How to keep yourself in the betting game
You’re probably betting too much money on every game you bet. I bet you are wondering how I know? No you aren’t! You don’t have to study money management from a gambling perspective to see that about ninety-nine percent of sports bettors wager way way too much when they place a bet! They are craving action but they don’t realize betting like that will make you go broke in a hurry with one stretch of bad luck.
Think about this for a second, would you wager twenty-five percent of your retirement fund or kid’s college money on something that most likely had a better than fifty percent chance of dropping to nothing by tomorrow? The answer no you wouldn’t. And if you said yes your kids are screwed and you better pray we find a way to fix our social security problems. Now here is something else to consider, why is it that so many people who bet on sports are willing to chance losing up to or even over twenty percent of their gambling bankroll on just one game? The sad fact is that it is extremely easy to risk it all and not even realize it. Most sports bettors don’t risk THAT much, but some do. Even those betting up to 10% of their bankroll are betting irresponsibly and they probably don’t even consider it.
Would you take the chance?
This is a pretty touchy subject among people who bet on sports and other events especially college and nfl football. You can understand why, they have a real problem, most of the time they dont realize it before its too late. They aren’t professional gamblers, they’re doing it for entertainment, and they enjoy it, but sooner or later they get caught up. If you were offered a ten percent advantage in a game of chance, (45% for the house vs. 55% in your favor) for a total of 500 bets, would you take that chance?
The answer is yes, you would jump into that proposition with both feet and a blind fold! Over the course of time (500 bets let’s say), the law of averages states that you might end with close to 55% winners (275 wins vs 225 losses). Now if you were betting one hundred dollars for each bet you would happily walk away with approximately $5,000 right? Piece of cake!
But consider this…Say that perchance, I told you that you were able to begin the game with only $500 (which would be your bankroll) and that if you lost all of that money, that you would not be able to replenish your supply of cash. Now think about it, let’s say that I was MAKING you bet 20% of your bankroll on each bet. Would you take that chance? Would you be able to outsmart the oddsmakers for a mere five thousand dollar profit?
A smart person would be saying, “No, don’t do it, walk away!” but you feel that familiar tingly feeling that all gamblers feel. That misguided arrogance that keeps you there, the rush of adrenalin that courses through your veins as you straddle the fine line of winning and losing.
You are definitely going to lose it all.
If you were smart, and knew you could hit that 55% mark, and you bet the appropriate amount of money per wager, you would be betting near that same 20% per bet that you started with by the end of your 500 game run, ironically. Unfortunately, I’d bet my bankroll that you can’t do it…not now, not ever. Prove me wrong, and keep your wagers to less than 3% of your bankroll.
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