So you are a beginner in the wonderfull world of sports betting? Great! We love to have the opportunity to guide you in your first steps.
Let’s begin with the foremost; Betting is supposed to be fun! It’s best compared to a high risk – short term investment game, where losing your money is a very real option. Betting should be about throwing in some money, enjoying the game with added excitement, if you win some you go home happy, if you lose some you don’t end up in debt. Please do it responsibly. A good rule of thumb, if you are upset about losing it, you put in too much money.
Having said that, BookieBacker has a good result history so we really want to take you along in our slipstream for great tips!
There are a few things that you need to keep in mind when betting. They can also be described as rules for Money Management.
How much to bet
It is very important to have a set of rules that tell you how much to bet. Having rules that you stick to overcome emotional decisions and inconsistent betting behavior. You should always bet a certain percentage of your stack (the amount of money you have set aside for betting). Myself, I use 1/30 of my stack, so 3.33%. It usually ranges between 1 and 5 percent for most people. Keep to that stack! If you have 30 bets, you will bet your total stack (1/30 * 30). If there are 15 bets, you bet half of your total stack (1/30 * 15).
Managing profits and losses
Make sure that losses are not compensated by bringing in more money to win them back. That’s a disfunctional coping strategy. Instead, learn to take them, watch your stack schrink and win it back over time. When winning, it’s nice to take some of the winnings home with you. What I like to do is take an arbitrary percentage of my winnings, say 15%, and withdraw them from the bookie. So if I win 20 euro/dollar/whatever in a weekend, I withdraw three. This accounts (I’m not a high stakes bettor) for about 10/15 euro every month and it’s nice to still have your (growing) stack and in the meantime celebrate your success by buying a small present.