Managing Your Money While Betting on Sports

Many players think they can sign up with a great sports betting service, get great advice and relax making millions of sports betting for the rest of their lives. While it is true that there are many great tout services out there who will give you great advice, the fact of the matter is this: if you can’t successfully manage your sports betting bankroll then no amount of money will keep you in the game long enough to make any serious cash. In this article we will discuss the fundamental concepts of bankroll management and tell you everything you need to know to keep your bankroll full and the cash rolling in.

Discipline

Before we get into any hard numbers about what your bankroll should be and what your betting standards should be, we need to have a discussion about discipline! Without discipline, everything you’ll read in this article won’t matter one bit. See, in order to successfully navigate the waters of sports betting, you need to make a plan and stick to it. The moment you get impulsive and want to increase your bet or wager on some silly parlay is when you start to lose your bankroll. Do yourself a favor by making a plan and sticking to it. Realize it is the only way that you will be able to make consistent money with sports betting.

The plan

The idea behind bankroll management in sports betting is pretty easy, but like we mentioned above, sticking to it will be the hard part. See, the biggest problem in sports betting is wager too much on each game. If you have a bankroll of $500 you might think that betting $30 to $40 on each game is a good idea right? Wrong, it is way too much and you certainly will go broke. Here is the golden rule:

When betting on sports, you should wager no more than 5% of your bankroll on each game and your normal wagering should be in the two to three percent range.

That’s right, your normal bet for each game should be right around two to three percent of your bankroll. If you find there is a game that has particularly good odds or is a pretty much a sure fire win (remember nothing is ever 100% especially in sports) then you can bet as much as four or five percent, but remember, these will be few and far between. If your bankroll is $500 then most of the time you should be wagering between $10 and $15 per game.

Now the hardest part as we have stated will be sticking to this plan. The great news though is that if you don’t stick to the plan, you will be out of money. You might wonder why that is great news. Well, its great news because you know that the best way to keep your money and to make money is by sticking to your bankroll management plan. If you don’t you won’t be able to bet on sports for very long. Bet two to three percent of your bankroll on each game, don’t splurge on stupid bets and you’ll be well on your way to sports betting success.