Many online betting players can find ways to pick winners, but fail when it comes to money management. What things can we do to improve our online betting money management skills?
Online betting money management starts with deciding how much to play and what percentage of our bankroll is right for each play. This applies to sports, poker, horse racing, casino games, etc. The big question for money management with a betting online wager is how much of the bankroll to risk on any one wager. Most online betting professionals believe that any one wager should not exceed 5% of your bankroll. For example, in sports betting that means you don’t risk more than 5% on any one game. In poker it means you don’t enter a game without a lot of your bankroll in reserve.
You have to realize that your online betting money management plan will have to be large enough to sustain a losing streak. Let’s say we are betting college football and we believe that hitting 60% is a reasonable goal. If there are 100 games and we hit 60% that would give us 60 wins and 40 losses. 60-40 is much better than 6-4 because we win more units. The drawback for playing so many games is the reverse side. A bad streak can ruin your online betting.
If you want to win when making a betting online wager then you must remain disciplined. You can’t do that without a solid online betting money management plan. Part of that plan must include a bankroll. If you don’t have a set amount of money set aside for your online betting then you will constantly get yourself in trouble because you aren’t playing as you should. You will start betting more or less than you should with your betting online wager.
A good online betting money management plan is a key to any successful long-term online betting. If you have good money management you give yourself a real chance at making money with a betting online wager. Keep in mind your bankroll, your bet size and discipline and you will be on your way to developing a winning money management strategy.