Sports Betting Strategy: Bankroll Management
There are plenty of sports betting strategies out there that can help you be successful in your sports betting endeavors. Most of these strategies will deal with actual games or betting strategies, but sports betting also includes money.
One of the best sports betting strategies to employ is establishing a solid bankroll management plan to be financially responsible while in the sports betting world.
A bankroll management plan can be extremely detailed, or it can be pretty simple to set up. This article will deal with the three most important aspects of a bankroll management plan, but there are definitely more aspects that could be included.
Bankroll management isn’t the sole sports betting strategy that you should employ, but it is a great way to get started.
Choose Your Initial Bankroll
The most important aspect of bankroll management is to choose your initial bankroll. This means that you need to decide how much money you are willing to set aside to use to bet on sports.
More specifically, how much money are you comfortable in losing if your betting does not work out in a favorable way. This number will be different for every single person, but each person needs to come up with a plan.
Your initial bankroll amount does not mean that this is your initial deposit amount because you don’t want to deposit all of your money at one time. Set aside a specific amount of money, and borrow from those funds each time that you need to make a deposit.
The hope is that you will always have some of your initial bankroll set aside, but it doesn’t usually work out like that for most people. If you are married or have a family to support, then you should take that into account when coming up with your initial bankroll amount.
Bet the Same “Unit”
A unit in sports betting is the amount of money that you are betting on a particular game or event. There are several different theories when it comes to “unit” size, but we suggest betting with the same unit for all of your wagers.
This will help make things less confusing when establishing your bankroll management plan, and there are some other added benefits as well.
There is no such thing as a sure thing when it comes to sports betting, and that is why betting with the same unit is the right way to go. There is no reason to bet more money on a certain game because each game has the same chance of being a winning or losing wager.
Sticking to one unit size will also give you some discipline when it comes to sports betting, and it should protect you from suffering a major loss in a short amount of time.
Re-Evaluate Bankroll Management System Often
This is an important step that beginning sports bettors seem to forget at times. Even if you have a great bankroll management system in place when you first start making bets, there is a good chance that you will have to re-evaluate your system and make some changes.
Things can change quickly and drastically in your life, and that could have a huge impact on your bankroll management moving forward. You still want to make sure that you are betting with the same unit every time you make a wager, but that unit might be smaller or larger depending on your financial situation.
Others will be able to re-evaluate their bankroll management system and find that they can continue on the same path that they traditionally started with. Set a plan of every month or every two months to re-evaluate your bankroll management plan and ensure that it is still working for you.