Are you looking to make money betting on sports? You need to focus on betting money management strategies.
Key Points
– One of the keys to sports betting success is managing the bankroll.
– There are a number of sports betting money management strategies that bettors can use.
There are a few keys to becoming a successful sports bettor. One of the key strategies that bettors must understand is how to take care of their money.
There are several sports betting money management strategies out there. Bettors should have a plan for their bankroll and stick to it.
ICYMI > THE RAPID EVOLUTION OF ONLINE BETTING
How a bettor manages money is just as important as finding quality bets on which to wager. If you had $1,000 to use to wager on games on a given weekend, it probably wouldn’t be wise to bet it all on one game.
That’s part of a money management strategy. Here’s a look at a number of sports betting money management strategies.
Budget is Key – Betting Money Management Strategies
First and foremost, a bettor needs to stay within the budget. Establish the amount that you can wager over a certain period of time whether that be a week or a month. Do not gamble with the rent payment!
Only risk what you can afford to lose. Set up a separate account that will hold your sports betting funds. Use only funds from that account and never from your personal bank accounts.
Read more on this if you want. We wrote an article focusing on why a betting budget is a must.
Fixed Stakes
Once you have established the size of your bankroll, it’s time to determine how you will play. One of the more common strategies is to wager a fixed amount or unit.
Unit size is typically 1 to 5 percent of the size of the bankroll. If the bankroll is $100, wagers would range from $1 to $5.
No matter what the wager is, the bettor sticks to the fixed stake strategy. The bettor cannot deviate from the path. Too often, bettors want to make up for a string of losses. They stray from the fixed stake strategy and end up losing even more.
Diversity vs. Niche
There are two thought processes here. One is to be diverse with your bets. The idea is not to put all of your eggs in one basket. No matter your strategy, always compare betting lines. Online sportsbooks make getting started easy. Open a few bookmakers to shop for the best betting lines and odds.
Those who make a few large bets per period, say in a week, do not typically do as well as those bettors that make a wider variety of smaller bets. These bettors are able to build up their bankrolls slowly over time.
There are also niche bettors who may find a certain bet type they have success with. Take the NBA first to 20 points bet or NBA first half spreads. Whatever the bet is, the bettor becomes good at finding value.
The key is to still manage your betting bankroll while betting your niche. Smaller bets over time and bets that stay within the money management strategy are conducive to success.
Sports Betting Money Management Strategies – Set Limits
Bettors can also set limits for losses. Let’s say your limit for a week is $100. Once you have lost $100, you cannot place any more wagers until the next week.
Remember, the idea is to be smart with your money. Keeping a separate gambling account and sticking to a strategy of betting within your means will put you on the road to sports betting success.
