If you want to learn how to be a successful gambler, you must learn to manage money. Not trying to trash an occupation but the worst gamblers in the world are the men who run high level corporations. Now thats a bold statement but true. You see they have access to money and lots of it so there is never a need to manage their funds.
So with a hop and a skip lets get to the brass tacks of money management. Heres how you do it if your poor.
“I am poor and have very little to bankroll my business (gambling : What? It is a business people, someone makes a lot of money on this business) but I only have $500.00 to spare ” Good you have set a parameter then, 500 dollars of disposable income, the rest for living expenses. Never use money you need to live on for gambling, to much pressure to win.
Now with that $500 we need to divide that up into chunks that allow us to loose a little and still make a profit. For example if I make 5 $100 bets I had better win 3 of those bets or I am almost out of business. So that is not a good Idea. The best money managers on the planet only risk 1% of their total funds available for investment. Will that work here?
No – 1% of 500 is only $10 – you might get a personal book to take this but I doubt it. I personally would go with a conservative $50 per bet.
Now where most people fail is they will continue to bet $50 on a play until they literally run out of funds. This is not letting the law of averages play in your favorite.
Heres a quick workup of how you should place bets to help you with the odds of you winning. The odds of you loosing 10 games in a row are extremely high almost impossible, just as picking 10 in a row is almost impossible. So if I bet $50 on the first bet and loose, I want to be placing $100 on the next bet. Heres and example of why and how this should be done.
$50 —- loose
My next bet should be $100.00 to cover the loss of the first bet and give me a profit
Next bet $100 – Loose , Ok now your out $150 but the odds of you taking the next game are in your favor, you see its just as difficult to lose 3 games in a row as it is to win three games in a row.
Next bet should be $150 plus $50 — most should win at that but you might not. Now you are managing the odds and should with some sort of system be a net winner over time.
This lesson should be kept in mind as you are watching my personal picks. Bookmark and keep in touch