Sportsbetting is quickly becoming a wildly popular form of entertainment for gamblers across the world. This is true for hardcore sports fanatics to people who just want to have a good time. As long as you strategize properly and make an educated bet, you can more or less get by. Although a knowledge of the basics of the game as well as the teams competing is needed. There is, however, one issue that comes with sports betting. As you are not playing the games yourself, you have little control over how the results are going to turn out. This is why the margins between winning and losing become quite thin here.
The break-even point is about 52.38% after taking into account the -110 vig standard. And people winning over about 60% of their bets is pretty much a rarity here. Which makes winning as well as losing is a matter of a few percentages in the opposite directions. This is why bankroll management is an essential part of sports betting. Although the topic and the process itself might seem quite boring. This is arguably the most important skill and makes all the difference between a pro sports bettor and an amateur. The key is to manage it properly without affecting your bets. This is why here we are going to discuss the best methods of managing your bankroll in sports betting. So you can avoid making some mistakes later on. Go through the whole article to learn more.
What is bankroll in sports betting?
So, in the real world, your bankroll is what you get as a reward for your hard work. That is so not the case in sports betting. Here, your earnings are directly linked to your bankroll. Basically, how much you earn depends entirely on how much and how smart you bet. This is why, if you become careless your bankroll can flow down the drain real quick. And you will end up having to reload it over and over yourself, without a proper income flowing in. This is a major concern because the margins between winning and losing are pretty thin.
Another thing you need to focus on is how you can beat the sportsbooks in the long term. A short-term change can put you into hot waters pretty fast. So it is only with proper strategy and patience that you will land a home run in the long run. In sports betting, the long term is where you need to focus.
How much should you wager?
Now the best way to wager on games would be if you could bet about 1% of your bankroll on each game. However, that is not the situation most of us live in, unfortunately. Basically, even if you start with about $1000 as your initial bankroll, 1% of it stands at just about $10. Which, of course, does not seem all that appealing. While you can be a little risky with smaller bankrolls, the goal should be to not go higher than about 5% of your bankroll. The stakes can be too risky otherwise. A good medium can be about 2.5%.
Now, whatever your standard betting size becomes, we call that a unit. These units are used to compare your winnings with other bettors. As two people’s bankrolls can differ wildly, this is standard procedure to compare their outcomes. This unit also helps you to predict how much money you can gain more as the unit increases.
Strategies for wagering responsibly
Now, we are going to take a look at some strategies that will help you wager responsibly and smartly. This in turn will help your bankroll majorly in the long run.
- Flat betting model: this is the simplest strategy. Here, you basically set your standard unit and use exactly one unit to wager on each game. There are two primary methods, i.e “to win”, and “risk”. As long as you get these down, you will maximize your gains in the long run.
- Percentage model: this is pretty similar to the flat betting model. Only, here your unit is decided by your bankroll.
- Confidence model: this helps you to increase your bet size where you feel confident. Even if your standard size is 1 unit, you can increase it up to 2 or 3 if you feel like it.
- Other than these, there is also the Kelly Criterion model. However, it might be a little complicated and needs proper practice.
Managing bankrolls is the most essential part of any gambling activity. Especially so, in sports betting. So research well, strategize properly and you will maximize your gains in no time at all.
Apply these tips whenever you do sports betting. But before that, go and sign up now at JeetWin. You will have an amazing sports betting experience if you do.