It is the most important aspect of success in sports betting. No, it’s not picking winners consistently. Over a period of time, there will be hot streaks and there will be a fair share of losing streaks.
ONLINE SPORTSBOOKS OFFER THE MOST COMPETITIVE BETTING LINES
The one thing that really is the key to successful sports betting is money management strategies. Bettors that can manage those periods of losing are the ones that have the greatest chance of long-run success. Reckless bankroll managers often find themselves wiped out.
That is why successful bettors, or those searching for success, need to have a plan. It’s rather simple and not much different from managing your own expenses.
Establishing a Budget
You likely have a housing expense, maybe a car expense, and you have to eat, right? Many people budget for their living expenses. You can do the same for your betting portfolio.
The first step is to set how much you will wager in a given period of time. The common term for how much bettors set aside to bet is called the “bankroll.” Figure out how much you can put into your betting account in, say, a month.
The next step in the process is to determine how much you will wager on each bet. A “unit,” or the amount of each bet is normally one to three percent of the size of your bankroll.
If you decide on $100 as your monthly budget, you would be betting $1 on the conservative end and $3 on the more aggressive side. The “unit system” is a key to having success as a sports bettor.
Why You Can’t Simply Bet the Favorite
It’s no different than establishing limits in your budget for entertainment, for example. You don’t spend your entire entertainment budget at once. You enjoy a dinner out, maybe a movie, or a trip to the gun range.
The same is true in sports betting. You don’t spend your entire bankroll on one bet. There will be a time when you see a matchup that you like. It will tempt you to spend more than your unit size. Don’t do it. Stick to the plan as it will help you weather a large string of losses.
Track Your Bets
If you can budget your living expenses, you can surely do the same to track your wagers. Use a simple spreadsheet to keep track of all your bets, winnings, and losses. It will help you to monitor your bet amounts.
Using the example of the $100 bankroll and $1 to $3 bets, you can decide when to be more aggressive and when to bet more conservatively. If you have more success in betting NFL games, your tracking sheet at your online sportsbook account will reveal that and you can adjust your bets accordingly.
Know Your Limits
Never, ever bet any amount that would hinder your ability to pay your bills. This seems like a given, but it is important to remember. There is a reason why very few people can pick games and make a living doing it. Keep in mind that the best of the best only win just over 50 percent of the time.
Establishing a betting budget is the key to long-term success. Set it, set your unit size, track your bets, and stick to the plan. Your success depends upon it.