| Money
Management
The average punter loses his money to the bookmaker
largely as a result of poor money management. Bookmakers
can from time to time present very good prices,
especially after the bookmaker has had a few good weeks
(often weeks with surprise results, many favourites
losing, etc), and punters' accounts are running empty.
Bookmakers know that even if they present a few good
odds (I mean really good odds), average punters will
most probably deposit more money, and most certainly win
this time, thereby increasing their bookmaker account.
This is fine by the bookie, because he knows that the
customer most likely will have an empty account in a few
weeks time due to his poor money management anyway. The
bookmaker will see this loss as a short term investment,
because the average punter will feel aroused by his
winnings, he's getting eager, and start to bet more
often and often with higher stakes. Inevitably, the
bookie's getting his money back, with a solid interest
on top.....
Professional punters know that bookmakers operate this
way, (presenting good prices every now and then, get
money circulation, let the customer feel he's winning,
thus generating more cash flow, and eventually more
money in the bookmaker coffers), and therefore they wait
patiently for the next round with extra good prices
offered.
The professional punter does not get carried away after
a few wins. He knows what to expect, and acts
thereafter. The professional punter is not necessarily
better to predict an events outcome than other punters,
but he's definitely much better with money management.
There are a number of systems for money management,
which are widely used by punters. You will find a
selection of them under Betting Systems. We recommend
that you read some of them, particularly the Kelly
Criteria
If you are a punter with a high-risk profile (you like
to gamble), and you know that you rarely predict better
than the bookmaker, then Martingale, or one of the other
negative progression systems, could be your money
management system. But beware of the dangers represented
with these systems. Their progression rate can be
devastating, and can break you just as soon as you�ve
started.
If you have a low risk profile (you consider betting to
be an investment with slightly more risk than a stock
fund), and you know you are able to predict slightly
better than the bookmaker, then Kelly is your system.
Kelly is the system of the professional punter, a system
for punters who thrive for perfection. A system that
optimizes the handling of your funds, if, and only if,
you can predict better than the bookmaker. |
