One of the most important issues with any money related business, like investing and wagering, is to know how to manage your money. It's almost common sense to think that if you have a disciplined approach your plan to become successful will have more chances, no matter what the business you pick is, whether it is betting on a football game, blackjack, poker or in a investment: if your state of mind is not clear or you are under stress it is not a good idea to put you money on the line.
Real gamblers, which make profits around this market, are the ones who are less emotional and don't overreact, upsetting the process of wagering. Be aware of one of the most common mistakes for novice players: "chasing the bet". To be a solid player means to be rational and knowing when to step back from a bet or to stick to a betting plan, and when something doesn't go the right way, never rushing into the next wager to "get back even", so to speak. If you are dealing with investments you should be careful and thoughtful in how to manage your money, and this could be applied to any monetary decision you make, even sports gambling.
In football betting, a gambler should know that breaking even happens 52.4 percent of the time, not the 55 percent that they let you think in 11-10 odds. Lets take a look at the numbers: if you pick the right outcome in 11 games and fail at 10, you have to divide the total of right choices by the total of games wagered on; divide 11 by 21 and you have a result of 52.4. Any other scenario with more winning games represents that the player has made a profit. But remember the Juice: to have profits, this cannot be out of the equation. This cut of the money goes to the house and is only applied to lost bets. If you plan to win 100 dollars in 100 games, you have to invest 110 dollars in every game to cover the juice, the magic number of 55 games will correctly give you 5500 dollars, but the 45 games you lose means 4950 dollars less, so this is more than breaking even; the final result leaves you with 550 dollars in profit. 55 percent is the profit horizon. When you look at the results, it is pretty clear you don't have to be a sports genius to make money wagering.
Don't get the wrong idea: sports gambling is still tough, but not an impossible task to make profit of. The average gambler only gets around 46 to 48 percent of the wagers correctly, and you'll need at least 52.4 percent to break even and 55 percent to make profit; 46-48 percent is worse than flipping a coin. If you try to figure out a winning pattern or something like that, you are going to fail. That's why money management is a better option. You have to pick just a few games because every game you add to the equation means more risk and more information to look upon. Have a determined amount of money to wager, and get reliable sources of sports information. Don't try to make your own analysis; you just end with a big mess.
First step you make in money management is to limit yourself to a determined amount of money to invest during the full season. This will be the maximum money you allow yourself to risk in the investment. You then work out this money in a weekly or per game basis. You can also figure out the maximum money you will bet for game, and then the total games you will bet on during the season. Then you will reach the total of money for the wagering season. In this way you can wager and stay out of trouble, when you win you can take half of your profits and put them in a reserve fund and spread the other half on all the remaining games. If you follow this advice you don't risk all your profits and the half you risk doesn't depend on a single game, thus avoiding bad decisions that become big money losers.
Like in any investment, there is the risk of losing, and the more profit you want to make the higher is the risk. Sports betting is the relation between risk and reward. This is not for the feint of heart; the money you risk should be cash you can afford to lose; your goal should be enjoy a recreation activity and have a little chance to make profits in the process, but without leaving discipline and correct money management out of focus. Try to avoid emotional reactions and irrational bets. Begin the season with the thought of how much money you could lose in the worst case scenario and then concentrate on not surpassing that point. Make the right calls and stick to a good strategy and you will always avoid the worst case scenario.