Money management is an important part of betting. One could say that research is way more important as you minimize your risks and it doesn’t matter how much or how you bet as long as you put a lot of effort into your research. However, bets are a like lot investments and in order to make a profit you need to manage your money like a pro.Money Management in the Betting World Picture
Betting styles can be characterized in various ways, depending on the dominant factor that we take into account. According to the way money is managed, there are two main betting styles: the recreational style and the investment style. The recreational better doesn’t really follow any rules. He bets on his instinct or on his favorite team. He doesn’t have a betting plan either; he bets whenever he feels like and he often looses a lot of money due to the fact that he doesn’t manage his money. On the other hand, the investment better can earn a decent living without even having a job. He treats betting like an investments, splitting his money into several bets and calculating the best way to make a profit.
The most important rules of management is to never bet more than you can afford to lose. This doesn’t apply to just one bet but to all the bets that you place in a month. For example, if you lose a lot of money during the first few days of the month, you will try to convince yourself that you need to bet more so that you can get your money back. However, it is safer to stop betting for that month. Even if you skimp a little until your next salary, at least you won’t be berried in debts. The best thing to do is to make a betting bankroll. This budget should be the money that it’s left from your monthly income once you have covered all your regular expenses. Once you determine your budget you need to divide it wisely. Placing all your money on one game is foolish but so is spreading it on 100 bets.
There are a lot of betting systems that teach you how to manage your money. The flat betting system is the best system for beginners. Once you familiarize yourself with the betting world, you can try a progressive betting system like the Kelly Criterion. Unless you have a lot of money to spare, we advise you to stay away from the Martingale theory.