Remember the 4 Keys of Bankroll Management
Here are some helpful keys below about managing your sports betting bankroll. These keys will help you weather the storms of cold streaks that will occur so you can still have plenty of bankroll available when the HOT streak happens!
Key #1: Bet with your head, NOT over it!
There is no such thing as a “Lock”! Truthfully, the word “Lock” should be considered a cussword by everyone that is involved with the sports betting industry! Sure things never exist in sports, or in life for that matter.
Key #2: Never bet more than 5% of your bankroll on any game!
This means that if you have $1,000 set aside as your sports betting bankroll for the year, then your absolute maximum bet would be $50 per game! Professional sports bettors usually bet 1% on most of their plays, maybe 2% if they really want to “step out” on a game. The people who win in this crazy business of sports betting are insanely disciplined when it comes to their bankroll. They treat this business as an investor instead of a gambler. Just how a well-diversified stock investor would not want too much “exposure” on one company, a winning sports bettor does NOT want too much of their betting bankroll on the outcome of one game (yes, even the Super Bowl hahaha)!
Key #3: Thou shalt NOT Chase, EVER!
I know, I know! It is super tempting at the end of a losing weekend to try and “get even” on Monday Night Football. This is a losing strategy in the long run and simply adds too much stress to what is supposed to be an entertaining hobby for most of us regular folks.
Key #4: Keep Reasonable Expectations
I could give you the most profitable sports betting system ever created, but it would not make you a long-term winner if you don’t follow a sound bankroll management system. Even some of the most successful sports betting syndicates of all-time won games at a 55-60% clip per year. To simply break even in sports betting, you must win at a 52.4% clip against the online bookmaker’s standard (-110) odds.
What I am getting at is even if you’re a hardcore sports junkie who spends countless hours researching trends, statistics, and angles, your long-term “edge” over the house is only about two to five percent. It is vitally important to remember this and keep realistic expectations when it comes to betting sports. This is simply NOT a get-rich-quick endeavor.