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For professional sports bettors, the most important factor of sports wagering is related to money management. While having the expertise and knowledge to pick the right teams is very important, the proper money management is essential tp having a profitable season.. The odds of the sportsbook are that every player will pick winning teams on one occasion or the other, but the majority of people do not know how to handle their money in a way that will maximize profit possibilities and reduce the possibilities for loss..

The first important step in managing money for sports book betting is establishing an account or fund that is strictly dedicated for making wagers.. This fund is typically known as a players “bankroll”, and should be an amount that you can afford to lose without putting you in a financial crises.. Funds to pay rent, mortgage, or investments should be paid before setting money aside for this purpose. True with any gambling venture, players should not play if they cannot afford to lose the money they are putting at stake..

Once a handicappers bankroll is established, it is now time to decide the amount you are willing to wager on each game. The favored method of pro gamblers is betting a certain percentage of their bankroll on each bet, this is known as the Kelly Criterion method.. Almost all successful sports book money management system will utilize a variation of this method..

Mr. Kelly’s method was created in the 1950′s and is a sure fire method used for all sports gambling types including horse racing, parlays and even the stock market. This method uses a mathematical formula based on the odds and the probability of winning. The calculation is actually fairly simple and involves three steps The first is to multiply the odds of the single event by the probability of winning. Then you subtract the probability of losing from the answer of the first step.. Finally, you take the solution of step two and divide it by the odds..

The percentage mentioned by the solution of the Criterion calculation will be the percentage of your bankroll that should be wagered.. Once you have determined the percentage of bankroll to use, choose the wagering type to wager on.. Choosing a straight wagered has better odds and will increase your chances of success over time.. A parlay bet, requires less money to be bet and has a higher return on investment, but far worse odds.. Don’t forget each betting type has it’s own advantages and disadvantages, so pick wisely.

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This entry was posted on Sunday, August 22nd, 2010 at 1:17 am and is filed under Casino Gambling. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.