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Money management is a skill you need to possess if you want to bet regularly. Since unpredictability is weaved into the very nature of gambling, there is no saying for sure when you could win or when you could lose. Even the most experienced punters lose bets sometimes. It is an unavoidable part of the game. But losses, inevitable as they are, can set anyone back financially. And sometimes we lose more than we can afford.
Money Management Strategy For Sports Betting
The reason why gambling is so universally condemned is that it has the potential to drive anyone, no matter how rich, into the pitfalls of crippling debt. Gambling addictions are a serious phenomenon and should not be taken lightly. You can prevent any major financial losses just by being smart with your money. Here is the best money management strategy/s for sports betting.
1. Set up a separate bank account
Since betting can be so unpredictable, you can either win or lose large amounts of money at a time. Thus, you wouldn’t want to mix your gambling successes or failures with other areas of your life. It would be wise to keep gambling at an arms distance away from everything else. But if you do intend on betting regularly, it would be wise to set up a bank account solely for your gambling needs. Of course, you could withdraw your winnings for your daily use. But try your best to make sure that any money you stake comes from one account, and nowhere else.
2. Set limits
Before you begin to bet, ensure that you set a limit. Tell yourself that you will not go over a certain amount no matter what. Set a budget aside for each time you gamble, and ensure that you won’t go over it. Do this no matter how lucky you feel.
3. Never chase losses
People chase losses all the time without even realizing it. When you chase a loss, you stake even more money. You do this to make up for any previous losses. This rarely works and can send you down a downward spiral of constantly trying to make up for the money you lost. It is perfectly alright to walk away from a loss sometimes. And the next time you make a bet, rid your mind of any previous losses. This may work for short bursts. However, it is not recommended for someone who intends to gamble for a long time
4. Use the proportional staking method
The proportion staking method is a great money management method. All punters should make this a part of their betting habits. It involves betting a particular percentage of money in proportion to the money you have. So, if you decide to stake 10% maybe each time you bet, you would stake 10%. Regardless of how much you win or lose, or the total amount of money you have, inclusive of all win and losses.