Bankroll management or money management are relatively new terms in the world of sports betting. At its core, it’s about the exact amount of money you must wager on every bet. One of the biggest issues faced by over 90% sports bettors is that they don’t even realise the importance of having a bankroll management strategy for their sports bets.
It implies that they continue losing money over the long term, till the time they go broke, trying to chase that one big win which could recoup all their losses. No matter how good or how highly recommended new bookmakers you might use to place your bets, you cannot profit in the long run without having a well-thought out bankroll management strategy. Let’s tell you about 3 such proven bankroll management tips for sports bettors everywhere.
Decide how big your sport betting bankroll will be
You must start by determining the amount of money you’d like to deposit in your online sports betting account. It will depend entirely on your personal comfort level and your financial situation. Whatever happens, you should never bet money that you cannot afford to lose and avoid making rookie sports bettor mistakes. Please note, different people define ‘afford to lose’ in different ways. What’s important is that you should be realistic in making this assessment.
Once you have figured the amount you are willing to let go, decide on the amount of time you are ready to invest. If you wish to place sports bets no more than 3 – 4 times a year, only on major sports events such as NBA Championships, March Madness, Super Bowl etc., then you might not need to invest a lot of money; especially compared to bankroll you might need to place one or more bets per day, throughout the year. Once you have figured out these numbers, stick to them, no matter what.
Figure out a unit size
After setting aside a bankroll amount, you must figure out the percentage of it that you’re willing to wager on each event. Starting out sports bettors should keep their unit size in the vicinity of 1% to 5%. The conservative sports bettors on the other hand should not go over 2% per single bet. If you are extremely confident about your sports betting skills and knowledge, you can increase the unit size to 4% to 5% of the total bankroll.
The ideal unit size is 1% to 3% as it allows you to stay disciplined throughout. You would hardly see any professional sports bettors exceed 1% of their total bankroll on any given bet.
Regularly re-evaluate your bankroll
Sports betting, like sports disciplines themselves, is highly dynamic in nature. You need to continually calculate your unit bet size throughout your sports betting journey. There might be situations when you will have to make adjustments depending on how badly you’re losing or how consistently you’ve been winning. Reduce your unit size if you see yourself experiencing a losing streak. It is never a good idea to increase your bet sizes in an effort to recover your losses when you’re having a bad run.
Ask any professional sports bettor and they’ll tell you that they expect to win only 60% of all their sports bets, implying that they are willing to lose 40% of the times.