Taking part in sport is fantastic fun, watching sport is extremely entertaining, but if you want to make some serious money then the only way to do it is by betting on sport. Over the last ten years, online sports betting has become a booming business where the average Joe can now bank a fortune using their knowledge of a particular disciple.

However, as with any form of gambling, managing your money is crucial because you don’t want to lose more than you can afford. There are a number of ways you can protect yourself from the financial pitfalls, but one of the best ways is by using staking plans and a betting app like Voetbalwedden. Defining exactly how you intend to bet based on certain systems will reduce your risk and, therefore, you chances of losing money.

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Once you’ve chosen the betting format most favourable to yourself, you can then input this data into a betting app and sit back while the software goes to work. Of course, you’ll need to fuse this technology with your own insights into a particular sport, but if you’re able to fully harness the technology you can make a lot of money simply by speculating on the sports you love.

Stay Positive

In reality there is a number of staking plans you can use, but the majority of them are founded on two systems: positive progression and negative progression.

A positive progression system model essentially allows you to turn a small stake into a large profit by letting your winnings carry over to the next bet. Every time you win a bet you must use the profits on your next bet, thus increasing the size of your bet in relative terms but not in reality.

For example, if you bet $10 on a horse race and were successful, then you would bet $20 on the next race ($10 stake plus $10 profit) and continue operating in this way until you lose or reach your profit limit.

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Go Negative

In contrast, a negative progression system basically forces you to increase the size of your bet each time you lose. The most famous example of this is the often criticised Martingale System which guarantees you a one unit profit if you continue to double your stake each time you lose:

Bet 1 – $5 = lose

Bet 2 – $10 = lose

Bet 3 – $20 = lose

Bet 4 – $40 = win ($80)

In this example after a total of four losing bets the player was required to bet $40 which took their running cost up to $75. A win on bet 4 then provided a return of $80 which gave them an overall profit of $5 which directly correlates to the size of their first bet.

On paper negative progression systems like the Martingale System are fantastic, but in reality they often fall down because they are expensive. Indeed, forcing a player to increase their bets each time they lose can not only be financially taxing but mentally tough to deal with.

The key to any staking plan is having a get out clause. Set yourself a maximum bet/ loss limit and you’ll find these plans can be extremely effective regardless of whether you’re a novice or a seasoned sports bettor. It can certainly add some spice to a sports fixture if you want to do more than simply watch the action unfold.