Betting Strategies 101 - Money Management

Money Management - Being able to correctly pick winners is very important obviously in sports betting, but money management is a key factor of making a profit in the long run in sports betting. As a bettor you will face nice winning streaks and you share of losing streaks, that will frustrate even the best handicappers out there. So you ask yourself what are the key factors of money management. Below I will least some of those factors.

1. Bankroll - You must establish some type of a bankroll before you even start sports betting. You need to figure out how much you can afford to lose, never place any bet unless you can afford to lose whatever amount that you decide to wager with. Whenever I start gambling, I will pick a sportbook or two and deposit one lump sum and once a month I will make a withdrawal. The amount I decide to put in a sports book is determined by two things, how much will I be wagering per bet and will that amount I deposit be enough to cover my cold streaks. Example for as long as I have been gambling, my longest losing streak I can remember is about seven lost wagers in a row. So if I were to bet $100 a game I would put in at least $1000 into a sportbook. That amount would be enough to cover my longest losing streak yet of 7 lost wagers. At the end of the month I would withdraw any net profit I have accumulated, if I now have $1697 in the account, I would withdraw $697 and start all over again the next month. Basically you just have to find out what ever it is that works for you.
2. Wager Amount - With what ever bankroll you start with, you will need to determine how much you want to wager per bet. Win or lose your next bet should always be for the same amount. There is no such bet as a sure bet or a lock, any wager can lose. Losing a bet and upping you next bet because you want to gain back the money lost from your first wager and then still make a profit at the same time, works sometimes but could really be deadly to your bankroll. When you do want to up your bet, it is okay to do it, as long as you plan to stick with the new amount on every game that follows it.       
3. Straight Bet - Find a betting style that works for you and that  you are comfortable with. Straight bets are probably the best for money management though. Once you set the amount you want to wager on every game, stick with it and in the long run if you can win about 60% of your games, then you are good to go. Stay away from having the urge to place a high wager on a team that you really like, or a team that you just can't see losing a particular match  up.
4. Set Goals - Before you begin wagering, set some type of a goal for yourself, but be realistic. Ask yourself questions like, how many games will I be wagering on, what winning percentage should I expect to have, how much of a profit am I shooting for. Goals are important, it just serves as something to aim at and gives you direction.
5. Keep Records - You need to keep some type of a record of how much you are betting and what your record is after a months span, season, or year. You need something that you can go back to whenever and see how you are doing. This can prevent you from making the same mistakes over and over again.