While having an understanding of how to bet on games and how to handicap games is vital to success in sports betting, all of this doesn’t matter if you’re incapable of managing your own bankroll. When it comes to sports betting, nothing is guaranteed. This is none the more obvious when the New England Patriots came back to defeat the Atlanta Hawks in last year’s Super Bowl after an “impossible” comeback, or the Cleveland Cavaliers storming back to win the NBA Finals against the Golden State Warriors after famously being down 3-1 and being counted out by just about everyone. Having a proper money management system is required to succeed in sports betting – here are some of the best money management systems.
Flat Bet Amounts
For amateur sports bettors, you should decide on how much money you’d like your bankroll to be, choose a specific percentage that you’ll be comfortable with betting on every game (depending on how often you plan on betting), and calculate an amount that you’ll be betting on every game and stick to this amount. For example, if I decide that I can stomach having a $10,000 bankroll and I decided that wagering 2% of my bankroll makes sense, this calculates to $200 per game. I’d stick with this $200 amount for every single wager that I make, no matter if I’m on a hot or cold streak. Obviously the percentage of your bankroll that you decide on depends on how often you’re planning to bet. If you have plans to place more than 10 bets per day, this percentage figure should be a low lower than 2% since you’d essentially be risking around 20% of your bankroll every day. On the other hand, if you only place a bet or two every week, increasing this percentage to 3% to 5% might make more sense. At the end of the day, it comes down to how often you plan on betting and how much risk you can stomach, especially if you might be risking more than 20% of your bankroll on any given day.
Compounded Bet Amounts
If you’d like to maximize your earnings, you can do so with one simple change. Instead of maintaining the same bet amounts every game, this amount will change based on your bankroll to-date. With this system, you would perform the same steps as previously mentioned, except that instead of maintaining the same bet amount, you’d maintain the same bet percentage compared to your total bankroll, with the amounts wagered being changed. For example, with a $10,000 bankroll and wagering 2% of your bankroll, you’d make $200 bets for each game. Let’s say that at the end of the first day of betting, your bankroll has increased to $11,000. For the next day, your bet amount would be $220 ($11,000 x 2%). After this day, if your bankroll increased again, to $12,000, your bet amount the following day would be $240 ($12,000 x 2%). With this system, you’d bet slightly more whenever your bankroll increases but decrease your bet amount whenever your bankroll drops – everything is proportionately maintained. This allows you to gradually bet larger amounts as your bankroll grows, or alternatively, gradually bet lesser amounts as your bankroll declines. This will ensure that things are kept more or less in control.