Whatever you do in life, it is important to be smart with your money. When you do something that involves regular spending like betting, it is even more important to do that.
Doing things to help you manage your money while betting should take nothing away from the enjoyment and excitement you get from placing wagers and watching sport.
However, it should prevent you from wasting money, making poor decisions and not taking the best available profit to you.
What you bet on and the stakes you place on each wager are the two most important factors to focus on, if you get these right then the rest will pretty much follow to leave you in a good position.
Creating a Betting Portfolio to Follow Your Results
If you want to make any changes to your betting in the future then you can only do it based on data. To get the data you need, the first thing you have to do is create a betting portfolio.
This will enable you to watch what is happening in each different area of your betting and act accordingly by bringing the changes into force.
A betting portfolio should highlight your bet, the stake, what sport or league it was on and of course your profit and loss. After you have put together months of data, you can work out where you are doing well and where you need to improve.
You can also include betting offers you receive here, which are usually free bets that give you the chance to win for free. For example, the Paddy Power bookmaker
offer gives you a risk-free bet, this needs highlighting as you won’t lose anything if you use this offer while betting.
How to Make Changes to Your Betting
When you have a portfolio that has enough data to be able to use it sensibly, you can begin to make changes.
The key here is that if you really enjoy betting on everything that you do at the moment, you can keep them all, just reduce the stakes you use if you are losing money. If you want to cut back on the bets you place, this is where you can cut out sports or leagues from your betting.
For example, if you place bets on a few different sports and you realise that your bets on international events such as the football World Cup are losing you money, you can cut these out.
You can also use this to enhance your chances of winning on other sports too, if you are cutting out a lot of bets then you can add new bets to the sports you do well on. If the NBA makes you a profit, look to bet more on it using the money you are saving by cutting out other bets.
Creating a Staking Plan
Those who are looking to keep everything in place can do so but change the stakes you use, cutting down on the sports you are losing on and increasing on the sports you are winning on.
Give every bet a stake of 1 point, work out an amount you are happy with for this and the amount you choose becomes your standard stake.
When you are looking to move around your stakes to try and become more profitable based on the portfolio you have created, you change these stakes.
For example, the losing sports and leagues drop down to half a point, while your best sports and leagues that are making a profit can move up to one 1.5 points to use up the stakes you are saving.
If your data is right and you continue to do well on your best sports, this will see your profit increase.