Sports Betting Tip # 2: Sports Betting Bankroll Management
No matter what you are wagering on, sports betting is a marathon – not a sprint. Since a complete league season can last up to six months or longer, it’s easy to lose a lot of money – over such a long haul. It’s said that two percent of gamblers are long-term winners. Most people believe it’s because bettors received bad tips and/or made bad picks. In reality though, it’s a lack of self-discipline and proper money management that causes most losing seasons.
Money management is the most important and basic principle that every bettor should study, learn and then follow. Your bankroll size, betting units wagered, and the size of your card, are all important aspects of money management. Just like properly organizing your household finances – giving your bankroll special attention will help keep the roof from falling in on you.
First you need to determine the size of your bankroll. Your bankroll is a set amount of money that you put aside for each sports season. This money should not be associated with necessary living expenses such as utility bills, rent or mortgage and won’t affect your standard of living if completely exhausted. Since bets are place by a unit count – the size of your bankroll directly determines the size of your wager. In this formula, one unit is typically 5% of your total bankroll.
The base percentage amount can be slightly larger or smaller – depending on how aggressive or conservative you want to hit a particular betting option. So, if you deposit $1,000 when you register and fund your account – your first bet should be $50. If your research has uncovered a hidden gem, feel free to bump the bet up to a 10% two-unit ticket and place a $100 wager.
Now that you have your unit size, you will place this amount on each and every game that you decide to wager on. This helps limit the amount of juice that you pay on losing wagers. You also want to limit the amount of games you are playing. Your odds of winning decreases with the more bets you place so limit the number bets you make – say two to five wagers per day max.
Aa a general bankroll management rule, you should never risk more than half of your total bankroll on any individual bet – or on any single day. This will help keep your betting ship from crashing on the rocks and/or sinking fast. Being a winning sports bettor isn’t impossible but it does require a solid bankroll management strategy and proper self-discipline to earn success. As an added bonus you will lower your stress level as well. By learning AND following a sharp money management strategy – you will maximize your profits and minimize your total risk.