For punters, the most crucial skill to have in the long-term is the ability to manage one’s bankroll, according to tipping site Inside Gambler.
Sports betting involves variance – unpredictable swings in winnings and losses – that can be dominated by short-term variables.
This strategy is even more crucial in sports that have multiple players or teams competing in a single event, according to Inside Gambler. Don’t be a moth attracted to flame.
Remember that it’s a game of variance. There’s no shame in walking away. Punters can learn from the most important principle in investing in the stock market: diversification.
Here are some tips for managing your bankroll:
Sports betting is estimated to be close to a $400 billion industry around the world. If you lose, live to fight another day. In horse racing, the vast majority of Thoroughbreds, even those considered favourites by tipsters, are statistical underdogs. Thus, it is unwise to make huge wagers on a single race.. You can’t be a long-term punter if you run out of cash.
By making appropriately small bets on any single game, a bettor diversifies his exposure and thus lessens risk. With diversification, the player is then able to make wagers over the long-term.
A bettor who mismanages his cash is likely to undergo financial hardship, stress, and life difficulties.
Never risk more than 2 or 3 percent of your bankroll on a single meeting. If you go through a negative downswing, you’ll have plenty of cash left to continue playing comfortably, and to experience an inevitable positive streak.
Don’t chase losses. That’s because each runner faces a large field of seven to nearly two dozen competitors. No single outcome can cause a dent on his balance, whether positive or negative. By placing small bets, the gambler is able to withstand these short-term swings and losses. However, skilled betting gives you the opportunity to make profits over the long run. There are ups and downs