Spoiler Alert: Beware The Wallet Pull

The sad reality of sports betting is that the majority of those laying down their hard earned money on the latest sports bet are destined to fail. Incredibly, some experts make the case that an astounding 90 percent of all sports gamblers will in fact lose money over the course of a betting year. Yet, this statistic will not in fact stop people from trying their hand anyway.

But it does not have to be that way after all. A simple understanding of what is the most important skill to have is all that it takes. What is the most important skill to have in the sports betting arena?

Hands down, the skill that will save you and your wallet is getting a handle on money management. Note that money management means a whole lot more than reaching into your pocket to pull out your wallet, checking to make sure there is some money to manage and then handing over your hard earned money to the sports book. Nope, money management in the sport betting world is more involved than that.

For example, one of the basic tenets of sports betting money management is to set up what is called a bankroll. Your bankroll is your betting fund. This is the money you have decided you will still be okay if you lose the entire bankroll. Obviously, you do not fund the bankroll with your rent money. Also, if you can’t realistically set up a bankroll just yet, that’s okay. Simply set some money aside for a few weeks or months until you have a legitimate bankroll to start with.

Next up is what to do with your bankroll. Many professionals in the sports betting industry advocate a disciplined approach to your wagering. For example, many of them advise you to only ever bet a set percentage of your bankroll on each bet. Now of course you have to be the one that determines the percentage that makes sense for you, but you get the point. Following this approach allows you to approach each sports bet with the same demeanor as a professional.

There’s more. By using a percentage basis for your wagering, you may well find that you can take some of the emotion out of your betting. Since you are only laying down a percentage of your bankroll on any individual wager, it’s not such a big deal if it doesn’t go your way.

As you can see, succeeding with sports betting begins with proper money management.

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