Before UBetSmart, in 2005, my sports betting experience wasn’t fun. I built up an online poker account from $0 to $1,000 in about a year playing free roles and other low entry tournaments. But, within about a month, I lost the entire $1,000 betting on sports.
If I can sum up the lesson I learned the year I lost $1,000 in less than a month betting on sports in two words, it would be money management.
I was proud that I built $1,000 up from $0. Most of those great online poker sites I used to frequent don’t exist anymore. And, the good free role tournaments are long, too. Those were the days.
I was devastated when I lost it all in little less than $1,000 in a month betting on sports. I took the money from the poker site and transferred it to an over seas sports betting site. It was the middle of summer, and I was following the baseball season closely. I felt like I was picking winners left and right. So, why not take the $1,000 and turn it into $10,000, right?
On the first day betting on baseball, I had two bets…
Toronto Blue Jays -142 (This means I bet $142 to win $100 if the Toronto Blue Jays win the game)
Oakland A’s +101 (This means I bet $100 to win $101 if the Oakland A’s win the game)
These two plays were bad bets before the game was even played. They were bad bets the moment they were placed. They were bad bets because of poor money management.
With the Toronto Blue Jays bet, I had bet $142 of my $1,000. That’s a 14.2% risk with just one bet. With the Oakland A’s bet, I bet $100 of my $1,000. That’s a 10% risk with just one bet. In total, I was risking 24.2% of my entire bankroll on just two bets. Thats a cardinal sin in sports betting!
UBetSmart Rule #1 - Never bet more than 5% of your bankroll.
Back in 2005, my strategy was to make $100 “to win” bets if the team I was picking to win was the favorite and $100 “to place” bets if the team I was picking to win was the underdog. This strategy was extremely poor because of the risk involved. If I had a losing streak to start or just had a mediocre first month, then I was risking to lose the $1,000.
In contrast, if you never bet more than 5% of your bankroll on a single bet, then, in theory, you can never lose your entire bankroll. Let’s say I would have used UBetSmart Rule #1 back in 2005. I would have started placing $50 bets on day 1. Then, if I hit a losing streak and my bankroll went down to $500, I would have lowered my bets to $25. If my bankroll then goes back up to $1,000, then I can increase my bets back to $50. With this strategy, you should never lose your entire bankroll.
Unfortunately, in 2005, I didn’t use UBetSmart Rule #1. I went t lose the entire $1,000 in less than a month because of poor money management. On the last day, I had $365 left in my account. I got frustrated and bet the entire $365 on one game. That’s what happens with poor money management. Eventually, you just say screw it.
After signing up with UBetSmart, we will keep you honest with you and your bankroll. Our star structured system will help you stay honest with UBetSmart Rule #1. Where do you bet smart?