beginners guide to sports betting

WagerTalk Sports Betting Bankroll Management 101

Whether or not someone is even watching sports, advertisements are running rampant for sportsbook operators across all channels. With the rapid legalization of sports betting across almost half of the United States, sports betting is becoming more commonplace each day as the cat has officially been let out of the bag. And sports betting bankroll management is seldom mentioned! But it should be.

Sports betting can be fun, should be fun and has all the opportunities, tools, and measures to be fun. There are natural downsides with all the exposure currently being presented to people all over the country. Which is why it is important to cover sports betting bankroll management, no matter the experience level for a player.

A new customer, or someone who has been betting before it was legalized in their respective state can use bank roll management tips to ensure sports betting stays a fun and exciting hobby and not an anchor that disrupts anyone's day-to-day living.

Mindset Of A Customer

Sports betting can be a fun and potentially lucrative activity, but it requires a disciplined approach to be successful. One of the most important aspects of sports betting is bankroll management. Bankroll management is the process of managing a customer's betting funds in a way that minimizes risk and maximizes profits over the long term.

Depending on how and why a customer is using sports betting (fun, leisure, money-making, professional), bankroll management can mean different things towards different types of customers.

Why is Bankroll Management Important in Sports Betting?

The most important reason why bankroll management is so critical in sports betting is that it helps customers avoid the risk of losing their entire bankroll in a single bet or a short losing streak. If a customer places large bets without proper bankroll management, they may be able to win big in the short term, but they are also risking losing everything in a short period of time.

Proper bankroll management, on the other hand, allows customers to make calculated, well-informed wagers that minimize the risk of significant losses.

By carefully managing their bankroll, customers can make small, consistent profits over the long term. In addition to the physical bankroll part of the equation, this leveled approach makes sports betting easier on a customer mentally.

Instead of having a 'world is ending' view when losing a large, unaccounted for wager, having a steady process removes the emotional ebbs and flows that could impact anyone in a drastic way.

Common Bankroll Management Mistakes – Bankroll Management Sports Betting Errors

One of the most common mistakes customers make in bankroll management is not having a plan in place at all. They may simply wager on games as they come up, without any thought to how much they are betting or what their overall bankroll is.

This approach is extremely risky and can quickly lead to large losses. Another common mistake is not sticking to a bankroll management plan once it is in place. Some customers may start out with a solid plan, but then abandon it when they start experiencing winning streaks or losing streaks. This can lead to overconfidence or panic, both of which can be detrimental to long-term success.

Finally, some customers may not adjust their bankroll management plan over time as their bankroll grows or shrinks. For example, if a customer starts with a $1,000 bankroll and places $100 bets, they may be risking too much if their bankroll grows to $10,000 but they continue to place $100 bets.

Different Betting Bankroll Management Plans

There are several different bankroll management plans that customers can use, depending on their personal preferences and goals. Here are three common plans:

Unit Betting Plan

The unit betting plan involves betting a fixed amount of money, known as a “unit,” on each game. The size of the unit depends on the size of a customer's bankroll and their overall betting strategy. For example, if a customer has a bankroll of $1,000 and decide to bet $10 per unit, each bet would be worth 1 unit. If your bankroll grows or shrinks, they would have to adjust their unit size.

Fixed Percentage Plan

The fixed percentage plan is a simple but effective way to manage a sports betting bankroll. Under this plan, a customer determines what percentage of their bankroll they are willing to wager on each individual game. For example, if a customer has a bankroll of $1,000 and decide to wager 2% of their bankroll on each game, their wager size would be $20 per game. If their bankroll grows or shrinks, they will adjust the size of their wagers accordingly.

Kelly Criterion

The Kelly Criterion is a more advanced bankroll management plan that considers the expected value of a bet, the odds of winning, and the size of a customer's bankroll. The Kelly Criterion determines the optimal bet size based on these factors and allows for larger bets when the odds are in a customer's favor and smaller bets when the odds are against them. This plan requires more research and calculation than the fixed percentage plan but can be more effective in the long run. There are both positives and negatives to using this method as a bankroll management plan, so familiarize all facets of it before implementing.

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Looking for more free sports picks and sports betting tips?

  • Latest Betting Odds and Public Action: Vegas lines updated in real time, including who the public is betting on.
  • Last-Minute Handicapping Advice: Check out our extensive library of handicapping tips and advice from professional Vegas handicappers (we also recommend taking the time to look over our sports betting tips video library)
  • Want an expert opinion? Check out the latest Free Sports Picks and Best Bets from our team of expert sports handicappers.

Make sure to bookmark all the above!