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Money Management: The Real Smart Money.
By: John Onan,
Sometimes in betting on sports, money management is almost as important as selecting winning teams. After a decade in the sports gambling business, I can now call myself a "spot player"...,
Article source: http://online-poker.batcave.net/. Used with authors permission.
Money Management: Picking "your" spot
I'm sure we've all talked about money management, but how many of us practice what we preach/are preached about it??? After a decade of betting, I never thought Id be writing articles about restraint when it comes to Sports Betting. I guess its easier for me, personally, now that I've become a better handicapper. Hitting at a higher percentage sometimes builds patience, but many times breeds "greed".
I guess I am as guilty as anyone at "singing while I'm winning". When I'm in the middle of a "good run", I still tend to fire away at a game that I shouldn't. But, the "ultimate sin" is chasing your money in the midst iof a losing streak. Or even worse, laying half, or "the whole bankroll" on one game!!!
A wise man once said to me, "They play everyday!!" I knew exactly what he meant, but it took me five more years to "understand" what he meant. The more games you play on a daily, or weekly basis, you lower your percentage of having "longterm" success. It is to the sportsbooks benefit to be an "Action Jackson", so to speak.
Most of the successful gamblers I know are self-proclaimed "spot players". I also fit into this category (mostly). These type of players will wait for a game they REALLY LIKE, sometimes not betting for days, or even weeks, until "that game" comes along.
On the other hand, I also know gamblers who have to have "action" on many games (especially TV Games). The key, in my humble opinion, is to be able to sit and watch a game because you like/follow the sport. If you "must" have action on a game to be able to watch it, chances are you aren't that big of a sports fan. I watch plenty of games that I don't have money riding on, because 1) I'm a sports junkie, and 2) it is good for scouting a future "spot" play.
It bugs me to watch guys lose over and over because they have no concept of money management. It is always a good idea to write down, and keep track of your bets, review your bet history every so often, mark down the ones (in hindsight) that you felt "really good about". I can "bet" that you hit most of those. John Onan is Sports Moderator at The Online Players Union. You can read more articles by Mr. Onan (aka ego74) by going to http://www.theopu.com
He looks forward to you signing up at the forum and sharing your opinions on sports and casino gambling.
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