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Money management when betting on sports

It is not surprising that numerous bettors lose to the bookmaker when betting on sports. But are you not interested as to why punters lose their bets in spite of sports betting providing us with an improved chance of winning? Many would argue this is due to weak handicapping (the procedure of appointing advantage through scoring compensation). While this can be said in some instances, there are other instances where even expert handicappers lose their money placing bets on sport. In my opinion the real reason is a result of poor money management abilities.

Inadequate money management skills are often down to two reasons: the first is that gamblers are naive, e.g. they are told a particular bet is a dead cert, betting increased amounts when in fact they were misinformed. The second is due to inadequate self-discipline, e.g. chasing losses due a run of bad luck. Whichever the case bettors who lose at wagering on sport are both uninformed and have inadequate self-discipline.
In order to be effective when betting on sport it is vital to create a plan and remain self-disciplined. It is most beneficial to set your own goals and then a strategy for winning. You should also jot down some betting rules that you will always keep in mind during betting.
Goal setting requires writing down what you want to accomplish, how much you want to gain, the amount you are inclined to risk. When establishing goals they should be attainable and measurable. The golden rule in the goal setting stage is to create a betting limit, as you should only bet with money you can afford to lose.
Once you have created your goals, you should then start determining your betting strategies.  One certain winning strategy is to bet on singles and keep away from accumulators. The predominant reason behind this reasoning is that your likelihood for winning are lowering with each game added in the accumulator.
Lastly if you find yourself on a losing streak when wagering and it seems that you cannot win, then it is probably a time to take a rest from it, think about not betting for a week or two. Don't be greedy and do not bet what you cannot afford to lose.

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