How to manage your Bankroll
The bankroll is the lifeblood of the operation, whether it’s a small amount for recreation or a serious stack of chips. Size doesn’t matter; what’s important is how you use and manage it. How do you handle your bankroll?
Don’t spend it all in one Game
Just like your grandparents always said, it’s important not to spend all your money at once. While it may be tempting to put everything on one bet and hope for a big win, the reality is that you are more likely to lose it all. Betting on sports is like a marathon, not a sprint. You shouldn’t take big risks and put yourself in financial trouble. Just like with investing, you shouldn’t put all your money into one risky stock. Diversification is key in sports betting as well.
Diversify Your Bets
When it comes to financial investing, diversification is key. By spreading your investments across different areas, you can mitigate risk and protect your overall financial health. The same principle applies to sports betting. It’s important to have the ability to bet on multiple sports, rather than just focusing on one. This way, if you hit a rough patch in one area, you have other options to fall back on. Whether you choose to bet on multiple sports or stick with one and diversify your bets, the goal is to have flexibility in your strategy to safeguard your funds.
Managing Your Money
Having a solid financial plan is essential when managing your money while betting. It is not wise to make decisions based on gut instincts or random feelings, as this often leads to financial losses. Instead, it is important to establish a system for managing your finances.The first step is to determine your unit amount. This is typically a percentage of your total bankroll. For example, if you have a $1000 bankroll, one unit could be 10%, 20%, or even 1-5% of your money. If one unit is 1% of your $1000 bankroll, then a one-unit play would be $10.Next, you need to decide how many units your plays will be. Some bettors may have one unit as their smallest play, while others may go as high as five or ten units. It is important to consider your comfort level and risk tolerance when determining the number of units for each play. It is recommended to lean towards the conservative side to ensure that you can withstand any potential losing streaks.
Stick To The System
The key to managing your bankroll is to stick to a plan. As obvious as that sounds, many bettors can’t stick to their own plans because emotions and ego come into play. If you lose all of your 1 p.m. ET bets for a given NFL Sunday, it can be tempting to double up at 4 o’clock to get your money back. But that’s what the sportsbooks are counting on. The players that are educated, organized, and disciplined are the ones that will win the most in the long run.