Betting Guide

Betting Money Management

Betting money management is a big part of being a successful gambler. If you don’t want to pay too much attention to how much you win or lose when betting, and you are a very occasional gambler then you may not think about betting money management. However, if you want to take your betting to the next level and start taking things seriously, then money management is something you must look at.

By following a handful of rules you will be able to manage your money in the correct way, and use that to ensure you are betting in the correct way. This will give you the chance to be the best possible gambler you can be, and make the most money you can.

Create a Betting Bank

When you place bets you should create a new betting bank specifically for that. This money is used by you to place your bets with, and any profit goes into there until you are ready to transfer some to your main account. Betting is not a short-term hobby. You have to look at things over a long period of time. You will have your good and bad runs as you bet, and having a betting bank will allow you to see the profit you are making on a good run, and also allow you to absorb a bad run when they come along.

If you keep your money in with everything else then you will not know how well you have been doing and what has been working for you. There will also be the chance that you will not realise the money you are spending is needed for other things, which could lead you to bet with money that you need to pay the bills with. By keeping things separate, the money you have for betting is solely for that and it will not get mixed up with anything else.

For punters looking to move to the next level, putting together a betting bank is the first step you need to make, and this should add even more structure and discipline to your betting straight away.

Set Your Stakes

There are many different examples of staking plans on the internet, each one has pros and cons to it so these all come down to personal choice. However, what you should do is ensure that you do choose one that you like, and you stick to it. By having a staking plan you will know what to stake on each bet, and this will remain the same as you move on and bet.

One error a lot of people make is that they stake different amounts depending on whether they have recently won or lost a lot. Some people will stake more when they win, thinking that because their luck is in it is the time to bet more, while others will stake more when losing to try and win back their recent losses. By setting a staking plan and sticking to it, you will bet based on the long-term plan you have, which doesn’t take into account whether you have won or lost recently. This is how you should bet, it doesn’t matter if your last bet was a winner or a loser, that doesn’t mean that the next bet is more or less likely to be a winner. Keep your stakes the same, and look at the bigger picture, not just the recent days, this will ensure you remain on the right track and you don’t make any mistakes.

Take the Best Prices

This may seem pretty simple and straightforward, but it is something that a lot of people forget to look at. If you want to take your betting to the next level, you need to have multiple betting accounts to ensure that you can place your bets in a variety of different places. The reason for this is that you should always be looking to take the best odds on offer. Bookmakers odds will vary on the games you are betting on because they all have slightly different opinions on the game in hand.

Any time you decide to take odds which are not the best, you are leaving profit on the table and allowing the bookmakers to get the upper hand. This is not something you should ever do, so make sure you have enough betting accounts open to be able to get the best odds. It may only seem like a few pence when you are comparing each individual bet, but over the course of a year, this money will add up and harm your profit. Do not let this happen, and always take the best odds that are on offer to keep building your profit as much as you possibly can.

With so much choice out there, you can use that to your advantage by getting the best lines from your bookmaker and the best prices on your selections. Do this and your profit will be as high as it possibly can be.

Keep Betting Records

One of the things you should start to do when taking your betting to the next level is to keep records of the bets you place. This is especially important if you bet on a number of different sports or leagues, so you can compare the bets and see where you are making your money, and if you are losing on a particular sport or league. For example, if you bet on football in four leagues, three are profitable and one isn’t, you probably wouldn’t know this if you didn’t keep records. However, because you do, you can look and find ways to change your betting, eliminating the unprofitable league from your betting portfolio and concentrating on the other three.

This works the same if you are betting on multiple different markets. You can see which markets are working for you and which are not. The idea of keeping records is to educate you and give you evidence to use to make your betting even better. By doing this, you can further narrow down what you bet on, and hopefully become even more profitable.

Continue to Learn

Betting is a very complicated and in-depth subject, and even the best gamblers will still have something to learn. Don’t be scared to do that, there is always something that you can improve on and make better, so be prepared to do this. If you look into things like new bets or new betting markets then you will find things that you have never used before and things you don’t know anything about.

The idea of learning more about betting is to give you as many options as you need when you are placing your bets. Depending on the situation, different bet types and markets are needed, and the more you know about the more you have available to use when the time is right. Don’t rest, there is something you can learn about out there, and this will only make you a better gambler so it is certainly worth doing.

Even years down the line you can still learn something about gambling, so never turn your back on it.