Managing your betting bankroll

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Hi, and welcome to The Gooner's MONEY MANAGEMENT page.

This is the section where we discuss basic principles that WILL help you to collect more from your winning bets - and also lose less on your losing bets. This is the MONEY lesson and it's the simpliest to do (it takes about an hour to setup) and just a little bit of discipline to use in order to ensure better returns - but many punters will never take this step.

Once again - lack of space means we must gloss over the detail - so if you want to get more specific then lets start a discussion on the sports betting forum. If we cover something good then I'll also post it on here. Bookies have the mathematical edge - but we can minimise that simply by being prepared and find a way to consistently make a profit.                         Good luck...

Money Management Tips - Part 4 of the Gooner's Betting Toolkit

online sports betting tips and advice
Maximising your betting profits by managing your money

So - you want to make a bigger profit, eh?

Sports betting money management tips | betting with value to maximise punting profits
 
This section is for people who are already pretty comfortable with Sports Betting. You understand the odds, the bets, and the game, but you'd like to turn or profit of improve that profit so it starts paying for more than just part of your BAR TAB.

Here are a few ways that you can improve your "take".
Last update: 3 January 2013

If YOU have active accounts at multiple bookmakers online - and only take the top prices - then YOU WILL WIN 10% or 15% or 20% MORE than you do today - even if you change nothing else.

ACT TODAY - IN FACT I SUGGEST YOU ACT NOW!!

If you really do not have time now - then bookmark this page and come back later today and get your betting finances in order. This is important - and an easy step towards significantly improving YOUR betting take.

As you prepare for the new season - open 1,2 or 3 accounts with new bookmakers and make a deposit in all of them then this season you are going to be winning more. (You can also claim the FREE JOINING BONUSES as well, a nice sweetener!)

You should try to fund each of the bookmakers to the same level - share your total bank amongst them - as I am going to suggest a staking plan that assumes multiple bookmakers. 
Ok. I am currently using a variant of the popular "Kelly Criteria" in order to determine my own Money Management schemes.

This is a simple and elegant calculation, that examines the value advantage you have on the bookies odds, and suggests a stake level given your current bank.

However it does assume several things :
  You have calculated the potential winning chance
    of your bet
  You have found the best odds at one of your
    active bookies
  You have at least three active bookies

The "Kelly Criteria" will calculate the stake required to boost your bank at the bookie by a percentage equal to your advantage. It is an aggressive staking system that will maximise winnings IF you accurately assess your chances.

It suggests percentages between 5% to 50% of a bank - and that it why it is ESSENTIAL that you have multiple accounts in order to smooth out any damage that may be caused by a big stake being lost at one bookie.
But just remember. The whole process is a tool. The more that you study Sports Betting - the more it starts to feel like an investment business. You should not leave steps out.

If you use the Kelly Criteria with incorrect chances it will give you bad advice. Your estimates must be good.
 
If you use the Kelly Criteria with just one account and accept low odds then you cannot expect to increase your average winnings. And you run the real risk of blowing you whole bank on a poor bet. No bet should ever be for more than 20% of your total bank. EVER.

LINK COMING SOON: I have not (yet) managed to code an interactive web page with the Kelly Criteria calculation on it - I hope to have completed ASAP - but if you would like an early copy then get onto the Sports betting FORUM and post a request message and I'll reply with a link to an EXCEL spreadsheet with it on.
BOOKIES REVIEWED
To help out I have reviewed and ranked all my personal bookies in an Overall Bookie Scorecard. Only bookmakers I consider to be 100% secure make this list - no matter how good their odds are or their sports coverage, etc. Unless you can trust a bookie to manage your account and pay you out there is just no point!

I strongly recommend that you only choose bookmakers on this list. The criteria for selection & recommendation are included in the scorecard.

FREE BETS

I've provided a summary of leading - and recommended - bookies that have BONUSES and SPECIAL OFFERS in the Free Bet Offers & Bonuses section as the bookies are fighting for your business and offering both joining sweeteners and retention bonuses. These are worth taking.

CASINO AND POKER
If you'd like a FREE BONUS for online gambling as well then you could try my Online Casino Reviews or Online Poker Reviews - these list and score a number of world class options for online gaming - and some are giving out BIG joining BONUSES this month. Get in!!

If you already belong to all of these bookies then you are on the right track - you're probably a regular winner - and I hope to see you sharing your ideas on the sports betting forum too.
Wrap up
IF you've gone through the tips pages, Basic Betting Tips, Special Bets Betting Tips, Advanced Betting Tips, and read about Money Management then you'll have a good idea as to how I look for and find my bets. These tips will help you!

Want more? ...
We are pretty active on the Sports Betting FORUM on most match days - and you are certainly most welcome to stop by and join in - review the bets being suggested and provide you own ideas.

It'd be great to see you there.

Good luck with your punting ...
You remember in the advanced betting concepts we talked about value?

Value is quite simply the chance of a bet winning multiplied by the odds taken. Well - if you can't improve the chances of the team - then the best thing to do is improve the odds you take!!

Impossible? No. Here's how it's done.

USE MULTIPLE BOOKIES!!

Just take a look at the odds in the tables on the right hand side - you might recognise them - it's the table from the Euro2004 final between Portugal and Greece.

All of these bookies are reputable bookies - who had the same information - but take a good look at the spread of prices on the two sides and see that there is a significant difference in the prices.

A bet on Portugal was priced between 1.67 and 1.80 (a spread of 17%) while Greece was priced at 5.00 to 6.00 (a spread of 20%).

This is a typical example - although the specific lowest or highest priced bookies change from game to game.

It happens because bookies rate the teams slightly differently to start with - but also because as their customers bet on the games, it causes the prices to change as the bookies try to balance the bets on both sides of the fixture.

It's a statistical fact:
-
that by distributing your betting funds & using 4-5 bookies you will get 10-12% more out of your betting than by simply using 1-2 bookies.

- that by distributing your betting funds & using 8-10 bookies you will get 15-20% more out of your betting than by simply using 1-2 bookies.

DON'T go away and forget about this! Don't just switch off because it's boring.

This is the most important thing you will learn about your betting in pre-season. You will do better if you follow this path.
OK. Hopefully you've paid attention and want to win more money. Now you need to prepare your portfolio of bookmaker accounts in order to get the best prices.

I've reviewed all the bookies that I personally bet with (links above left), and you can see many of them are well known brands - but they are far from being equal !

NOTE: If you join the bookies directly from ANY of the links on this site - then I get a FREE BEER - which would certainly be appreciated.

I am not paid by these bookies to specifically represent them - I  hold personal accounts with them and use them to successfully bet and hedge my own sports betting.

SOME FACTORS TO CONSIDER
  Your preferred bets (do they offer Asian H/cap if you
    like this?)
  Their coverage - are your favourite leagues and teams
    well covered?
  Do you like a single account for Sportsbetting and say,
    Casino?
  Their odds... how do they compare? Remember this is
    about having a stable of up to half a dozen active
    bookie accounts to hedge your betting across - not a
    single one! See Best Bookie Odds 05/06 Season Analysis
    06/07 season analysis on site soon...
  Is their site quick and easy to use, does it have tools like
    bet calculators, live score, game commentary, etc?
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ALWAYS bet at the BEST price

KELLY CRITERIA

NOW WHICH BOOKIES ARE YOU GOING TO USE?

A typical example of the spread of prices (best odds) between different bookmakers - take advantage of this difference! Use multiple bookies!
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Better Betting - Bet Bank Money Management advice by independent punters - part of a series of pages in our Online Betting Toolkit