BETTING FUNDAMENTALS 101
As we enter into the kick-off of what some people are anticipating will be the largest influx of gambling dollars in wagering history, I feel it is only fitting to discuss the importance of proper money-management. Now that term in itself is a cliche in my opinion, with so much information inundating us you need a guide to help you through the forest.
I applaud all the professionals that try to educate their clients and betting public, but the reality remains too many bettors lack the discipline to maintain a full season without going bust and having to reload. Growing up in the darkness of compulsive gamblers I can tell you first hand the horrific stories that accompany lack of discipline, needless to say this article is not about that.
Let us just go ahead and dive into the deep end of the wading waters for you to get just a taste of years of experience and frankly a few failures along the path. Would I really be an honest expert to discuss the topics if I hadn’t either experienced them personally or been on the other end of such situations? I’ll allow you to be the judge.
There have been many more experts than myself that have tried to educate via periodicals, books, blogs and on the job coaching. I am just another voice in the wilderness trying to steer you in the proper direction. If you don’t heed my advice please find your trust quickly in someone worthy of your hard earned dollars. I also plead with you to educate yourself before placing that first season bet.
If you are a seasoned bettor this may not be of any interest to you, as for most of us the beginning starts with the base foundation of any structure. If you are going to start the path of gambling it is vital that you first establish a bankroll. Bankroll, another cliche. Honestly a bankroll begins with disposable income and grows over time with correct wagering and investing in expert advice. Disposable income is dollars that exist above your standard means of living. Truthfully if you are undisciplined to not exist on a personal budget you will likely experience many woes with proper money management. If you can’t maintain your own personal finances this is not the industry to learn.
Bankroll simply defined is a lump sum available asset base or weekly income source that you are willing to risk and invest in the sport betting industry. Be honest with your self because only you can define what that is. From that bankroll you will derive a standard wager amount. For many it may be $20, for some it will be more. That is great. I emphasize it is completely acceptable to be a recreational bettor wagering $20 a game. The discipline exists in not falling prey to high pressure tactics or advertising methods to get you to stray from your acceptable risk exposure. That is the basic lesson in bankroll destruction. I will address determining your standard wager in the future. ESTABLISHED BOOK
I won’t spend much time discussing this topic but suffice to say a few important items to briefly touch on. Whether you do business with an offshore betting establishment, legally licensed sportsbook or a local bookmaker of which I neither condone or support such practice, fact is you need to work with a reputable, proven and established book. Each of these outlets have their own advantages. When dealing with a local there are a few things to know. It is important that they offer a majority of the board ie College Totals, Money Lines, and Futures. Too many fly by nights limit your options on the board and therefore restrict your ability to win. They must be notable to paying out in a timely fashion, this just makes common sense if you pay on time you should not be building up a balance, unless that is a prearranged arrangement. Availability; some more established and seasoned books are available throughout the betting week. Be suspicious of books with very limited call periods, remember your time is valuable too. Again these are just a few items we could write an entire piece on this topic.
MONEY MANAGEMENT 100
Understand this issue is strictly bare essential fundamentals, and some may agree to disagree with my approach. However over 20 years of betting, a family of 50 year bookmakers and a successful bankroll I can only steer you with advice that has been passed down from some of the sharpest people I know. For the beginning bettor it is vital to establish the bankroll as discussed above and then derive your standard wager.
The method to derive your standard betting wager is taking your season bankroll, in this example let’s use an example of $5,000, and determining (1-2%) this would be your standard wager $50 to $100. This is vital, you should not vary from that dollar amount unless you increase or decrease your bankroll. Next you should never have more than 6% of your bankroll in play at any one time. So if you are a bettor that likes a lot of action, say 4-6 games a day, then you should select you standard wager at 1%. If you are a selective bettor that likes 1-2 games a day then you would be advised to bet the 2% ratio. Remembering the 6% Golden Rule. Getting greedy or trying to chase a streak are pure recipes for disaster.
As I close out this base fundamental approach, I will address some further information in future articles. It is key that you gather further information even from this writing before you approach the wagering menu. My hope is you will find these articles educational and informative for your approach to betting this season.