Money Management Methods in Sports Betting
When we talk about sports betting, money management or bankroll management is simply about the amount of bet you place on every event.
The primary issue here is that majority of sports bettors, more than 90%, have no concept of bankroll management at all, implying that they always lose money in the long term, till the point they go broke.
There comes a point when they try their best to score that one huge win, in an effort to recoup their losses. This is also the main reason why sports betting companies and bookmakers have been so profitable all along. On the other end are punters who consistently beat the bookies, even when the odds are stacked against them.
Below we take you over couple of important money management methods that emerged from profitable investment/trading firms. These methods enabled them to mitigate risks, simultaneously registering profits for their clients. They also served as a means for them to show everyone that they could stay in black, despite the financial conditions and figures under consideration. You can implement these methods at all popular sports betting mediums ranging from the small time offline book shops to the reputed Las Vegas sports betting portals. Let’s acquaint you with them below.
The unit method is by far the best for beginners. Anyone who hasn’t used a bankroll management strategy before should begin with this.
This method involves placement of a fixed amount, let’s say $ 10 on every single bet that you place. It means that you’d be placing a $ 10 bet if the odds were +100 or higher. On the other hand, if you wanted to profit from a bet at odds of -200, you’d need to wager $ 20 in order to earn a profit of $ 10. Assuming that you have done your homework well and your picks are profitable, this is the easiest method to make sure that you register some profit at the end of the year.
The biggest advantage of this method is that you can go with any unit you’re comfortable with and keep it the same for a specific time period, for instance, $ 10, $ 100 or even $ 1000 per bet.
In this method, you place bets depending upon the amount in your bankroll. For instance, if a certain bet holds a lot of promise, you can go ahead and wager 3% of your bankroll. But if you’re feeling less confident, you can wager only 1%. In general, this method is the best to calculate different bet amounts, as you see your account growing proportionally the entire year.
Please also note, when you’re on a winning streak, placing the 3% bet might mean plenty more money compared to the 3% bet you placed last month. This strategy delivers fantastic results for bettors with a long-term perspective. If you’re someone who’s in it till he/she blows their complete account, it would take you a very long time as you would be betting lesser and lesser each time.
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