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Methods for Sports Gambling Money Management

July 31, 2010

For pro sports handicappers, the most important element of sports wagering is related to money management. While having the talent and knowledge to pick the right teams is very important, the proper money management is essential tp having a profitable season. The odds of the sportsbook are that every player will select winning teams on one wager or the other, but the majority of people do not know how to manage their money in a way that will maximize profit possibilities and reduce the potential for loss.

The first and most important step in controlling money for sports book wagering is establishing an account or fund that is dedicated strictly for making wagers. This fund is generally known as a players “bankroll”, and should be an amount that you can afford to lose without putting you in a financial crises. Funds to pay rent, mortgage, or investments should be paid before setting money aside for this purpose. True with any gambling venture, players should not play if they cannot afford to lose the money they are putting at stake.

Once a bettors bankroll is set up, it is now time to figure out the amount you are willing to wager on each game. The preferred method of professional gamblers is betting a specific percentage of their bankroll on each bet, this is referred to as the Kelly Criterion method. Almost all successful sports book money management system will utilize a variation of this method.

Mr. Kelly’s method was created in the 1950′s and is a sure fire method used for all sports gambling types including horse racing, parlays and even the stock market. This method uses a mathematical formula based on the odds and the odds of winning. The formula is actually uncomplicated and involves three steps The first is to multiply the odds of the single event by the odds of winning. Then you subtract the probability of losing from the answer of the first step. Finally, you take the solution of step two and divide it by the odds.

The percentage mentioned by the solution of the Criterion formula will be the percentage of your bankroll that should be bet. Once you have determined the percentage of bankroll to use, choose the wagering type to wager on. Selecting a straight wagered has better odds and will increase your chances of success over time. A parlay wagered, requires less money to be wagered and has a bigger return on investment, but far worse odds. Remember each wagering type has it’s own advantages and disadvantages, so choose wisely.

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