Sports Betting Bankroll Management Advice

Guide to Becoming a Disciplined Bettor

There is nothing easy about finding success in the world of sports betting. Consistently picking winners takes a lot of time and hard work; time and hard work that will go to waste if you lack sports betting discipline. The following are a few sports betting bankroll management tips to help you either build your bankroll or minimize your losses. 

Bankroll Management

Poor bankroll management is the leading reason behind the common bettor’s inability to beat Vegas. Bettors will often bet random and sometimes dangerous amounts of money because they feel overconfident in a particular game or event. Sometimes a bettor will bet more on a game simply because it’s a big game, I.E the Superbowl or the NBA Finals. Everyone’s bankroll is going to be different, so here is a simple approach I would recommend whether you’re betting just for fun or are looking to make serious money. Set aside a certain amount of money you would like to gamble with. If you like a game, bet 1% of your bankroll on that game. If you really like a game, bet 2% of your bankroll on that game. If you absolutely love a game, bet 3% of your bankroll on it. Below is an example of how you would manage  $10,000, $1,000, and $100 bankrolls.

Using a system like this prevents you from betting over your head, saving you your money and maybe even your kneecaps. 

Don’t Chase

It’s important to remember the sports betting game is a marathon, not a sprint. Too many times you’ll hear people say “I lost on Team A earlier so I’m going to take Team B in order to get my losses back.” More times than not, you’re going to end up doubling your losses. Then doubling your losses turns into tripling your losses; tripling to quadrupling, so on and so on. This is called “chasing the money”, and it’s another key reason the folks who run the sportsbooks see a major profit every single year.

An example from the perspective of someone who starts with a $100 bankroll and doesn’t follow the 1%, 2%, and 3% bankroll strategy shown above. We’ll call this person “Chase Betts”. So let’s say Chase Betts decides to bet the Duke Blue Devils at -3 vs. the North Carolina Tar Heels at 12:00 noon on a stacked Saturday slate in college basketball. Duke wins but they fail to cover the 3. This doesn’t sit well with our guy Chase. He now decides he’s going to bet $20 on Michigan -2 vs. Michigan State at 2:30 to make it back with a $10 profit even though he had no plans of betting on the game before he lost on Duke. Now Michigan fails to cover and Mr. Betts finds himself in a $30 hole and has lost 30% of his bankroll. He’s really feeling the pain now and starts searching through the evening slate to find a game he can make his $30 back on. He decides to place $30 on Kansas -2 vs. Kentucky on a whim.  Kentucky ends up pulling off the upset, setting Chase back $60, good for 60% of his bankroll. The pit in Chase’ stomach grows larger, and he feels he now must risk the rest of his bankroll in order to minimize the damage he has done so far. He bets his last $40 on the Gonzaga Bulldogs -21.5 vs. the San Diego Toreros as a last ditch effort to make some of his money back. The Toreros hit a last second meaningless three at the buzzer to end up losing by 20. Chase has now lost his entire bankroll. Had he possessed any self-discipline, he could have ended his day down $10 instead of down $100 and no money left to gamble.  

Avoid the “Silly” Bets

I’m sure you’ve been in this spot at some point in your gambling career. You just get done eating lunch and begin to look at the days gambling slate. You notice that the first basketball/baseball game you want to wager on doesn’t start until later that night. Unfortunately, that’s not the only thing you notice. Your sportsbook shows that there is a soccer game starting in 30 minutes and your eyes widen. You quickly type the name of both teams into google and find someone giving a convincing prediction on a side. A quick search through the TV guide reveals that this game is going to be televised. You couldn’t name 3 players on either team. All you know is that you’re bored, the game starts in 30 minutes, will be televised, and the random soccer punter from google that predicted a side has you convinced this bet is going to win. You place your wager for pure entertainment purposes and the hope that you’ll already have some money made by the time the game you were originally planning to wager on starts. The soccer game is going along nicely and your team has a 1-0 lead with only 10 minutes left to play. You’re ready to roll into the night game up on the day when all of a sudden you hear a whistle followed by a roar from the crowd. Penalty! Your heart drops as you watch the opposing sink the penalty kick with ease to tie the game 1-1 at the death. Now the best you can do is break even on the day with the risk of doubling your losses if you bet the same amount on the original game you had planned to wager that night. Patience is key.  

This next type of “silly” bet is somewhat similar to chasing, but it occurs when you’re in the black. Too often I hear people say “I’m up big on the week so I’m going to bet on this game”. Just because you’re having a nice stretch run doesn’t mean it won’t end tomorrow. Stick to the same game plan and be content with what you’ve won so far. Seeing a profit in sports betting is hard enough, don’t watch your profits dwindle or turn to losses because you felt you were playing with house money and starting forcing wagers on games that you had no original intent to bet on. The best way to avoid these silly mistakes is to pretend you’re still at even money whether the wager wins or loses.  

What Is Bankroll Management?

A bankroll is the amount of money that someone (you) are willing to spend when betting on sports. This number or dollar amount obviously varies from one person to the next, but everyone needs to have a plan in place to protect their investment. 

Chances are that you are going to end up losing more money than you win when betting on sports, but there is always hope that you will be one of the lucky ones that beats the book. Having a solid bankroll management plan in place can save you from running into some financial trouble down the road, and it can also keep you in the game for a longer period of time. 

Determining The Size Of Your Bankroll

Think of your bankroll as your sports betting budget, and it is the amount of money that you are willing to invest when betting on sports. It’s important to set an initial bankroll amount and make sure that it is just a small percentage of your overall money or wealth.  People who have more money can obviously afford a higher sports betting bankroll, but each person needs to determine the amount of money that works for them. This can be done in a few different ways. 

You can set a total bankroll amount that you are going to use for the long haul, or you can set up a monthly bankroll amount that you are willing to invest each month. There are several ways to come up with this amount, but make sure you are comfortable with your decision. 

Figure Out A Set Of Rules To Guide You

Now that you know how much money you are going to include in your bankroll, it’s time to come up with some rules for sports betting. You need to decide things like, “How many games will I bet on per day?” Or maybe, “What sports am I willing to bet on?” 

You will also need to come up with a betting “unit” to guide you, and we will get into that a little bit later in this article. Sports betting can be an extremely tricky industry to get into, and you want to make sure that you have some rules to help guide you through this journey. 

Stick To The Plan

Now that you have the first two steps of bankroll management figured out, it is time to put that plan into action. It is extremely important to stick to your plan, no matter what happens as you get into the world of sports betting, although you also need to re-evaluate your bankroll management plan often as you get things figured out. 

We will break down the bankroll management in more detail below, as there are several other things that you need to consider as part of your plan. 

Why Is Bankroll Management Important?

Having a bankroll management plan in place is the most important aspect when it comes to sports betting. A bankroll management plan is not going to help you win any bets, but it can help you become a successful sports bettor. There are many reasons that a bankroll management system is important, but here are three of the biggest. 

You’re Always in Control: If you have a bankroll management plan in place, then you are always in control of your money and your actions. There is no way to get out of control and lose all of your money because you have a plan in place to keep that from happening.  Sportsbooks will continue to try and entice you to spend (and lose) more money than you are willing to, but following your plan will help you resist that temptation. 

Easy to Withstand Losses: The reality is that you are going to suffer some losses when it comes to sports betting, and that can be frustrating. Seeing the money start to dwindle from your account can be scary for a first-time bettor, and it doesn’t feel good for a longtime sports bettor either.  Having a good bankroll management system in place will help you withstand these losses and keep your focus on the bigger picture. Your plan should include for some losses to occur, and your plan should also include how to deal with these losses.  Bettors without a plan might try to scramble and win all of the money back in one bet, but your bankroll management plan will keep you focused and on the right path. 

Takes Some Decision-Making Out of the Process: One of the toughest decisions that someone that bets on sports will face is, “What games do I bet on, and how much do I bet?” A bankroll management plan will take some of these decisions out of the process, and will allow you to focus on what really matters. 

You should be betting the same amount of money for each bet, and you should know what sports are off-limits as a part of your plan. 

Bankroll Management In Action

Now that you understand why it is important to have a bankroll management plan in place, it’s time to actually break that process down. There are some other steps to consider or implement as a part of your plan, but these are the major steps that must be in place.

Figure Out Your Initial Deposit Amount: We have mentioned this aspect before, but the first step is actually depositing some money at a sportsbook. You should know how much money is in your sports betting budget, and now you have to actually part ways with some of that money and deposit it into an account. 

Sportsbooks usually offer some terrific deposit bonuses or promotions when you sign up on their sites, and you will want to find the best offers available. It can be a scary feeling making that initial deposit at a sportsbook, but you need to think of it as an investment.  The hope is that you will get that money back, and it will grow with time. 

Choose a “Unit” Size”: You might hear people refer to this as “flat betting,” but it all really means the same thing. A “unit” is the amount of money that you are wagering on a particular bet, and most people would agree that your unit size should never change.  Even if you think that you have a guaranteed winning “pick,” it is important not to bet any more money than your chosen unit size. This will help you from suffering some huge losses because you will never be wagering more money than you are willing to lose. 

Make Smart Decisions: We will discuss some betting tips a little bit later in this article, but keep in mind that you just need to make smart decisions when it comes to sports betting. If you don’t feel right about a certain bet or a certain matchup, then it is best to skip that bet and wait for another opportunity. You also need to make smart decisions with your money and bankroll and don’t be afraid to re-adjust things if you find things getting out of control. 

Bet With Patience: Showing restraint when betting on sports is a huge component to being successful. Just because there are sporting events on the schedule every day of the year, that doesn’t mean that you need to place a bet every single day.  Wait for the bet that feels right to you, and then stick to your plan to give you the best chance to make a winning bet. 

Re-Evaluate Your Bankroll Often: The final step of your bankroll management plan needs to be re-evaluating your plan often. There will be some things that come up that were unexpected to you, and you will also learn things about the industry as you go along.  It is certainly okay to change your bankroll and your bankroll management plan as time goes along, but make sure that you follow the same steps as outlined above. It is okay to change your bankroll management plan, but it is never okay to abandon it altogether. 

Dangers Of Poor Bankroll Management

You might think that all of this seems like a ton of work, but it is definitely worth it. If you fail to develop a plan or don’t end up sticking to your plan, then you could run into some big trouble. Here are a few of the dangers of having a poor bankroll management system. 

Losing Your Money in a Hurry: One of the biggest risks of not having a solid bankroll management plan in place is that you could lose all of your money in a short matter of time. A bankroll management system helps you stay organized when betting on sports, and it helps to ensure that you have enough money to cover your losses. 

If you don’t establish a solid plan and stick to it, then you could lose all of your money and end up out of the sports betting world in a short matter of time. 

Becoming Addicted to Gambling: An even bigger risk that you run by not coming up with a bankroll management plan is the threat of becoming addicted to gambling. Most people think that the best way to get out of debt is to take more risks, and that is the worst possible thing to do.  If you start to lose money, then it is important to remember to stick to your plan. There is a chance to rebound and get back on the winning side of things, but it doesn’t happen by becoming addicted and making silly or foolish bets. 

Losing What’s Important in Life: The biggest danger of not creating a bankroll management plan is the risk of losing everything important in your life. Becoming addicted to gambling is one thing, but losing your family and all of your money is an even worse outcome.  People might caution you about the dangers of sports betting when you begin this endeavor, and if you don’t have a solid bankroll management system, then all of their fears could come to fruition. 

Tips For Betting on Sports

Creating a solid bankroll management plan is one of the most important tips to give to someone that bets on sports, but there are also a few other tips that can help as well. This list is not complete, but we feel that these are three of the most important things to consider when getting involved in the sports betting industry.  Try to keep these things in mind as you start making some bets, and it should help keep some money in your account at the sportsbook. 

Bet With Your Mind, Not Your Heart: It is important to always remember to bet with your mind and not with heart when it comes to sports betting. We get it, you have your favorite teams, and you want to make some money off of their success.  The problem is that you are too biased, and you will not be able to make an educated decision. You might think that your favorite team is too good to lose in a certain matchup, but there is no such thing as a sure thing, even if your team is the best in the sport.  For instance, the New England Patriots have been the best team in the National Football League over the last two decades, but they don’t win the Super Bowl every season. Betting on your favorite team is fine at times, but just remember that they are going to let you down in certain situations. 

Stick to Sports You Know: Another important tip that seems like it should be common sense is to stick to sports you know. Don’t try to place bets on sports that you have never watched or don’t even know the two teams that are in a certain matchup. 

Sportsbooks continue to increase the number of sports that they feature, but that doesn’t mean that you should start betting on English Premier League soccer matches.  Also, it’s important to stay away from players, teams, or leagues that you’ve seen dominate the headlines on ESPN. Tiger Woods might be the greatest golfer in the history of the sport, but that doesn’t mean you should bet on him to win every tournament that he enters. 

Don’t spread your money or time too thin, and focus your attention on the sports that you have the most knowledge of. 

Do Some Research: You might have already heard that you need to do some research before placing any bets, but what things should you be looking for? One of the most important things that you need to keep an eye out for is line movement in a particular matchup.  There are certain reasons that a line would move one way or another, and you need to try to find out what those reasons are.  Different sports bring different things to keep an eye out for, and sports that are played outdoors can be even more difficult. Baseball games can be affected by wind or rain, and football games can be affected by bitter cold or intense heat. 

Injuries also play roles in the outcome of some sporting events, and you should be checking the injury report early and often.  You might also want to subscribe to a service or group that gives out free picks or free betting tips to its subscribers. Let someone else do the research for you, and you can spend more time trying to decide what games you want to bet on. 

Summary of Bankroll Management

You probably got into the world of sports betting to try and make some extra money, but there is also some real danger of losing money by betting on sports. It is important to come up with a bankroll management plan to protect your money and also protect yourself.  After you come up with a solid plan, then it is important to stick to the plan no matter what comes up as you get into sports betting.  There are also some tips for betting on sports that can help you be successful, and you should try to find out as much information as you can before placing any bets. Stick to sports and teams that you know, but also remember to always bet with your mind. 

Remember that betting on sports is not for the faint of heart, and you are going to lose often. Even if you lose more than you win, a solid bankroll management plan can keep you in the game for a long period of time and give you the chance to recover. 

Good luck in creating your bankroll management plan, and best of luck in all of your future sports betting endeavors.