The modern sports bettor is obsessed with things like analytical research, closing line value, building the perfect parlay, taking advantage of live betting, mastering the art of hedging, and making use of bonuses from offshore sportsbooks for new and existing customers.
But the most underrated skill in sports betting starts with bankroll management. You have to budget your betting properly if you want to win more consistently and have enough funds to keep betting every month.
Let’s look at why taking a disciplined approach to managing your bankroll will make you a better, more profitable sports bettor in no time.
First Step in Bankroll Management: Set a Budget
The first thing you need to do with bankroll management is find out exactly how much money you’re willing to put into your budget for sports betting. It could be $100 per week, $1,000 per month, or $50 per day. There’s no shaming with your bankroll. Remember, it’s the amount of money you can afford to lose, so be smart about it to avoid any financial strain with the other facets of your life.
Don’t be afraid to use a deposit limit at a sportsbook to help make sure you don’t go over your budget. But the main rule is don’t go chasing losses. Losing streaks are inevitable for even the best sports bettors, so you just have to stick with what you’re doing and wait for the regression to kick in and winning will return. If not, then you need to reconsider your strategies.
Choose Your Unit Size
Once you know your budget, figure out your unit size, or the amount you are going to spend on most bets. This should usually be small in the range of 1-2% for your total bankroll, which would be bets of $10 or $20 with a $1,000 bankroll.
Of course, you can bet more on the bets you are most confident in winning. But you should try to stick to consistent unit sizes, especially for playing the same markets. For example, your NFL spread unit size might be $5 bets while your NBA spread unit size might be $2 if you feel it’s harder to win with how scores are so volatile in basketball.
Sticking to consistent unit sizes will help you survive longer with the money in your bankroll so that you don’t have to extend yourself and deposit more than you should.
Track Your Bets in a Spreadsheet
You should keep track of your bets in a spreadsheet, noting the sport (NFL, NHL, NBA, MLB, etc.), the type of bet (moneyline, spread, total, props, etc.), your wager amount, the odds, your outcome, then your net winnings to help you discover your strengths and weaknesses.
Maybe you’ll discover that you’re really great at hitting 6-leg NFL teasers on spreads and really terrible at anytime touchdown scorer props. Then you adjust accordingly, spending more of your bankroll on the things you’re better at with a higher unit size while decreasing the bets on the markets you’re not faring well at.
You don’t want to get too cocky after a big win or a series of wins and bet most of your bankroll on a -350 moneyline favorite in the NBA only to lose it with one upset. You want to consistently win on the markets you’re best at, and while it may be boring to track small bets, you’ll find it is very useful in exposing your successes and shortcomings as a sports bettor.
As a general rule of thumb, parlays are bad for professional gamblers because of how difficult they are to win. However, if you track certain parlay types that you make on a consistent basis (only use very small unit sizes on such bets), then your data will show you if there’s any value to what you’re doing or if you need to stop making those parlays as it’s not profitable.
But sports betting is volatile, and you have to keep up on your research. If you’re serious about this as more than a hobby, then you need to put in the work and make sure you’re managing your bankroll like a pro.