4 Sports Betting Bankroll Mistakes
There is a difference between being a good sports bettor and making money at sports betting. That difference has everything to do with bankroll management! Knowing how to properly manage your money is key and an important fundamental for every type of sports bettor. In this article we want to list out 4 of the most common money management mistakes made in the sports betting community.
1) Do not set your bankroll too high - When you start betting on sports it's imperative that you set up a "bankroll". A bankroll is the total amount of money you are willing to risk on sports betting. The first tip is to not set this number to high. Don't count on betting every single penny you own on sports betting. Don't rack up credit card debt to increase your bankroll. Pick an amount you are comfortable with and an amount that won't change your life if you do happen to lose it.
2) Do not change your bet size - This is definitely the biggest mistake people make when managing their money in the sports betting world. One rule of thumb that I always preach is, "No game is more important than another game." You should initially set the amount you are going to bet on each game. This base bet amount is called a "unit" and in general it should be 1% to 5% of your bankroll. A common number to use is 2% of your entire bankroll. So, if your bankroll is $5000 than your typical bet is $100. Get in the habit of betting 1 unit on every single game you want to bet on. Don't go crazy on a game you THINK is great and bet 10 units. That leads to bankroll problems! If you vary from your 1 unit bet, do it responsibly and bet like .5 units or max 2 units on a game. Changing the bet size is a very common problem in bankroll management and is best if you just don't do it.
3) Do not forget to re-evaluate your unit - So we just got done telling you that you shouldn't change your bet size. While this is true, don't forget to re-evaluate your bankroll and the size of your "unit bet" periodically. We like to set a time period of every week. So once a week we will reset the amount of 1 unit based on the current bankroll. For instance, if you had a good week and your bankroll grew from $5000 to $5750. You 1 unit wagers for the next week should be $115 or 2% of $5750. Make sense? You can decide how often you want to change your unit size but just be sure you do so on occasion. It would be a bankroll mistake to continue betting $100 a game if you bankroll shrunk to $3000 for example.
4) Don't over react to losses - You are going to lose bets. The sooner you accept the fact that you are going to lose some bets, the better off you will be. Do not over react to your losses by increasing your bet size on an impulse. Also, resist the urge to "double up" or increase the money you have invested in your bankroll just because you've been losing and you need to get it back. If you are a solid sports bettor, grind it out and over time you will make money and increase your bankroll.
These are 4 basic bankroll mistakes you should avoid when sports betting. Act on these now and start making money on the thing you love most, sports!
