Tips for Wagering Money
Online Casino Betting Tips
Let’s get right to it, no leading up to the punch line, the ace in the hole, and all of that crap: The whole entire, complete reason people lose in gambling is because they don’t have money management. And the whole, entire, complete reason they won’t win after reading this article is because they won’t allow themselves to get and follow a smart money management approach to gambling.
This is probably the only article ever written in the history of the Internet (if I do say so myself) where the answer to what is wrong with your gambling is given to you right off the bat.
If I remember, when I get to the last chapter in my book, “Money Management for Gamblers”, I repeat the message again: Money management, or the lack of same, is the reason we lose at gambling. How many of you will listen to these words (or is it read these words?) and pay attention?
I’m gonna be real generous and give you the benefit of the doubt because I know there are a lot of smart people who will heed my advice. Let’s see, I say 2 percent, of you will grasp what I’m trying to say and will promise to try this intelligent approach to gambling. Of that 2 percent promise to change their ways, I’ve reached twenty people.
Of those twenty people, about 50 percent, or ten of you, will actually do what I suggest.
Bottom Line: 10 out of 1,000 or 1 out of 100 will actually put these methods or theories to good use. If my math is correct, that’s 1 percent of you who’ll swing over. I may be a little high in my assuming I’ll get 1 percent, but that’s another story.
The Big Four & Little Three
Let’s ask you the most important question: What is money management? And the answer is: Money management is knowing what to bet on casino games online after a win and what to bet after a loss.
You’ll get a test on these strong points, so memorize this one it’s the total explanation of what you lack: Money Management!
Now, there are the four things that you absolutely must have to compete in gambling. I call them the Big Four.
- Knowledge of the Game
- Money Management
There are three other things that are important to your gambling days and I call the Little Three:
Why do I call them the Little Three? That’s a pretty good question, but I have no real answer, except: (a) I’ve already used Big Four, (b) I couldn’t think of another description.
But just because the word “little” covers these three topics, don’t think for one second that they are not important to the handling of your money and your approach to the game of your choice.
I call them the little three because without learning and utilizing the Big Four, the Little Three won’t matter.
Online Sports Betting Tips
It is easy to forget that losing streaks do happen and the whole idea is too conserve your bankroll so you can wager another day. It is not unusual for sports gamblers to lose nine or ten games in a row or twenty or more net units during a losing streak. Considering this let us review a few simple guidelines that will assist you in your attempts to profit from internet sports gambling.
- How many sport book accounts do I need?
- How much should I wager per game?
- Should I increase my wager size on plays that I am more confident?
- How much should I wager on my strong plays?
- What should my ROI goal be?
If you bet primarily on the major North American sports you will need a minimum of three sportsbooks. If you also wager on golf, motor racing, soccer or tennis then four or five online sportsbook accounts is appropriate. Remember line and price shopping are a fundamental sports betting investment tool. Having multiple accounts will allow you to play the best line for your wager. Need help finding an online gambling site? Check out BetOnIt.org.
We recommend betting or risking 2% or less of your bankroll per game. For example if your bankroll is $10,000 your unit size will be $200. This allows you to lose twenty five net units, which does happen and still preserve at least one half of your bankroll.
In most cases you should bet the same amount (1 unit) on every game however you may increase your wager size if your strong plays have shown to have a greater edge over multiple seasons. The problem is most gamblers do not have a statistically significant number of wagers to determine if their strong plays will continue to show an increased edge or win percent. For a explanation of statistical significance read Stanford Wong’s, Sharp Sports Betting available at Amazon.com.
Wagers that you have a strong feeling about may have no more chance of being correct then your normal bets. It is possible to have a winning record and still lose money if you vary your bet amount by too much. Therefore we do not advocate increasing your wager size by more than 50% or betting more than 1.5 units.
Realistically if you manage a 5% return you are doing a great job. You have to hit 52.5% just to breakeven versus a -110 line. Winning 55% of your bets on side and total wagers will give you a 5% return. Here is the math for 100 wagers at -110 juice. (55 wins)-(45 losses)-(4.5 juice on losses)=5.5 units. 5.5 units divided by 100 games = .055 or 5.5% ROI. Anybody claiming to do better is probably being insincere or hasn’t been betting long enough to have a statistically significant record. The good news is that every time we wager on a game we know the result by the end of the day and we have the ability to churn a large amount of money in a short period of time.