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Don’t Spend It All in One Place (or on One Sunday)
There’s no time like pro football season at a sportsbook. Because each team plays only 16 regular-season contests, every game is an event. You can feel the buildup during the week, culminating on Sunday, when there are usually 15 games on tap, oftentimes as many as 11 “early games” kicking off at 1:00 p.m. EDT.
When I was managing the sportsbook at the Desert Inn Casino, the first few Sundays of the NFL season were always standing room only. There was electricity in the air. The bets came fast and furious. Invariably, however, by Weeks 4, 5 and 6, the crowds had thinned by 60%. And those who remained were playing more conservatively. Bettors who had been laying $500 a game were now agonizing over their wagers and risking just $100 a game.
Needless to say, the football fans who disappeared altogether after the first few weeks had blown their entire bankrolls. And practically the only money-management technique the last men standing were using was to bet less, but of course they were doing this only because they had less in their pockets.
By neglecting to set a bankroll or use a money-management strategy, both those groups had not only ruined their chances at making money over the long haul, but they’d sapped all the fun out of following the football season as fans and gamblers. Much like it is for the players on the field, gamblers know it’s no fun sitting on the sidelines, or playing catch-up for most of the season.
The sportsbooks figure 93% of all people who place a bet this season will end up losing money by the end of the year.
I feel the reason for this is,
1. The betting public does not have any discipline when it comes to making their selections.
2. They don’t have any money management plan that they will follow throughout the season.
I feel most people who bet spend 90% of they time trying to figure out who they are going to bet, and only 10% on how they are going to bet them.
Think of it you do the same thing don’t you?
Here is a tip I can give you about building your Bankroll at the beginning of the season. Let’s say you have a starting bankroll of $1,600 to invest.
The first thing I want you to do is breakdown your $1600 bankroll into 4 equal blocks of $400 each. Instead of risking your entire bankroll right off the bat. Break it down into separate blocks of $400 each, by doing so you will have a calm mental state of mind and know that your entire bankroll can never be lost with just one bad losing streak.
What I want you to do next is:
Start your wagering with your first block. As your first block of $400 is doubled to $800, add it back into your entire bankroll. Remember in this example your starting bankroll was $1600.
$1600 plus the $400 that you have won will now be worth $2000.
Then breakdown your bankroll again into four equal blocks of $500.
With the increased money added to each session block. You can start wagering a little more on your plays. Once you double your block again of $500 to $1000. Start the whole procedure over again. Add the $1000 back into your entire bankroll which will now be worth $2500.
Break it down into four blocks this time of $625 each.
Continue to use this procedure every time you double a session block.
If you go on a long losing streak, and lose an entire block. Do the opposite and adjust the remaining bankroll accordingly.
This is a very powerful Money Management plan to build your bankroll.
Here is another tip on how to guarantee never to lose the entire amount that you bet on any given day.
Let’s say you make five $110 straight bets for today’s games. You would be betting a total of $550.
You know those days will eventually come when we go 0-5 for the day. Losing $550 in one day would definitely put a hurt in any bankroll.
Well here is a simple little money management idea that will guarantee that losing your total amount bet for the day will never happen.
Just bet a $20 parlay consisting of the opposite teams that you played. Here in Las Vegas you can find 25-1 odds for a five-team parlay. If you went 0-5 for the day, would have hit the opposite five-team parlay at 25-1 odds. Your total return for this bet would be $500.
So instead of losing over $500 for the day, your loss would be minimal.
When it comes to making your bets, please use discipline. By this I mean you do not need to bet every game. Just because a game is on TV does not mean you have to bet on it. Look to bet the games that you have a strong feeling on. If you don’t have any plays for the day. Fine, there’s always tomorrow.