From: Tulsa, OK USA
I have a copy of a post I wrote on money management last year that I will cut and paste. However, I have changed over to somewhat of a varying amount bets as opposed to a flat betting system. I'm still a proponent of flat betting and feel it's the way to go if you are new to football and gambling. But I aslo feel that a person can develop a knack or an intuition for certain teams and situations where bumping up the amount of your wager should be considered. Or conversely as well... Maybe know when too bump down that wager. Anyway.... here is some thoughts on money management. And keep in mind that there are hundreds of different ways of doing this. Find something that works well for you.
One of the most important assets a gambler has is the bankroll. Whether it is $1000, $5000, or $50,000 it is imperative to your success that you establish one. IF you don’t, then you are wagering things you should not be gambling with. Such as a paycheck, a house, or even your best girl… and from my experience, most women absolutely hate to be used as a gambling chip. So, it is better to establish a bankroll.
Depending on how responsible you are… and this is a question you will need to answer honestly… you will need to set up a place to hold the funds. There are several options that can be considered… an offshore account that you can gamble directly from, a savings account at your local bank, or maybe an envelope under your mattress. (Again it depends on your level of responsibility to stay out of your funds) My personal option is my local bank. I have the bulk of my reserves in CD’s and about 15% in a regular passbook savings account. I also hold about 5% in an offshore account that I make some wagers with from time to time. (The bulk of my wagering is done locally) The main reason I like using the local banking system is because of the interest that is paid on my money. I have to have relatively quick access to the money if a problem should arise… I don’t particularly like the flux in the markets… and I can easily track weekly totals as far as amounts won and lost. (Debits and credits on my statement each month.) Now, if you do have a large amount of funds in the banking system you will have to be creative with your tax forms to avoid paying too much on your interest earned… but it can be done.
Now comes the part of determining how much you will wager on each bet. Some people will vary the amounts based on whether they have been winning or losing… or based on how strongly they believe the wager they are making will pay off. I’m a proponent of flat betting. For those of you who aren’t sure… flat betting is based on a certain percentage of your bankroll and betting each event the same amount. No matter how much I “love” a game or believe it will pay off… I never increase my wager based on my emotion. There is no such thing as a “lock” and I am aware that I will lose some games. Therefore, I keep my wagers consistent with a percentage of my bankroll. I like to use a 5% wager of my bankroll on my games. (Example… 5% of a $1000 bankroll would be a $50 wager) When I have moved the bankroll positive or negative 5 units then I recalculate the percentage and go from there. (Example… +5units @ $50 equals a new bankroll total of $1250 and a new 5% wager of $65… rounded up for simplicity)
When it’s all said and done, all I hope to accomplish is +3 units every month. It’s not as easy as it may sound and there might even be some of you who question the point of just 3 units. But with a big enough bankroll you can make a very decent living with a winning record of 3 units a month. (Example…. Bankroll of $50,000 with a 5% wager (2,500) gives you $7,500 a month tax free) You can live off $5,000 and set back the other for a month when you don’t quite make the +3 mark.
It does take patience and discipline. To wait for your spots and not get too carried away with the games that you don’t have a play on. I will admit that is one of my problems. I tend to get bored and wager on a game just because it’s on TV. I never intended to bet the game so I literally guess at the outcome and usually end up losing when I do. I’m getting better at staying away from the boredom games (as I like to call them) but I still tend to relapse occasionally.
Well, that’s all I have for today. I ended up getting bored while I watched the Yankee game today so I thought I would write a little bit. I know most of your are already aware of these principles, but I’m sure there is someone out there who can benefit from this post. Hope it helps somewhat.