You must run your sports betting activities as a business.
So, what about financial planning for your business? Again this is something simple to do but what most potential pro-gamblers fail to do. Many people bet with the amount of money they have available at that time. If they have been to the pub too often and it is the end of the month they may only have £2 on what may be a potentially great bet. At the same time if it is just after payday they may have £100 on another potentially great bet. In truth, both bets may be as good as each other, and how do you know which one is going to win? Say, for example the bet you had £2.00 on comes romping home at 3-1. You are kicking yourself that you only had £2.00 on it, because you have spent the last week in a semi-coma after spending all your hard earned cash on bitter or lager. Not that spending lots of money on bitter or lager is a bad thing (As I can vouch for by the size of my stomach, although at my age I am actively working this off, but I am rather straying from the point here). The mistake you have made is only having £2.00 on a 3-1 winner and then after payday having £100 on a sure thing that gets beat by a short head. Unlucky? DEFINITELY NO. In fact, over the course of the two bets you have selected, you should have done very well. In fact these were very skilful selections, one winner at 3-1, and one loser that got beat by a short head.

Now let’s see what exactly the same selection process would have produced if you had been running your betting activities as a business. Without a fancy staking plan, lets say you are staking the same amount of money on every selection, you value both bets equally (ie you expect to win money otherwise you would not place the bet in the first place).
If you had placed £2.00 on each bet the end result would have been a £4.00 PROFIT.
(£2.00 x 3-1 (4.0) = £8.00 less £2.00 stake =£6.00 Less £2.00 on the losing bet = £4.00 profit.)
If you had placed £50 on each bet the end result would have been £100 PROFIT.
If you had placed £100 on each bet the end result would have been a £200 PROFIT.
However you placed £2.00 on the bet that won and £100 on the bet that lost, the end result being a -£96.00 LOSS.
Instead of being £4.00 in profit, £100 in profit or £200 in profit you lost £96.00 that you probably could ill afford to lose. This is the important thing. You lost this not by bad selections, bad luck or any other excuse, but purely from bad planning and bad management. You lost money because you were led by circumstance, (the amount of money that you had in your pocket at the time), rather than taking control and running your betting activities as a business.

A £4.00 Win is better than a £96 Loss if that is your affordable budget.

Hope that this example may help you.

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