Sports handicapping is one of the lucrative hobbies which could help you earn a second income if played wisely. While some sports pickers do it for the entertainment it offers, others consider it as an investment. Regardless of your goals, sports handicapping requires a level of discipline to make it a fun experience. If you are unorganized, it can turn to be stressful and you may face financial losses. Listed below is a compilation of financial management tips from the best sports handicapping handicappers.
Set The Foundation
Before you actively participate in the sports handicapping world, you need to have a proper plan in place. In other words, you need to set the foundation right so that you could enjoy the sports handicapping experience. You should evaluate your current financial situation and come up with an action plan. Do not commit the mistake of randomly placing picks without thinking about how much you lose or how much profit you could earn. This should not be a tactic if you are a serious picker.
Never Chase Losses
The best sports handicapping handicappers will tell you this golden rule in sports handicapping – never go behind your losses. If you want to be a safe sports picker, you should not chase losses. Instead, you can analyze your losses and understand where you have gone wrong to make a better decision next time. Moreover, do not get desperate about losing the bet.
Know Your Limits
The key to making sports handicapping success is to play within your financial limits. You should place picks only as your bankroll allows, regardless of how tempted you feel to place more wagers. Never miss out on a winning streak just because you lost your money initially in the season. Always remember, losing picks is inevitable in sports handicapping.
In general, you should use between 2 to 4% of your bankroll to play safely in sports handicapping. Once you cross the limits, you should be disciplined enough to stay away from placing more picks. And as your bankroll grows, you can place more wagers.