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Money Management #1: Take out your winnings

August 25th, 2015 | by bp
Money Management #1: Take out your winnings
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There are lots of help in the betting world and one you need to take seriously is your money management. How you manage your money determines the difference between betting for fun, for gain, or an obsession.

Let me ask you a question, you pushed in a $100 into your bookmakers account and after 1 month of multiple bets, there is $567.80 in your account at the book makers site, That’s a whooping 400%+. The Question here is who has that money?

This is the part where you say “Me of course” and i say hmmmm, technically its still not yours because it is still in the bookmakers account. You think you own it but since its still there, the tendency you will feel lucky and overbet is there and that’s what bookmakers bank on with bet winners -“That feeling that you are feeling extremely lucky”.

So the lesson here is simple, have a budget for the week, month or quarterly as you deem fit and have a fixed cash flow. At the end  of your period if you are on a monthly basis, If you have more than your fixed amount, take out your winnings into your hand and continue the next period with your fixed cash. If your fixed is $100 and your period is monthly, after month 1, you have $189, take out $89 and start month 2 with $100 again. That way you focus on your playtime and strategy without getting over zealous.

What if you loose during your period e.g if your $100 becomes $64? This is where betting experts explains “loss limit”. Its okay to top it up with $36 to get back to $100 for the next period. This way, you can balance your cashflow that’s of course if you are not betting on feelings and loosing all periodical bet cash.

If you loose all your $100 before month end, what next? This is where discipline sets in, DO NOT put in any cash until your next period, not even your X% winnings of last month. Use the free time to practice a strategy before your next period comes.

It is important to manage your money if you are doing sports betting, do not allow fun bet turn into money loss and then you put more thinking into lost bet that the beauty of the sport.

For more information or advice, talk to us: tipster@betbredict.com.ng

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2 Comments

  1. Sule says:

    Good day pls,how do predict sure wining or draws thanks

    • bp says:

      Hi Sule, Kindly register an account and subscribe for guaranteed predictions. Also you can use the free predictions on our site.

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