When you've acquired a bit of experience in betting, it will become clear that not all bets are the same and you need to categorize them.
As a result, the proportion of your betting budget allocated to different bets should reflect this. Because of the uncertain nature of sporting events, odds are dynamic and changing all the time. Our betting spend should be proportional to our risk assessment of an outcome happening or not.
The Money Man has a great budgeting strategy and it goes like this:
"Now, depending on your income and the amount of which you decide to put into betting, everyone's’ levels of bets will differ numerically, but the concept should remain the same. Over the years I’ve refined a basic structure of Class A, B, C and D bets: Certain, Almost Certain, Probable, Likely.
My lowest betting begins at Likely (Class D). It’s when I feel that the possibility of a certain outcome happening outweighs the chance that it won’t happen, but acknowledge that there are various risk factors which may change the course of the event. My Likely bets sit at R500. Next on the ladder are Probable (Class C) bets, ones where I feel based on my homework and knowledge of the sport and match in question, that the event should turn out in a certain way, granted there are no blindside occurrences like red or yellow cards, injuries and so on. These, for me, are my R1000 bets. R500 up, at R1500, are my Almost Certain (Class B) bets. These events are usually the sports I feel I know best personally and are placed when I have been avidly following a league/tournament/build-up and feel that it is a low-risk event. I always compliment my own knowledge with extensive reading, something I’ll reinforce over and over again!
Lastly, are my Certain (Class A) bets. These are the bets which I place with great authority, have a passion for and feel are undoubtedly worth the spend for the potential payoff. I’ll place these type of bets when I feel the bookies have misjudged the odds and that there is no doubt in my mind that my bet will come off. Even if they don’t though, I never walk away from a Certain bet feeling like I have made the “wrong bet”, as when I place these I am 100% happy with my reasoning and judgement and risk assessment, and if I’m wrong it is testament to the fact that sport is beautiful in that truly anything can happen.
I’ve always maintained that there is no such thing as a certain outcome or guaranteed money, however, one can feel certain in an outcome and if your knowledge is sound enough to have that authority of thought, and you’ve backed up this instinct with research, place your Class A bet. Organise your classes based on your account figure and the income supplementing your account, and you’re immediately ensuring more responsible “investor-like” betting."
Our take-home message from this great advice from the Money Man is that if you back yourself and do thorough research, you'll always be making good bets according to the information available to you. You can follow Money Man on Facebook and Twitter - he's an experienced, knowledgeable source for all things betting.
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