So many gamblers fail, because they fail to manage their money wisely. The adage says, “a fool and his money are quickly parted”. This adage really hits the nail on the head for those seeking to gamble for fun, profit or both. Money management is one of those buzz words in gambling (especially sports betting) that is thrown around, but never fully explained. In fact, I would venture to say that many people don´t understand what all it entails and more probably don´t know how to manage their money well.

Money management is one of those practices that can be shallow or extremely deep and complex. The very casual gambler most likely wants a simplified approach. However, the consistent gambler needs a more detailed and well thought out approach to money management if he or she is going to have a shot at being successful over the long run. In the end, small mistakes or loose plays can gobble up any profit that was made and turn a winning gambler into a break-even or possibly losing gambler.

Money Management

Today we are going to start a mini-series on the topic of money management. I don´t know how long the series will go – perhaps just one more installment. I am going to try and keep each piece bite sized – about 300-400 words. This purpose of this first piece is to simply get you acquainted with money management and illustrate how important it is. In the next installment, we will begin to go over money management in more detail, including formulas you can use to manage your money wiser.

Many people think that money management is solely about increasing or decreasing your bet size, but it is much more than that. It all starts with your bankroll. Your bankroll determines what you can and can´t do in the casino, poker room, sports book and so forth. For those not familiar with the term, your bankroll is the amount of money you are willing to lose gambling. It is the source of all money management practices and the very first thing you must decide on.

The casual gambler (especially when sports gambling) will want to at least set up a bankroll for the day he or she is about to play. A better strategy is to come up with an amount for the entire month or year and go from there. A sports bettor should set up a bankroll for an entire season. For example, if you were going to bet on football games at a sportsbook often, you should create a bankroll for the whole season. Once that bankroll is gone, you are done until the next season. Some sports bettors ”perhaps many” bet on different types of sports and like to have one main bankroll. All bets go through that bankroll and when it is gone, betting is done for the calendar year.

As you can see, there is more to money management than simply making a proper bet. A lot of thought and time begins with the bankroll. In our next installment, we will begin going deeper with the bankroll and I will give you some simple formulas to use. All of the information I am giving you is based on my own experience as a winning gambler – a rare breed. In order to join these ranks, you must master your money first and foremost. Without this solid foundation, there´s little hope of turning a profit.