Bankroll management is the most important strategy for successful sports betting. People believe that unsuccessful sports bettors fail because they can’t make winning picks when, in actuality, most underachieving bettors can be undisciplined and don’t understand the bankroll management concept. While it’s not that complicated, properly managing your sports handicapping bankroll takes practice.
This simple yet vital sports betting principle will make you a more successful online bettor.
Sports Betting Bankroll
A sports betting bankroll is the amount of money that you have earmarked for your betting venture. You can look at it as your savings account. You take money out to place a bet and your interest is the money you earn on winning bets. A bankroll is typically set aside for a certain season but could also be split into months or even a year. This bankroll should be extra money that isn’t associated any living expense and won’t affect your life in a negative way if completely exhausted.
It is also best to keep the money in your sportsbook account during the entire season. This way you are not spending it prior to the end of the season. You might need that money if you go on a losing streak. Only after the particular season is over is it is time to enjoy your winnings after the particular season is over. It is usually smart to keep the original amount of your bankroll in your account so it is ready for the next sports season.
Sports Betting Bankroll Management
Setting aside a sports betting bankroll is only one part of the betting strategy. To be successful you must manage it correctly. This is done by using betting units.
A betting unit is the amount of money that you place on each bet. To decrease your risk of the juice added on losing wagers eating away at your winnings you will want to place the same amount of money on each bet your place. This doesn’t only minimize your risk, but it also helps maximize your winnings. Betting a unit on each game allows a bettor to be a profitable bettor by winning 57%-60% of his/hers bets.
The size of your betting is determined by two things: your bankroll and betting temperament. A typical unit is 5% of your bankroll. Some bettors might use 3%, 7% or 10%. This all depends on how conservative or aggressive you are comfortable in being.
Managing your betting bankroll is the only way to be a successful bettor. Following these money management principles will lead you on the path of successful betting and enjoying the betting season.