Smart bettors stick to sports betting money management strategies.
– Winning bettors use sound sports betting money management strategies.
– Never deviate from your sports betting money management strategies.
Sports Betting Money Management Strategies
If you bet on sports and want to make money, you need to think of the bigger picture. You need to think about the long run and practice wise money management. Sports bettors are doomed if they constantly chase losses and take unwarranted risks.
Those that understand wise sports betting money management strategies will thrive. Getting to where a bettor wants to be financially doesn’t happen right away. It takes time. Sports betting requires actual analysis, skill, and strategy, in contrast to casino games and slot machines.
While many bettors are looking for shortcuts and the fast track to big winnings, the smart bettors are sticking to what works – sound sports betting money management strategies.
Bankroll & Unit Size
Each bettor is different. Some have extremely large bankrolls and goals to match. Other bettors stick to $5 bets with goals that aren’t quite as lofty. Some just want to figure out how to bet on football.
The bettor with the $5,000 bankroll for the 17-week NFL season has a different mindset. If this bettor divides his bankroll into units of $100, he can wager on 50 games. Each bet of $100 represents two percent of the bettor’s bankroll.
One of the best sports betting money management strategies is to keep a bettor’s unit size between one and five percent of the total bankroll. An “all-in” type of wager where a bettor is extremely confident would be a five-unit bet. The lesser confident bets would feature one unit.
This is a sufficient amount of units to last you five to seven weeks of sports betting. That is assuming you don’t win a single bet. With the right research and patience, most bettors are going to win at least a few bets. The goal, of course, is to produce a profit each week and, ultimately, for the whole season.
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Sound Sports Betting Money Management Strategies
Let’s say you commit to betting five to eight units during your first week. You might find one four- or five-unit bet and others that are worthy of a single unit. Say you make a total of six bets on an NFL Sunday.
You are likely to win at least one of those bets. Take at least one unit and play that on Monday night. You could also play half a unit on two separate bets. These are some sports betting money management strategies that can help grow your bankroll.
Increase Unit Size
As you win more bets, your bankroll is going to grow. After a few weeks of an NFL season, for example, you may have gone from your initial investment of $5,000 to $7,500.
This is where many bettors start to get greedy. They increase the amounts of their stakes dramatically. Instead, make sure you stick to sound sports betting money management strategies.
You would still stick to the idea of betting no more than five percent of your bankroll. If you are going to use your new bankroll of $7,500, then realize that a one-unit bet is going from $50 to $75. Too often, the $50 bettor who has a number of wins under his belt wants to wager more. He wants to bet $500, which is more than five percent of the new bankroll.
When the bankroll rises, shift your bets but keep them within the guidelines of smart money management. One-unit bets are one percent of the bankroll. Five-unit bets are five percent. No exceptions.
Setting your betting unit size too high leaves you little margin for error. Within a few weeks of an NFL season, a bettor could see his entire bankroll disappear. Stick to your plan and don’t deviate.
Betting on sports requires consistency. If you want to increase the size of your unit bet, do so in small increments. Additionally, stick to the idea of fewer units on wagers that you aren’t as confident in. Wager more on those bets that offer the best value. This way, you can increase your bankroll as you win more bets.
You may also want to split a unit on two bets that make sense. The Anytime Touchdown player prop in the NFL is a great example. Most of these bets are offered at plus-money. A half-unit bet at +250 still pays out pretty well.
Analyze Your Success
If your season’s budget is $5,000, make a plan accordingly. Make your unit bet $50, $20, or $10 if you want to be extremely cautious. You can easily make it through the entire season if you do this. However, you might not win as much as you could.
Alternatively, you could start at $100 per unit. If you find that you’re losing money, lower your unit size while attempting to gradually make up your losses.
It’s crucial to look around for the best moneylines or point spreads and take lessons from your wins and losses. The NFL’s regular season lasts 17 weeks, and a lot can happen during that time. One of the best betting strategies is to keep track of your bets. Then, you can figure out what you are doing right and wrong and adjust accordingly.
The concepts covered here can be used to bet on any sport. Create a budget, confirm that you can afford it, and stick to it. Use sound sports betting money management strategies and be realistic in all things. Remember, it takes time to build a strong betting bankroll.