Bankroll Management is Key in Sports Betting
Treat Betting Like a Business
Sports betting has emerged from the shadows and has gone mainstream in recent years but many do not understand how to stay in the game and potentially make a profit. Contrary to conventional wisdom, the house doesn’t always win…it just wins most of the time because most bettors don’t exercise the one thing that contributes mightily to success in every other aspect of life – discipline.
A successful bettor is a disciplined bettor. There are no drunken wagers allowed because they lead to financial hangovers the following day. It sounds funny but it’s a very real issue with many sports bettors because they correlate betting with partying. Make sure to place your wagers before the partying begins and have a friend hold your phone, or leave it at home, so you can’t get to your sportsbook of choice on your mobile device while imbibing.
Below we will articulate a solid game plan for those who are serious about making a profit at doing something millions of people love to do – bet on games! Without further ado, let’s discuss the golden rules to make that happen.
Keys to Betting Success
- Establish a Bankroll – Even if you can’t predict the weather with the sun shining, the one thing you can do to make your money last when betting on sports is establishing a bankroll for the season. This should be an amount that won’t cause you any sleepless nights if you happen to lose it all. Maybe that’s $500 for you or $50,000 for someone else who can comfortably afford it. This amount is strictly predicated on what you consider discretionary income that some might spend on a season’s worth of golfing, boating, fishing, or any other hobby that requires an investment.
- Money Management – Now that you have established how much of a stake you will have in the game, it’s time to determine how much you will wager on each event. There are two schools of thought on this with the first being that every wager should be the same amount. Oftentimes, that is one percent of your bankroll so if you have committed $1000 for the season, then each wager would be worth $10 regardless of whether you like the game or love it. There is another school of thought that says each wager should be graded from one to five percent of your bankroll depending on how much you like your chances of winning the bet. Either way, make sure to limit the number of your bets. Pick out one to three games on the board and don’t manufacture opinions just to have “action” on a game.
- Choose the Right Sportsbook – There is nothing worse than requesting a payout from an online sportsbook and getting delays or, even worse, being ignored. Make sure to choose wisely when deciding which sportsbook, or sportsbooks, to make your wagers. Getting paid is paramount because it is okay to sweat the game but never the payout. There are resources out there that will guide and help you determine which books have a long, reputable history and which do not. Many of the top books have promotions where you can maximize your profits if you use these bonuses. Make certain you have done your due diligence and investigate the companies that will be holding your money while you attempt to take theirs.
- Do Your Homework – Betting games is not dart throwing where you blindly bet whichever team gets pierced. It is imperative to research the games to determine which side has the advantage based on the point spread or moneyline assigned to the game. Review each team’s recent games, injury reports, head-to-head records, and historical data. Moreover, seek varying opinions from other handicappers regarding the contest. Much of this information can be found on sports betting forums where posters don’t just talk about who they believe will win or lose but more importantly, who covers the spread and who does not.
In summation, establish a bankroll that is comfortable for you and never go above it. Don’t chase your losses as that is a recipe for disaster. If you have a losing day, don’t worry, opportunities abound in the days and weeks ahead. Make sure you limit your wagers to either the same amount or one to five percent of your bankroll depending on how strongly you feel about the bet. Remember, five-unit bets should be few and far between. Make certain to do your homework before putting a bet in and make absolutely sure that you do business with one of the top-notch books in the business because getting paid is the name of the game.