Building a bankroll is based on winning your bets, minimizing risk, and exercising money management. Below we talk about these key factors and how to incorporate them into your sports betting regimen.
Money Management Matters
If you are intent on building a bankroll via sports betting then you have to win your bets. Pretty obvious, right?
But if that was all there was to it then why do two people that hit roughly the same percentage of their wagers have vastly different outcomes?
Well, several factors can contribute to this imbalance, so let’s talk about them. First, undisciplined bettors don’t care about unit size and they tend to chase their losses.
For instance, if a recreational sports bettor loses the early NFL games, then oftentimes, they will double up on the late games with the sole intent of getting back to even.
Are you guilty of this? Hopefully not, but if so, don’t think you’re alone because it is more common than you know.
If you have fallen victim to chasing then you need to break this habit immediately and follow these key money management steps:
– Set aside a bankroll for the season. This must be an amount of money that if the season goes awry, you will lose all of your designated money but you won’t lose sleep.
This must be discretionary income that is set aside for one of the few hobbies that can potentially make you money rather than cost you money.
If your bankroll disappears then so do you…until next season. No reloading is allowed.
– Unit size is predicated on your bankroll. If you have set aside a thousand dollars for the NFL season then one unit should equal one percent of your bankroll.
In this case, a unit would be $10 and no more or no less. Certainly, it’s not a lot of money but while you are still betting games in January, your buddies will long be flamed out and watching the playoffs without any money to wager.
– There are two schools of thought on unit betting. The first is that all bets should be equal and degrees of confidence must be eliminated.
Therefore, every bet is worth one unit even if you feel more strongly about one wager over another.
The other school of thought is the 1-to-5-unit betting system. The average, run-of-the-mill bet should be one unit with increasing units for those bets in which you are more confident.
But understand that during the NFL season, a 5-unit maximum play should occur an average of once a month. The majority of your bets should be of the one-, two-, and three-unit variety.
If you haven’t mastered the art of betting discipline, then stick to betting one unit on each game you choose.
– Do your homework. OddsTrader has excellent resources available for you to research the games and gain insights into the events.
We have several forums specifically geared for bettors to share their opinions on everything from NFL games to MMA events and everything in between.
Oh, and one last thing that is often not mentioned. Make certain to bet when you are sober and not when you’ve had some liquid courage.
The bets get erratic and much more sizeable when you are betting “after hours”. One reckless night can undo weeks or even months of responsible money management.
Choose Your Sportsbooks Wisely
It’s okay to sweat the game but never the payout. Make sure to do business only with A-rated sportsbooks because there are thousands across the internet to choose from but there is only a handful that has stood the test of time and have sterling reputations in the industry.
You can find these top-flight sportsbooks right here at OddsTrader.
Lastly, make sure to have accounts with at least two or more A-rated sportsbooks. Getting the best line or most favorable odds is essential to winning over the long term.
Why bet the Bengals -7 when another top-rated book has them at -5 ½? If they win by six points it can be the difference between winning and losing your wager.
The more choices, the better off you are but make sure you are doing business with only the best!