If you are a human being who loves sports betting, there seems to be just a handful or less of things that are better than going on an extended sports betting streak.
Just like losing streaks, winning streaks come out of nowhere, and for reasons unknown, your clarity is improved, you spot numbers and situations that two weeks or two months ago you would have missed.
However, just like when you can not seemingly pick a winner no matter what you do, and instead, now everything seems to win, there are pratfalls that can quickly undermine your success and drain a sports betting bankroll for unnecessary reasons.
Losing is mentally taxing along with being poorer, but as we heard from countless state lottery winners, winning is not so easy either. Let’s cover areas to consider.
Understand the Norms
If you have been betting on sports regularly for five or more years, covering multiple sports, you have achieved a certain level of success to keep going forward. Basically, you win 48 to 55% of the time in a variety of sports.
When you have a great year, you can reach 60% or higher and when you have a rough time, you get stuck in the low 40s percentile.
Always keep in mind you are not as bad as your worst streaks nor as good as your best ones. That is an equilibrium point to always understand.
Money Management Strategy
How to Raise Your Wagers?
Let’s say in college basketball, you started to get hot in early December, and in February you are not slowing down except for a day or two and you have rebounded each time.
Maybe after a month, you decided to take your bets from $100 a game to $150 and you continued to win at around 60%. Making a 50% increase probably was risky, because if it went the other way, you would lose money at a faster rate than what your winning percentage was previously.
Our recommendation is to think about money management and raise your wagers by 25% to 35% if you are giving friends a sunburn just by coming into contact with you. For every 35% increase in bankroll, you can adjust upward on the same percentages.
What to Do With Your Betting Profits
Lastly, let’s say you went from a $5,000 bankroll to $10,000 before upping your bets.
Consider taking 20-25% of your profits and do something meaningful with that money that you will never forget to remind you of the moment. You deserve a reward, enjoy it.
Bets Tracking Strategy
If your way of monitoring your success is counting your cash daily or weekly, that’s cash flow, which doesn’t tell you where you are.
A great example, let’s say you hit 60% of your wagers and you decided to double your best bets. Three weeks later, you have only lost $700, not terrible, so you figure to be still close to 60%. But because you are fortunate to keep hitting those bigger wagers, you are closer to 53% the past three weeks and if those top plays start losing, the bankroll will dwindle more quickly.
If you are tracking your bets, you will know you have cooled and that you are not as hot as you once were, though hardly bad, you might rethink your position on money wagered.
Betting Less Strategy
Too often, when bettors get on a heater, they get overconfident and reckless, having the sense they can not fail. Bad move.
Like those who took risks in the stock market and were lucky enough to make a lot of money, smart investors realize you will only have so much good fortune. These people will look more to blue-chip stocks that perform year after year and take smaller risks, looking to build on what they accomplished.
The same can apply to betting sports. If you have enjoyed a season-long run in a sport and the postseason is at hand, which is always harder to predict, wise bettors become more selective in making bets, after those “blue chips” plays that are more apt to potentially win.
When hotter than a ghost pepper, realize you are not a wizard.
- Follow smart money management techniques
- Track your plays
- Become more selective
- Enjoy your success.