Even if you are an experienced bettor, you need to be well-versed in money management betting strategies or your bankroll is going to suffer. It is no different than most good things in life. If you want to find success, you have to have a plan.
Here, we examine some easy money management strategies and how you can use them to ensure you have an enjoyable and successful betting experience.
One of the first things to do as a sports bettor is to think as a sports investor. As a bettor, the obvious goal is to win. It’s true for the investor too, but thinking as an investor helps the bettor think from a more long-term perspective.
Like any investor, a sports investor must have a goal. What percent return would you like to achieve? Whatever that number is, it should be realistic. Doubling your money in a month or two is not likely. Plus, it deviates from the long-term mindset.
Your first step when talking about money management betting strategies is to set a goal.
Set Your Bankroll
Your next step is then to determine the size of your bankroll. How much will you deposit into your sportsbook account? The answer is different for every bettor and depends upon the individual’s personal financial situation.
Your bankroll should reflect an amount a bettor can afford to lose. The goal, of course, is to win bets and have a positive return on investment. Be realistic based on your financial situation and understand your betting habits. Your bankroll will be much different if you only place three or four bets a year on major sporting events than if you only place one bet per day.
Determine Unit Size
There is no sense in establishing a $500 bankroll in order to make $500 bets. Sure, it’s an extreme example, but understand that professional bettors rarely wager more than 1 percent of their bankroll.
It helps to understand your risk tolerance. Are you more conservative or would you consider yourself an aggressive bettor? Those on the conservative end will normally set a unit size at 1 to 2 percent of their bankroll.
For a bettor with that $500 bankroll, that means single bets will be in the range of $5 to $10. More aggressive bettors will set their unit size in relation to their bankroll in the 3 to 5 percent range ($15 to $25 individual bets).
Diversity & Re-evaluate
As with any investment, you don’t want all your eggs in one basket.
In sports betting, that simply means finding value in a variety of bets.
You might find value in an NFL spread bet one night and in NBA totals the next. The key, of course, is to find that value and maintain a winning percentage somewhere in the 55 percent range.
Knowing about line shopping and having several online sportsbooks to find the best betting line and odds is the quickest way to increase your winning percentage. America’s Bookie is known for being a go-to line shopping destination.
The key to your whole operation will be discipline. Stick to your plan and don’t deviate. Don’t play hunches and don’t let emotions take over when placing wagers.
There will be winning streaks and there will be losing streaks. Playing the long-run game will help you navigate through both and have an enjoyable and successful betting experience.