Only a small number of players make money from betting regardless of whether it is sports betting or some of the games of chance. 97% lose money on betting according some stats The reason for this, in addition to being uninformed, is poor money management.
Successful money management requires following some rules and restrictions that you need to set for yourself.
Rules and goals when betting
Once you have set aside that amount of money and make a deposit to your account, you need to set yourself rules and goals. By rules, we mean that you determine for yourself what percentage of the allocated money you want to pay per bet. There are different opinions about the amount, but we advise you not to exceed 5% of the total money, no matter how much you have at your disposal. The reason for this is very simple. The lower the percentage of money invested, the less likely it is that your account will be reduced to zero. Occasional loss is inevitable and it happens to both amateurs and professionals, so when your payout percentage is high, just one losing streak could empty your account. So always be smart.
The question is what happens when you are doing well and your account has increased significantly !? Our advice is to stay disciplined and continue with the same percentage of stake, because as the amount of money in your account increases, so does the percentage of your stake
Here is just one example: If your initial betting bank was € 100 and you were paying 5% of the account value, that would mean you were placing € 5 per bet. Suppose after a while your account doubles and now stands at € 200. If you keep the same payment percentage of 5%, the stake on your next bet, which is now € 10, has automatically increased. The same principle applies to the initial loss, in which case your stake would automatically decrease.
So, it is important to keep the same percentage of stake per bet, and the amount of money will automatically increase or decrease depending on its available amount. This is the only good method of money management that minimizes your chances of losing all the money.
In addition, we have all heard of the term “beginner’s luck”. A large number of players who are just starting to bet make a series of several consecutive winnings and very quickly increase the amount of money in their account, and that becomes tempting. However, every successful series is sometimes interrupted and this leads to the first loss.
One of the main mistakes that happen in these situations is that these players try without thinking and at any cost to return the lost money, abandon the previous strategy and suddenly increase the stake without any thinking and analysis. These are situations when calmness and concentration are lost, and nervousness and panic lead to a poor selection of couples who can ruin your account in a short time.
So we advise you to always keep calm and be patient, because bad days come and go.