It is a common misconception among inexperienced sports bettors that financial resilience should really have any direct bearing on sports betting resilience. A possible explanation for this faulty way of thinking could be that we don’t really enjoy the idea of a lack of finances being able to hold us back from achieving our potential – in whichever area of life. Deep down in most people is firm conviction that money is way too fickle a thing to be regarded as destiny defining.
The reality of the matter is that love it or hate it, not having money can and does hamper progress. If being able to weather difficult times is linked to resilience (which, by the way, it necessarily is), then it stands to good reason also that financial resilience is one of the most important factors playing a role in sports betting resilience.
Financial Resilience Explained
But what exactly does it mean or imply when we refer to financial resilience within the context of sports betting resilience? Within the context or our topic, financial resilience can be described as a multi-leveled concept:
- Personal wealth. To be clear, the concept of personal wealth doesn’t in this case refer to being wealthy. Instead, it refers to whatever capital you may have at your disposal. Having a running positive balance is important in order for you to survive when the going gets tough, i.e., bets are lost. Not having the luxury of backup capital can easily cause the bettor to become desperate – leading in turn to everything from making high-risk bets to borrowing money at exorbitant interest rates.
- Betting bankroll. If your betting bankroll is too small you may end up in the same situation as what you would in the absence of personal wealth, i.e., taking unnecessarily high risks trying to chase down that one win you just know will change it all. On the other hand, working from a position of a strong betting bankroll will remove the pressure and urgency to succeed – and succeed big really quickly.
- Size matters. Not every big bet will be a bad or losing bet. Being financially resilient owing to a strong bankroll means being able to grab hold of opportunity when it presents itself.
Resilience Is Good For You
Another benefit of being financially resilient within the context of betting on sports for a living or a second stream of income, is that of being able to adopt a more positive approach to losing. The cold hard truth is that nobody likes to lose but everybody will do exactly that at one point or another.
Having a strong and resilient bankroll will help boost your emotional and mental well-being during those inevitable losing streaks. And since how the bettor responds to losing will ultimately mean the making or the breaking of the man (or woman!), its clearly obvious that not nearly enough emphasis is being placed on the importance of a financially resilient betting bankroll.
Proof yet again that ignoring the importance of money is every bit as dangerous as being obsessed with money to the point of having no regard for the inevitable collateral damage caused by such an obsession.