Why Money Management is so important
To consistently make profits over a long period of time in sports betting, you must not only make the right bets, but you also have to use your bankroll and keep control of your emotions. There is a tendency for people to ride a winning streak too hard and bet too much hoping to hit a super big payday. I have done it many times before I learned proper bankroll management.
Also, there is a tendency for gamblers to bet wildly amidst a losing streak to attempt to make a one bet comeback. This has spelled the death of many sports bettors that would have otherwise been on the path to profits. Improper money management can turn wins into losses and moderate losses into nightmares.
Both winning and losing streaks are a very real part of gambling. It is how you deal with these ups and downs that will determine just how well you’ll do at the end of the day.
That is precisely why money management is so critically important. When you are on a winning streak, you have to stretch those winnings to the maximum, but still safe level and make sure that you are a winner. And when things go the other direction, you must restrict losses to affordable amounts.
Money management takes a lot of discipline and for some people it probably takes some of the fun out of it too. But those are the people that must get a kick out of giving a lot of money to the sports books. Sports
Betting is very similar to investing in stocks or other financials in the way that money management can make or break the investor.