-Introduction
-General rules
-Equal bets
-Kelly Criterion
-Martingale or "double money"

Introductionbesides deciding what we will bet, it is equally important to decide how much money we are going to put through for every bet. There are quite a few examples of players who despite the fact that they win more than 75% of their bets, they end up losing their money.

Below we will present you three of the most common Money Management systems:

• Kelly Criterion
• Equal bets
• Martingale or "double money"

General RulesNo matter which money management system you follow there are some general rules that can help you maximize your profits!

1) We need to decide the amount of money which we want to have as our betting money and then spread it evenly between 3-4 trustful bookmakers, so that for every game we choose to bet something we can always choose the highest odd. It is always good to also have an account with companies like Betfair.
2) We always try to go for single bets, or the very most on bets involving 2 teams. Never more than this.
3) We set some targets; for example to win 3 or 4 times the amount of money we have for betting. If we reach that amount then we withdraw the winnings and we are left with the original amount of money set for betting in our betting account.

*No matter which system we follow, it is always a good advice to test the system without real money for 3-4 weeks and see if we would make money and if it suits our style. Then we can start playing with real money.Equal Bets Let’s suppose that we have 1000 units available for betting and that we use the same amount of money for each of our bets.

*This way of gambling is good for players who trust their skills. If we have a real long run of losing bets it can lead to losing all our money...
Kelly Criterion Kelly Criterion is a way to increase the winnings as much as possible, on a long-term basis. More specifically, relating it to football betting, Kelly’s Criterion is telling us how much money we should use for bets for which we believe the odds are higher than the real situation surrounding the game (look for the value bet explanation).

Kelly’s Criterion goes as follows:

Α= Π.Ν (odds+1)-1/odds
where
Α= the percentage of money, from the original sum, that Kelly Criterion indicates to use
W.C= the chances we personally give to the bet we choose to go in favour of
Odd: The Odds that the bookmaker gives for our selection

Martingale or "Double Money" This is a system which is very popular for casino games. According to this system we choose to bet particular amount (A) of money on 1 or 2 games where the odd for the single or the combo bet is 2.00 (or higher).

If we win the bet, we use the same amount of money for our next bet. If we lose the bet, the next time we bet we use double the amount of money we used for our first bet. We keep repeating the process until we end up winning a bet. When we win a bet, we end up winning exactly the same amount we would have won if the very first bet of this procedure (of doubling our stakes) had won; have a look on the table that follows:

Stake - Profit - Net Profit
A 2A 2A-A=A
2A 4A 4A-(2+1)A=A
4A 8A 8A-(4+2+1)=A
8A 16A 16A-(8+4+2+1)=A
16A 32A 32A-(16+8+4+2+1)=A
32A 64A 64A-(32+16+8+4+2+1)=A

*If we had endless money to gamble this would be a perfect system as winning one time would be enough to give us a profit. But if we have a limited budget, some losing bets can lead to risking much money and finally bankrupting...

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