A Fool and His Money... Be Smart With Your Bankroll.
By Greg Dempson
Management is a key factor to achieve success as a gambler, but money management is also necessary to be content and live in harmony with your spouse and enjoy life to the fullest.
The “money management” statement isn’t revolutionary in the gaming world and if you are surfing this web site you are probably well aware of the importance of money management or lack thereof. Each and every gambler has but one obstacle to overcome and it isn’t the “juice,” the odds, or the size of your bankroll; the biggest obstacle for all gamblers is simply themselves. That’s right, you, the person that is reading this article.
How many of you have credit cards? Are they paid in full at the end of each month? Do you simply pay the minimum? If you were to list all of your debts, and I am not referring to gambling debts; how would you fare in money management? Now, gambling isn’t any different; if anything, it could be worse.
The credit card debt carried by consumers is a multi billion dollars business; so is the gambling industry. Consumers buy items they don’t really need, items on impulse, items on credit; gamblers do exactly the same things, most bet on impulse. The parallels between the lives that many consumers choose to live vs. a gambler are very similar.
Failure in credit card debt can give you an R-9 (90 days) credit rating, which could ultimately result in a loss of cards, personal bankruptcy and so on. Failure as a gambler can result in two scenarios. The local bookie cuts off a gamblers credit, (and sometimes its worse) and for the off shore gambler, no funded account directly equates to no gaming action!
Ego is also the downfall of many a gambler.
You don’t need a University or College degree or a high school diploma to be a gambler. Everyone and anyone can be a gambler. Since no “talent” is required, anyone can be good at gambling. Consumers are so good at gambling; there are so many experts out there, that Las Vegas is the fast growing city in America. They are building all those fancy hotels and sports books with whose money? With the dollars of the expert gamblers. One of the greatest quotes of all times applies to better than 99% of all gamblers, “A fool and his money are soon parted!”
Decisions vs. expectations; the CR factor.
Many a gambler makes a gaming decision on impulse, rage, or getting even; what I call the recoup factor. When you as a gambler know that you are an expert, you of course expect to get it back. The difference between the words expect and expert are the letters ”C” and “R.” If we insert a “P” in the middle of the letters C & R; that could pertain to many a gambler, the much needed CPR especially after a Monday night game went south.
Do not make a wagering decision based on those gambling words like “lock” or so and so in one of the posting forums is hot. If someone lost six games on Sunday surly the Monday game will turn out right! Decisions must be made based on reality. If you aren’t living in the real world with your credit card debt, how the hell can you make subjective decisions in the gambling world?
Year in and year out teams start on a terrible run, they lose many games in a row, that doesn’t suggest that they had to win game six or seven straight up. There is no divine intervention for any team or player, God is far to busy to answer any prayers by teams or players! Gambling on something as simple as flipping a coin and having heads come up 5 consecutive times indicates what on the 6th flip of the coin? Does this mean that the heads portion of the coin will come up a sixth time? The chance is still 50/50 because there are only 2 sides to the coin; (unless a cheat is involved.) The actual odds of that coin coming up heads a 6th time would be 32 – 1; but it still has a 50/50 chance.
I am not going to go into all the rules or the right and wrong approach to money management. Stability in your bankroll, correct decision making and research will go a long ways in helping all this season. My classic statement about gambling is simply this; bet what you can afford to lose not what you hope to win.
My Commitment
My purpose at Greg Dempson Sports is to help you in your battle against the book by providing you with quality free information as well as offer a paid service for those who are so inclined.
If you have a football question and I can help, send me an email. If you would like to respond to this article or have any questions about my football service, please reply via email to gdsports@shaw.ca or call me toll free at 1-877-717-7577.
