| One of the most important skills for any gambler is | | | | If you are a long term gambler, you know that you are |
| managing your bankroll. It makes no difference on | | | | not going to win every time. You have to be prepared |
| what you are gambling on, be it black jack, the horses | | | | for the unexpected loss or upset. It has happened |
| or Mixed Martial Arts. The term bankroll refers to the | | | | numerous times in sports history and you have to be |
| amount of money a gambler has to wager. Just like | | | | prepared otherwise you can fall into gamblers ruin. |
| you manage your bank account to avoid financial ruin, | | | | To prepare yourself to avoid ruin there are a few |
| you have to manage your bankroll to avoid "gamblers | | | | precautions you can take. The first and probably most |
| ruin." | | | | important thing to remember is to place bets according |
| Gamblers ruin means that a gambler has spent income | | | | to your bankroll. By betting on fights according to your |
| and often borrowed money and they can not afford | | | | bankroll instead of the probable outcome of the fight, |
| to gamble anymore. Now you may be wondering how | | | | you are preparing for the unexpected. Remember it is |
| anyone can fall into gamblers ruin? People should | | | | about the big picture not the short term. You have to |
| know when to call it quits, right? Well have you ever | | | | take into account standard deviation. No matter what |
| been on a winning streak? The feeling of bliss when | | | | everyone expects the outcome to be, the opposite |
| you think you can't loose. You even win when you bet | | | | can happen. If you have your entire bankroll or even |
| on the underdog. You even bet on an outside chance | | | | 50% of it tied up into one fight you have once again |
| just to push your luck. Or maybe the opposite occurs | | | | forgotten everything that you have learned thus far. In |
| and you are on a loosing streak. You think that you | | | | a Mixed Martial Arts fight there are only 2 possible |
| can recover your loses no matter what the odds are | | | | results, and upsets occur frequently. |
| and ending digging yourself deeper and deeper into a | | | | Remember that managing your bankroll is just like |
| hole. | | | | managing your bank account. Budget for the fights and |
| The concept of a winning streak or loosing streak is | | | | only bet according to your bankroll not according to the |
| called standard deviation. It is the understanding that | | | | probability of the outcome. There is always that |
| every individual occurrence can have an unexpected | | | | chance that you may have big wins once or twice. |
| outcome. No matter what the probability was. So | | | | However it is more likely that you will lose your entire |
| when some people go from a "winning streak" to a | | | | bankroll in a short period. You may experience a few |
| "loosing streak" they don't want to stop. The concept | | | | set backs on the way, but with a little planning and |
| of standard deviation happens to everyone. It's just | | | | effort, you can have fun and even win a few dollars |
| some people are better prepared for it and can | | | | betting on MMA. |
| identify it. | | | | |