Money Management

[buztah]

I know it has become a sort of Commandment for sports punters but money management truly is the key for surviving in this game over the long haul. I notice that we have a few newbies here who are getting burned with chasing (I'm still guilty of that from time to time ) and with placing large bets on random games. I want to try and share what I've learned, through my many MANY stupid mistakes, and utterly undisciplined and sporadic moves I've made throughout my experience of sports betting over the past years, in order to help the newbies minimize their pain.

1. Don't bet games for the fun of it. A poster in the NHL forum has this for his siggy and it's profound. Just because you feel you need action or because a game is on the tube is not nearly sufficient justification to put your hard earned money on the line.

2. Appreciate the money in your account. Try this the next time you want to make a random bet without doing your homework. Take out the amount of cash you wnated to bet from your pocket and hold it in your hand. Put it on the keyboard in front of you. Understand its worth. We have a tendency to just look at the numbers in the balance column of our accounts as being just that -- a number. It really is actual money though. Looking at the cash and undertsanding its value, do you still want to make the bet?

3. Pick your battles. Not every game must be bet upon. Identify a strategy that works for you and adhere to it. If you go a week without acton who cares? It's a bigger balance you really need -- NOT ACTION!

4. When a really high probability play presents itself that is the time to bet a little larger than the norm. You need to do yoru research and keep your eyes open. These plays are few and far between but when you find them, that's the time to belly up to the bar.

5. Accept that losing and winning streaks are a part of the game. That's why we bet small most of the time. In the end, this is GAMBLING so you really can lose. Play small until the real opportunity presents itself.

I'm sure that the pros on here, like JJ, Willy, LT, Figjam and Big Bollocks can add lots more. Just my 2 cents worth.

[clcoyle93]

Great Post.

Some of the best advice on this board was just written above

Chasing is one of the worst things a player can do.

Thanks for the sharing your wisdom.

[buztah]

Thanks, CL. I think of it not as sharing my wisdom but as sharing my past stupidity. LOL!

[Destroyer]

Good post. Anyone that takes sports betting seriously can use a reminder and this post contains meaningful advice. Thanks for sharing.

[Al Masters]

Kudos to you buztah on a very interesting and informative post.

Although im not a sports punter, you see i turned myself into a recreational player many years ago,due to lack of control, so now i play alot of poker where as it turns out i have somewhat control, enough to make it work for me, and IMO these 5 points all apply to playing online poker as well.

Now we just sit back and wait for the 1 or 2 posters with very few posts to come attack the post.

[SBR Lou]

Buzzy you making this post is like a rapist advising to take things slow.. but still pal, good post. Must be taking notes from those Webber videos.

[buztah]

Buzzy you making this post is like a rapist advising to take things slow.. but still pal, good post. Must be taking notes from those Webber videos.

Crazy, you of all people should know that I consider Webber Sports videos as the gospel of sports betting/handicapping.

[5 star bomb]

Great post Buzz.... #4 is what im doing with the Chargers this wknd!

[supra23]

#2....i also feel is a very important aspect to look at, because numbers on a screen whether it be 1,2,3,4 or even 5 figure bet amounts may not seem like nothing when you lay it down on a team you have a good instinct will win, but when the moneys in front of you, you start thinking is that really what i want to risk

[SPECULATOR 13]

I know it has become a sort of Commandment for sports punters but money management truly is the key for surviving in this game over the long haul. I notice that we have a few newbies here who are getting burned with chasing (I'm still guilty of that from time to time ) and with placing large bets on random games. I want to try and share what I've learned, through my many MANY stupid mistakes, and utterly undisciplined and sporadic moves I've made throughout my experience of sports betting over the past years, in order to help the newbies minimize their pain.

1. Don't bet games for the fun of it. A poster in the NHL forum has this for his siggy and it's profound. Just because you feel you need action or because a game is on the tube is not nearly sufficient justification to put your hard earned money on the line.

2. Appreciate the money in your account. Try this the next time you want to make a random bet without doing your homework. Take out the amount of cash you wnated to bet from your pocket and hold it in your hand. Put it on the keyboard in front of you. Understand its worth. We have a tendency to just look at the numbers in the balance column of our accounts as being just that -- a number. It really is actual money though. Looking at the cash and undertsanding its value, do you still want to make the bet?

3. Pick your battles. Not every game must be bet upon. Identify a strategy that works for you and adhere to it. If you go a week without acton who cares? It's a bigger balance you really need -- NOT ACTION!

4. When a really high probability play presents itself that is the time to bet a little larger than the norm. You need to do yoru research and keep your eyes open. These plays are few and far between but when you find them, that's the time to belly up to the bar.

5. Accept that losing and winning streaks are a part of the game. That's why we bet small most of the time. In the end, this is GAMBLING so you really can lose. Play small until the real opportunity presents itself.

I'm sure that the pros on here, like JJ, Willy, LT, Figjam and Big Bollocks can add lots more. Just my 2 cents worth.

BUZ I agree with everything you said except for #4,it is a slippery slope IMO, my experience as been that"LOCKS" are nothing more than a game that you have convince yourself more than usual that you should bet on.So one should bet 'LOCKS" by all means BUT ALWAYS FOR THE SAME AMONG.

[thebigguy]

Excellent Post!

[sofos]

Is that a picture of you, BigGuy? Lovely gal you got there.

[Louisvillekid1]

also don't agree with number 4,