From the California Business Journal Finance Newswire.
Many people enjoy gambling and for the majority, it is a fun pastime that they use in conjunction with watching sport. However, just because it is fun and something we enjoy, that doesn’t mean we shouldn’t also take it seriously.
One of the biggest problems that many people face when they are gambling is how they manage their money. This can lead to problems with staking, losing too much because of poor bets and not using offers in the right way.
Regardless of what you bet on, how often you bet and the stakes you use, it is possible to look after your money a little better by managing things.
Want to learn more? Here are three aspects you should look at which will instantly improve your money managing skills while you are gambling.
The Long Game
Your mindset will play a big part in how you view your gambling and how you spend your money. Key to this is focusing on the long game, don’t worry about individual losses and certainly don’t try to chase them.
Just as those in business look at their profits over the course of a year because they expect bumps in the road from time to time, gamblers should be doing the exact same.
The harsh truth is that you will lose from time to time, this will mean losing days, losing weeks and maybe even losing months.
Ignore them, if you are confident in your abilities and strategy then you know you will come out of the other side and move forward again.
Bad habits occur when you scrutinise individual days and weeks, avoid this to stay on the right track.
Understanding Your Profit & Loss
The only way to make improvements and cut out losses is to actually understand what you are doing good and bad. The way to do this is by putting together a betting spreadsheet of your past results.
This will highlight which sports you are good at and which you are not so good at. For example, do you always lose when betting on the tennis ATP Tour? If so, cut back, or maybe consider cutting it out all together if it is that bad.
You can also look at bet types here, do you have more success when betting in a particular way, and lose when betting on others? Do you do well with accas that are small, but then struggle to land one when you have six or more selections?
The answer to these questions will all shape your betting in the future, and ultimately allow you to control your money much better.
Excellent Bookmaker Offers – Use Them
The fact is that the betting industry has never been as good as it is now for punters. This includes how we bet, but also the offers that are available for us to take advantage of. Bookmakers create these because the industry is so competitive, they do it to stand out, but you can use them to your advantage.
The battle to be the best bookmaker is on, we’ve seen power vs bet365 and others are also trying to stamp their authority.
Whether it is enhanced odds, receiving your money back as a free bet, an acca bonus or something else, there are offers out there which you can match up with your betting style.
Every time you miss out on one of these, you are putting an unnecessary dent in your betting profit, which you don’t want. These offers could be the difference between making a profit and a loss at the end of the year, they are that important.