It’s pretty obvious that in order to make money in sports betting, you must be able to correctly pick winners. However, what isn’t nearly as obvious is the importance of money management and the importance of knowledge when it comes to handling a bankroll. Money management is arguably the most important factor when it comes to professional handicappers that are able to successfully bet on NFL odds, college football or sports in general. Here is a look at why unit size should vary when betting on sports.
One of the important skills you can learn is money management both in sports betting and in life. The key is to know how to use the money you have to your advantage, which means knowing when and how to bet whether you are winning or losing. The bottom line is that sports betting is a business and therefore it requires an ability to handle the money side of it like a professional. The most talented sports bettors in the world will not be able to make profits unless they understand the money aspect of the game.
The basics of money management in sports betting have to do with the total amount that you have to wager and how to break that number down in to units. Once you divide the total bankroll you have in to units you could consider an amount to risk on each wager. The majority of professional handicappers agree on the importance of maintaining a specific wager amount rather than betting different numbers all of the time. It’s important to manage your bankroll with a consistent approach so that whether you are winning or losing you aren’t ending up in a situation where you could sustain major losses on one wager or over a short period of time.
A Good Way To Go
The best approach to managing your money is to establish a set unit cost. For example, if you have a $5,000 bankroll, then you could establish that each unit will be 2% of your total available, which would be $100. However, if you were to win the first wager that you make then your unit price would go up since you now have a higher bankroll to work with. At the same time, if you lost your first wager then your unit cost will go down since you have a lesser capital. The key is that you are always betting a specific amount of your bankroll at 2% rather than risking inordinate amounts of money.
Manage Your Money
While the casual sports betting enthusiast might not understand the importance of managing your money, any professional handicapper knows how it works and is able to establish a sound foundation by managing their bankroll. There are many different factors that go into successful sports betting and while you will ultimately need to be able to pick winners in order to build up your bankroll you will not be able to substantially build up your profits on a consistent basis without proper money management.