If you are new to sports betting then listen up because managing your money is more important than anything you will do except picking winners. But nobody stays on a hot streak forever and when your picks go cold is when bankroll management becomes vital. Let’s discuss some of the fundamental aspects of sports betting money management below. You’ll be glad you did!
Set Your Bankroll
Don’t worry how much your buddy bets on a game. That’s about as important as what brand of underwear he prefers. It has nothing to do with you because when he wins the money doesn’t magically appear in your pocket and when he loses you don’t need to take a loan to pay his bookie.
As an aside, remember that barroom bettors always talk loud and proud about their wins but rarely discuss their losses. They are usually representative of the betting public in that they think they know far more than they actually do. So, do your own homework and place your own bets without being influenced by the man who supposedly never loses. There’s no such animal as a sure thing so bet with your head and not over it.
Now that we have discussed not trying to keep up with the Jones’s betting bankroll, let’s determine how much is right for you for an entire season of, for example, NFL picks. There are now 18 weeks of the NFL regular season followed by four additional playoff weekends for a total of 22 weeks and hundreds of games.
Now you have to determine your pain threshold. In other words, if everything went wrong and you lost your entire bankroll with no opportunity to replenish it, what would the amount be that would allow you to sleep at night? Remember, you must be disciplined and walk away should this happen. There is no regrouping and chasing your losses.
Unit size certainly does matter and it is a direct function of your bankroll. Let’s assume that you are a-okay with losing $1000 over the course of the NFL season. You can chalk it up to a recreational activity just like others justify a golf membership, fishing gear, hunting equipment, or a boating allowance. At least your hobby happens to be the only one where you can actually take home more than you spend for the season if you make the right moves.
Let’s get back to how much you should wager per game, or what is called your unit size in the sports betting parlance. No matter the size of your bankroll, each of your wagers should be one percent of it. Therefore, if your bankroll is $1000 for the season then you should be betting $10 per game.
Sounds like chump change but it will keep you in action throughout the season unless the roof caves in and your bets crater. So if you want to bet $100 per game then you better have a $10,000 bankroll because that’s what it will take to keep you in action and survive the coolers that we all go on from time to time.
At the end of the season, if you are plus money, or in the black as we are wont to say, then treat yourself to whatever you please or stash that money away for next season!
Choose the Right Sportsbook
Here at The RX we have the best U.S. licensed sportsbooks available to those who either reside or travel to those states which have legalized sports betting within their borders. That list continues to grow as more states join the party.
But what is important is that you have multiple “outs” (sportsbooks) so that you can not only take advantage of their bonus promotions but get the best line when you place your bets. Not all sportsbooks offer the same NFL odds or point spreads so make sure you are getting the best number at the fairest price!
Look for the following elite sportsbooks in your jurisdiction: BetMGM, Bet365, Caesars, FanDuel, BetRivers, Pointsbet, DraftKings, SugarHouse, Unibet, SBK, and MaximBet.