Gambling Money Management

Two important aspects of gambling money management are organization and record keeping. They are both key factors in being a successful sports gambler. Often learned the hard way, keeping records is vital in knowing what strategies have worked and what haven’t in the past. Some handicappers know that their strengths lie in different sports and place double the amount on each unit for that sport; this is due to a long history of record keeping. We need to record accurately not only our handicapping, but also and just as importantly we must be right on track with our money. How else will you know exactly where you stand? You can’t! How many times have we heard someone say when asked how he or she is doing, respond, “I’m ahead a little bit”, or “I’m about even”. About Even, what does that mean exactly? You are either behind, dead even, or ahead. This people answer this way, more times than not because they do not know exactly where they stand, and they rationalize to themselves that they have won more than lost. Frankly, my money is too valuable to not know exactly where I stand every day. The goal here is to make money. If you do not track your money, everyday, you are already behind. You have to be organized. You have to be able to know what information you need, where to find that information, how to interpret that information, and last but most certainly not least, you have to be able to record it. Handicapping baseball is an accumulation of edges that we as handicappers take in and process. It takes years to develop. In order to see how what we are doing right, and sometimes more importantly what we are doing wrong, we have to record what we are doing so we can step back and take a look at our goal and the steps we are taking to get there. If we see something in our handicapping records that sticks out, we can make minor changes to correct to error and see how the correction does in the future. If we see improvements in our sports picks, we know we did something right, yet without our records to study, how could we have possibly ever known? We couldn’t. The point being that a person that looks at a paper or reads a preview of a match up, then jumps to a conclusion and places a bet has no idea what he is doing. When you work with stats, make notes on teams, and do it everyday, you start to develop a “feel” for teams. You start to know the pitchers, and why shouldn’t you? You track every game a team plays and every start for each pitcher. You can actually feel the team. You know where they came from, where they are going. Plain and simple. And without tracking, it is not possible. It is simply to much information to remember. But with notes for each team, you don’t have to remember you just look back in your notes. I consider keeping accurate records just as important as handicapping games and making picks. Without it you would be better off making your picks with a blindfold on.

Record keeping in regards to money seems like a no brainer. But time and time again bettors, for some reason or another don’t even consider it. Why, I do not know. As I mentioned before, my money is too valuable to me to not keep records. I want to know how much money is in my bankroll, how much in each of our online sportsbooks accounts. I want to know all of my picks for the season, win percentage, units up or down, EVERYTHING. Think of it as another tool in your arsenal.

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