot longer and know a lot more. If you're risking more than 5% of your bankroll on any one event, I am believing the folks who say that this will get very ugly for you at some point, unless you are made of unlimited money. Anything can happen.

[soxwin]

very true apomixis. Money management is of utmost importance. If you ever feel like you want to go nuts and bet too much on a game, then read biggdogg's post on money management and it will reassure you not to go nuts.

good luck

[joekane88]

Money Management is the # 1 most important thing in sports wagering

[Ball Picker]

Read in another forum that some rookie dropped a huge play on the Bucks ML. Some people just don't get it. Risking 6 to win 1 is NEVER a good idea! At least parlay it with another big ML and get some better odds.

[cmle123]

it depend what the bank roll and many pick to go for. my bank roll is low so i got to be selective on my plays and not follow bad handicapper. no money management is good enough for ever. betting 1 percent of bank and bank roll is low is as wasting good line. 1 percent of 10,000k is very safe but you must make more than 100 pick to change bank roll. which take forever. the way i look at is take higher risk on your winning and take low risk on stuff you have. i made about 500 in this and bank roll start at 900. now i going change my strategy nice i made profits that i need to take better risk. i still have be selective on my play. Now i going try go streaking with my play. winning 4 in a row and bank and start with a low percent.

[apomixis]

Yep, I hear you picker. I haven't done this kind of thing too often, but now that I got burnt, I can pretty much guarantee I'll never take anything close to a -600 again. What for...it's obvious that playing the spread for 1 unit is a lot better way to try to gain a unit. Geez, I could've sat out the game for almost the same potential profit...

[Extra Innings]

Good Advice

[kiwi007]

very good advise but I had to learn money management by my own experiences

[CKENT]

at least you didn't try to WIN five units... could have been much worse.

[cmle123]

here some good tip on gambling.

don't get greedy. i learn this the hard way but i learn it anyway. i happy winning a day of work. yesterday today i have lock down on jazz and pacer as automatic win but i didn't over wager it. i put about double the percent i use to play. i willing to lose if i did lose.

there no free money. depend on someone with higher percent only increase your odd but it doesn't make it automatic profits. you have to understand where your money going to. you still have to research. teddy cover is rolling right now but i miss several his pick. uab, bobcat and sometime i got lucky miss his bad pick.

there always tomorrow, if you don't c anything you like, just pass the day or even the week. patience is the key to winning. if you play poker, you probably sit there for hours before get anything going.

[Dunder]

Some good posts here.

In my experience, disciplined money management is the single most important factor in determining whether you will win or lose in the long-run sportsbetting.

I would stress that this does not mean that you should never bet 5% (or more) on a single event but that this should only be done when or if you have a proven method of calculating your edge against the odds taken.

[Sawyer]

Money Management is the # 1 most important thing in sports wagering

Agreed. Also, I'm a strong believer in flat staking. Just hit above %55 and Laws of Math will take care of the rest

[superjeff24]

True that. My first ever day betting was a few years ago. Dallas (-350) on the ML had just won 13 or so games in a row (17?) The point spread was about 11 points and I'm thinking, sure what's a dead last team like Golden State gonna put up? So I put 800 bucks to win like 240 or something, sure enough Baron Davis drops 30 something, Warriors win by about 20.

Since then I never bet more than 2% on any bet. I'm up almost 2k because thankfully I spent the next few weeks reading everything I could on sports betting before putting anymore cash on any book.

I have friends that lose a couple grand a year. They put on a couple hundred bucks to win 130 on a "sure" win only to be broke within 3 bets max.

[excel]

Yes using the methods you've mentioned I've turned .25 cents into 125 dollars!

[saints7011]

Yes using the methods you've mentioned I've turned .25 cents into 125 dollars!

wow , thats pretty good...

[excel]

wow , thats pretty good...

yah... I thought so until I stopped following that rule and lost it all...lol
pokerstars is where it happened