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Bankroll Management in Sports Betting – Top 4 Strategies For 2023

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26/04/2022
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9min read
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Author:
Justin Stewart
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Sports betting bankroll management is absolutely necessary for any serious sports bettor. Why? Because it helps you keep track of your wagers so that you don’t bet more than you can afford. Read on to learn why you need this in your sports betting life.

What is a Bankroll in Sports Betting?

Sports betting money management is a relatively recent term in sports betting. However, it has been practiced for a while. Your gambling bankroll can be divided into many different practices, but the core idea is how to make smart bets.

A bankroll refers to the money that you have saved for sports betting. This is crucial because you can lose your entire initial bankroll of $1,000 if you begin with a small amount. This is a good rule of thumb to follow so that you don’t get carried away and lose your savings.

Why is Bankroll Management Important?

Every bettor will have their own strategies for managing their money. It is never too late to start. You can monitor and adjust it as you go.

It’s not a smart idea to believe that one day you will win a huge bet to finally make you rich. This might happen, but it is better to rely more on routines and strategies than on the metaphorical roll.

You can be certain that your bankroll will remain within your budget when you begin managing it.

There are many reasons to create a successful bankroll management strategy, from simple organization to track your earnings. Not only that, but it can also help you improve your betting performance.

What is a Good Bankroll for Sports Betting?

Per wager, you should only risk between 2% and 5% of your bankroll size for sports betting. Your maximum bet size should not exceed $25 if you have a decent bankroll for sports betting.

Furthermore, your bet size will decrease as your bankroll grows. You shouldn’t bet more than you can afford to lose. It’s worth mentioning that some sportsbooks will accept bets less than one dollar.

Moreover, you should actively divide your bankroll between sportsbooks instead of using only one sports betting site. This has many benefits. It allows you to shop for the best odds. This is something professional bettors stress as important. If the Cowboys are available at -6, you don’t want them to be laying at -7.

Have you also seen the bonuses that these books offer for first deposits? With some restrictions, certain sportsbooks offer to match deposits up to thousands of dollars.

How Much of Your Bankroll Should You Bet?

It is a good idea to risk between 1% and 2% if you’re a conservative bettor. More aggressive bettors may bet around 5% of their bankroll per wager.

Professional bettors risk only 1% to 2% of their bankroll per wager. Although this may seem small, professional bettors start with a large bankroll of $100,000, $500,000, or $1 million. This means that 1% would be $1,000 per round, $5,000 per round, or $10,000 per game.

As a sports bettor, it’s important to be consistent and follow the established rule for your bankroll to be effective. Remember to divide your bankroll into equal units to determine the amount you should be betting on each game. This number will become your unit size. This is how much money you will bet on each game.

4 Best Strategies For Sports Betting Bankroll Management

Now it’s time to learn how to be a good bettor. Follow our tips to improve your bankroll management strategy in sports betting.

  1. Flat Betting System

    Flat betting is the best and most efficient way to manage your bankroll. Flat betting is a disciplined, consistent strategy where you bet the same amount on all games regardless of your confidence. Flat betting isn’t flashy or glamorous, but it will put you in the best position for long-term success in the game.

  2. Percentage Betting

    This is where you always bet a certain percentage of your bankroll. If you’re just starting out in the world of sports betting, it’s best to bet only 1% or 2% of your bankroll. But as you get more acclimated to managing your bankroll, you can increase your percentage betting to around 3%, sometimes higher.

  3. Confidence Betting

    Here, a pool of bettors places bets on the same team to win a matchup. However, the games are ranked according to how many are played in a week. Moreover, the rankings are based on your confidence in the outcome.

  4. Kelly Criterion

    Professional bettors use this system, which can prove to be extremely profitable. It is, however, very complicated and difficult to calculate, which can make it dangerous. Kelly Criterion may be right for you if you’re a math whiz and have studied at Harvard or MIT and are proficient in pivot tables and excel sheets. Flat betting is the best and easiest way to bet.

How to Build your Sports Betting Bankroll

Are you ready to learn how to build your sports betting starting bankroll? Our betting bankroll management tips will point you in the right direction.

  1. Know Your Target

    Pick a target and know your limits. To become a top sports bettor, you must bet huge amounts of money. You’ll only be able to get these returns if you are one of the most successful sports bettors ever.

  2. Stick to Flat Bets

    You must keep your sports betting bankroll healthy once you have it. You can do this by sticking to a fixed bet amount.

    As your losses increase, you’ll face a challenge. Many punters feel they need to increase their bet amounts in order to make up the lost money. You can keep your bets flat, and your sports betting bankroll will get you through even the worst losing streaks.

  3. Don’t Bet When You’re Bored

    Because there are so many contests you can bet on, sports betting is great. Be cautious when betting too often.

    This is exactly what recreational gamblers do. You’ll be much happier if you stop making bets out of boredom.

How to Grow Your Sports Betting Bankroll

Sports betting bankroll growth should be one of your primary goals. But before you can maximize your gambling bankroll, you need to overcome the vig.

You must first overcome the vig before you can make any money from sports betting. The vig is the fee that the sportsbooks charge for losing bets.

Before you cancel the vig, you must hit a winning percentage at 52.4%.

When you are going through a losing streak, it is important to have a bankroll that can sustain you.

You’ll be able to enjoy the excitement of betting on your favorite sporting events if you have a large bankroll.

Expert Tips For Managing Better Your Betting Bankroll

Sports betting money management needs to be successful. You can ensure this by using our sports betting bankroll tips.

Reevaluate Your Bankroll at the Right Time

For starters, you don’t want to keep resetting your bankroll value on a regular basis. This is bad practice. Your best bet is to set a deadline in advance according to the frequency of bets. For example, setting a deadline every week, month, two months, and so on.

Set an Upper Limit

You want to be sure to make your withdrawals according to the frequency at which they occur before the bankroll returns to its initial value. Going beyond your means equates to spending money you don’t have. Stick to your limit at all times.

Don’t Get Lazy with Tracking

Tracking is an essential step in successful bankroll management. If you need assistance with this, be sure to use Odds Scanner US. It’s a free tool that can help you immensely in your bankroll management efforts.

Always Compare Odds & Lines

Knowing the best lines and odds is your ticket to successful, profitable sports betting. Odds Scanner US delivers the best odds and lines directly to you. Best of all, this tool is totally free. So you have every reason to be successful in your betting endeavors.

FAQs About Sports Betting Bankroll Management

Let’s wrap things up by taking a moment to cover some frequently asked questions. Feel free to refer back to this when you’re unsure about managing your bankroll.

How much of your bankroll should you bet?

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It depends on how acclimated you are to bankroll management. If you’re just starting out, try to stick with 1% or 2%. As you improve your efforts, increase to 3%.

What is a good bankroll for sports betting?

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Depending on your experience, a bankroll of between $100 and $1,000 is a good starting point.

How much of your bankroll should you bet a day?

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A good rule of thumb is no more than 3% a day.

How much of your bankroll is a unit?

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One percent of your bankroll is considered a unit.

How often should I increase my bet amount when bankroll is increasing?

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The standard is 1 unit. However, you can increase by 2 or even 3.

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