Submitted by rsteel on
I have talked to many sports bettors who were very skilled at winning finding value and making very smart bets. However guess what that is not enough. Without solid money management and discipline a sports bettor will not survive long term.
1)Changing Unit Size: It is my opinion flat betting is the ONLY way to go. In other words you RISK the same amount on each game. The risk is 2% of your bankroll. This is your unit. You NEVER decrease your unit. You only INCREASE your unit if you have increased your bankroll by 50% based on profits and/or investment you can recalculate your unit.
2)Overreacting To Trends: Most of you have heard me say over and over again that you need numerous compelling reasons to make a bet. Those reasons should be a combination of statistical and subjective.
3)Too many bets. Action junkies do not do well. Playing too many marginal games. The anthem is played every night at many venues. If you do not have value do not bet otherwise you are gambling.
4)Shop for the best line. Regardless of the dollar size of your unit not having 3 fully funded sports book accounts that you can shop at to get the best line possible means you are burning money. You shop for a new car, clothes, TV etc. in your everyday life it is just as important in this business.
5)Be a Contrarian. Like the stock market and it sounds so simple but also applies to this business. Buy low sell high. When everyone is jumping on a team you jump off. When everyone is jumping off a team you jump on. People still lean towards favorites and overs so your focus whenever possible should be on dogs and unders.