Sports Betting Money Management
Sports betting can be a run of luck for some, science for others. Similar to so many other games of chance and gambling in general there is much more than meets the eye. It can spice up your match night and in best case cover the beer tab but it can also bring home the bacon if done with skill. Following article will cover some aspects in sports betting you should think before acting.
Higher stakes equal higher wins while making small bets is just plain boring. That might be true but to gain longevity you must take care of your bankroll. Don’t jeopardise your whole bankroll as there will be good and bad streaks and when the bad hits you need to have the liquidity to take the hit. Allow yourself to bet also in the late season. Money management is the foundation, the key to success in betting and the best part is that it is always under your control – if it’s not you are in the wrong business. No matter which games you choose and how good tips you receive you will always manage your bankroll safely.
How do to decide how much to bet then? An easy rule of thumb is to try to keep your bet amounts around 2-3% of your bankroll (by bankroll we mean the money you have dedicated for betting, not your real bank account balance) but never let it exceed 5% and when in doubt of the outcome drop it all the way down to 1%. If your bankroll is $1000 your average bet shouldn’t rise above $30. There can be rare exceptions when the conceived chance of winning is extremely high that you allow a higher percentage to be risked. Such bets would be for example for money line favoritees. To repeat the obvious: keep in your mind that there are no sure bets and bad streaks will happen. Expect even over 20% fluctuations on your winning percentage. If you should be expecting something around 54-58% wins you will lose a lot of money if betting over 5% of your bankroll at a time.
With this simple rule it is a mathematical impossibility to lose your whole bankroll. This is also a progressive strategy as your bet sizes will increase when your bankroll increases. Bigger bankroll equals bigger bets. You can make yourself a chart out of 1-5% situations, depending on how confident you are of the win.