Lesson 1: Bankroll Management
Are you prepared to lose all of your hard earned cash on a hot-tip from the Grammys or 15 seconds in your home-town casino? I would believe that 99.9% of you would answer no. The other 0.01% should seek mental counselling. Whether you enjoy wagering on sports, roulette, black jack or neighbourhood rollerblade races you’ll continue to run to the ATM or bankruptcy office if you don’t manage your bankroll properly.
The most successful gamblers in the world are in that position because they view it as an investment and not actually gambling. Determining maximum size per wager is necessary to ensure that you actually see a return on your investment. This should be completed by taking into consideration a few things such as frequency of bets, type of bets and length of seasons (sports) or sessions (casino). I will relate the remaining portion of the article to sports wagering.
I like to adhere to the 2% rule. What is the 2% rule you ask? I determine the amount of funds that I am willing to lose for a specific season and only bet a maximum of 2% on any game throughout the season. This restraint will allow you to sustain lengthy cold streaks without losing your entire bankroll. It takes an emotional disconnect to be able to maintain a clear mindset while seeing your account balance dwindle after you go on a 2 week draught (it will happen at some point in your gambling career).
It is integral that you stick to the game plan and do not make emotional plays and chase lost wagers by raising your bet size to chase losses. Although this discipline will not ensure your success in gambling, it will allow you the ability to lengthen your time between deposits.by