Whether you are at your local track, playing online, or just betting a group of co-workers or friends on a game, there are several factors to keep in mind.

With so much sports betting being done online these days and sports betting online being so accessible to everyone, money management is a must! Unless you own a bank, and even if you do, you can’t afford to throw your whole bankroll on a game and if you lose, just grab another. You need to limit yourself to what you can and will bet. Be stingy! Allow yourself only enough to equal to what you can afford to lose over the entire season. Typically you need to spend only 5% of that stash. This is probably the hardest thing about being successful at wagering over a period of time. Sure, every once in a while spurge and double your bet if it is on a strong play and not what you want to be a strong play. Two things do not exist in the real world…. locks and ‘sure things’.

You must have discipline, as this is the foundation you must have in order to properly and successfully manage your money and place wise wagers. You lose discipline you lose your money. Example: You have an excellent winning streak, 8 wins and 1 loss. You are now 7 units up. Whoops! Now you lose 3 in a row, but you are still up 4 units. Ah, but now it is easy to lose your focus and forget your previous wins. It is easy to just double up on a couple of bets to try and recoup your losses, but what if you lose those bets, too? You’re only human and you will want to chase those losses, but if you stick to your original budget and plan, it will pay off and it will all make sense at the end of the season. Go ahead and try it. Stick to your plan, but write down all the times you wanted to chase your losses through the season. You can see what your bankroll would have been if you chased. Profits do speak volumes.

So, go ahead and visit your favorite online sports betting site. Just remember to stay in control of your money.