One thing that has always bothered me is how people mindlessly spend money. Of course different circumstances bring different scenarios, but in the end I have been noticing a common trend of people losing money because they literally refuse to think.
Now I would love to be your personal advisor and put my Finance background to good use by telling you how to better your life financially, but unfortunately that would require about 10 extra pages of me writing and at least three glasses of whiskey. However, I will give you my quick tips to become more disciplined while betting.
1st tip: Make your own 10 commandments that includes how much you will spend of your total bankroll/investment amount. I don’t ever want to hear a justification for betting all of your money in one night. You should create a strict system you follow based on percentages allowing you to gradually make profit and/or lose on off nights. My favorite style is betting on a 1-3 unit concept. For example, 1 unit can be 2% of your total bankroll and represent your weakest bet based on how sure you are, 2 units can be 4% and 3 units can be 6% representing your max bet on a game you swear will go your way. Not saying that everyone should follow this, but hopefully you get the jist. The point is, you discipline yourself to maximize total value while minimizing losses that will inevitably come.
2nd tip: Don’t be an emotional pansy. You will lose money. Don’t pull out 😉 Any serious investor, whether it be in the financial market, small business, and especially in sports gambling knows that they will not be in the green on a daily basis. Believe in what you are doing and stick to it. That being said, don’t be throwing money on games because you have the possibility of winning a lot on some hunch you have or thinking that the game is a sure thing. TRUST me, that theory fails one day and it will hurt. There is adrenaline when a bet goes your way but you need to keep your composure and not go overboard. Hence the unit system I introduced. Remember, you want control and discipline.
3rd tip: Build your bankroll. When you win money, don’t automatically withdraw and go buy yourself the new iPhone and enrich those arses at Apple. Just like a 401k, think of your winnings as a compounding value. The more money you make and use to grow your bankroll, the more potential value each bet brings if you follow the disciplined unit system I spoke of earlier.
This is what differentiates the high rollers vs the inept scrubs. People that are successful in sports betting follow this type of process. It may not be the exact same thing I am describing, but in some shape or form the best will agree with what I am saying.
My 4th and final tip for everyone is simply to think. Take a breath, make a spreadsheet, and patiently follow and document what you do to learn from your mistakes while betting. The best and most successful will always be those that are the most disciplined.