For all sports bettors who constantly try to improve their betting game, advance their strategy and increase the chances of making profit, money management and performance control are key practices in their routines. Whether systematically and formally or more loosely, unstructured and informally approached both money management and performance management constitute the bible of professional, regular punters’ strategy who manage to see their bankrolls grow.
What do money management and performance control mean How can they become part of your betting game as well How can you adopt strategic approaches to these two and ultimately increase your probabilities of making profits out of your wagers placed in
betting sites in Spain or in any other part of the world in that manner
Let’s see first how money management and performance management can advance your betting game.
Money Management
Money management is all about managing the risks and the flows of our money when we put it out there for betting. It refers to all the practices, decisions, strategies and plans that we make in order to put some structure on our betting game (what we are betting) and on our bankroll (how much we are betting).
It is just not acceptable to throw away money for the sake of betting. This should be made clear to everyone who likes to bet on sports. Nothing should remain uncontrolled. Sometimes bettors are carried away by their emotions, just like for example betting all their money in a great underdog of a big football game - which however might turn out to be a
great upset and lead to many profits- but as a rule of thumb staking should be done in a systematic and planned manner.
Money management has to do with determining the bankroll size, setting bankroll limits, determining bankroll unit size for betting, devising a staking plan and generally making decisions on how to best and more efficiently manage the money that you have.
Money management sometimes can make all the difference between successful sports bettors - who make sustainable profits in the long run - and punters who experience long losing streaks and can’t have a long-term orientation of profit making in sports betting. It can also make all the difference between a sophisticated betting game and a simple, left-to-chance game that will almost never lead to success.
Understanding how critical is money management, it is quite surprising that many bettors still ignore this part of their betting strategy or they don’t just give the attention and emphasis that is required.
No matter how you decide to approach money management and bankroll management, there are some things that you need to ALWAYS have in mind:
- Know your limits and determine these limits with the staking plan
- Never chase after your losses
- Don’t bet based on your emotions. Make data-driven choices
- Evaluate and control your money management plan. If it doesn’t suit you, change it till you find the proper mix of strategies and practices that will keep your game going.
Performance Management
Performance management is equally important. It has to do with managing how your betting game unfolds and with evaluating and controlling your betting strategy.
The only way you can become a better bettor is by developing a strategy that fits your game and one that builds on your strengths, while it makes you learn from your mistakes and change them. And the only way you can achieve this is by keeping track of your results, your performance and everything that has to do with your betting game.
Most professional punters devote hours on maintaining detailed records of their wagers and this helps them see where they stand at any time. They are able to have a real-time picture of their game, their profits or losses and above all they are able to statistically process all data in order to make meaningful assumptions on the suitability or the inefficiency of their strategy.
Performance management means that you gain control over your betting strategy. You can measure your performance in terms of your results, you can assess the effects of different factors on your betting effectiveness, you can evaluate alternative strategies comparing their impact on your
ROI and generally you can work magic with data analysis and statistical processes.
Performance management is crucial because it gives you the chance to find your strong and/or weak points and accordingly maneuver your betting plans and money management in order to continuously advance your game.
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