When betting on sports, it is clearly significant to be able to pick winners consistently and successfully. However, money management is the most significant element to making money in sports betting in the long run. Losing streaks and long winning is bound to occur over the course of a year. Though winning streaks are amazing, losing streaks are extremely annoying.
A bettor who has an excellent understanding of managing money will be able to survive losing streaks while betting at online casinos. On the other hand, reckless bettors frequently see their bankrolls deplete severely. Thus, what should you do to manage your money properly at sports betting?
Build a Bankroll
Setting aside a bankroll is the first thing you must do before starting online betting. This bankroll will be exclusively used for sports betting. Taking out and adding money constantly makes it harder to keep track of your deposits and establish a betting structure around that.
You should ask yourself how much money you are willing to deposit into your account. Of course, this varies on your personal financial comfort level. You should not bet any money that you do not want to lose.
Any definition of “afford to lose” greatly depends from one person to another. In assessing your financial status, you should be realistic. In addition to that, you should also be realistic on how much you can afford to spend over an online gambling site.
Generate a Unit Size
After you have decided how much money you would like to spend on your sports betting, you then have to choose unit size. For bigger bankrolls, think about a unit size of around 1 up 3% of your bankroll. The 3% will be the aggressive bet and the 1% will be the conservative bet. For smaller bankrolls, think about the 5 up to 8% range since 1 up to 3% is not a realistic bet size.
This is not a fast and difficult rule. A lot of sportsbooks enable you to place minimum bets of $1 up to $2. Therefore, it is possible to stay in the 1% up to 3% range with deposits as low as $100.
Aggressive and more confident bettors should bet 3% of their bankroll. On the other hand, conservative sports bettors should bet 1% up to 2% of their bankroll every single bet. It is possible that you can increase your unit size to around 4% up to 5% of your overall bankroll if you are extra confident in your sports betting skills and knowledge.
Straight Bet and Follow Your Unit Size
Oftentimes, it is tempting to bet a bigger amount of your bankroll whenever you see a match you like. However, it’s crucial that you resist this urge. Always follow your unit size on each game. Always look at your bankroll. You should recalculate your unit size depending on your bankroll’s current status if it decreases or increases by a huge amount.
Experienced sports bettors win 57% to 60% of the time. This means that even professionals lose 40% of the time. Over the long run, winning at a 60% rate is more than enough to make a profit in the long-term. However, if you bet too much on one game, it will put your bankroll in a dangerous situation. That is why you should always stay disciplined and focused.
A lot of experts suggest keeping your unit size at an advantageous percentage that supports your risk tolerance whenever you are on a winning streak. On any single event, do not bet more than 5% of your bankroll. But, it may be worth to increase your unit size if you are hot and betting with a 2% unit size.
Don’t forget to have fun and try to enjoy the sport you are watching as well!