There are many things to consider when getting into the sports betting industry, but bankroll management needs to be one of the first things to think about. Sports betting can be extremely addictive, and it can also be extremely costly if you don’t have a safe plan in place. The hope is that you are winning money when betting on sports, but you also need to protect against losing big.
Everyone in the sports betting industry will tell you something different when it comes to bankroll management, but we have built up our own list of tips. There are other ways to practice safe bankroll management, but this list has worked well for us and our customers. It’s important to find a system that works well for you and your needs and then stick to it.
The sports betting industry continues to grow by the day, and you are probably anxious to get into the action. Before you go and sign up for an account on DraftKings sportsbook, you need to read our tips for safe bankroll management while betting on sports.
Determine Your Bankroll Amount
Before you even begin looking for an online sportsbook, it is important to think about how your bankroll amount should be. In other words, “How much money are you comfortable risking to lose?” The hope is that you will win big, and strike it rich, but there is always the chance that you lose all of your money in a hurry.
Determining your bankroll amount is a personal decision, and you have to decide what is best for you and your lifestyle. There are several key factors to consider when picking this amount, but it’s best to determine an amount before you really get too deep into the sports betting world.
How Much Should You Initially Deposit?
Now that you have determined how much your bankroll amount should be, it is time to deposit some money at a sportsbook. The initial deposit is extremely important because it can determine how well you manage your money going forward.
You don’t want to deposit your entire bankroll in the first deposit, but you also want to deposit a nice amount. Usually, sportsbooks will offer some great bonuses for initial deposits, and you will be getting some “free” money with the higher amount of deposit.
It is wise to determine a certain percentage of your bankroll that you are willing to have in your sportsbook account at one time. If you are planning on betting on sports for a long time, then you will need to keep some in reserve in case your initial deposit runs out.
This is really a personal decision that you have to make, but be sure that you still leave enough money in your personal checking account to cover your daily expenses. If you have a wife and family, then it might be wise to leave enough money in your checking account to take care of them too.
Choose One Betting Unit
A “unit” is the amount of money that you are betting with each wager. This betting “unit” is different for everyone that is involved in sports betting, but choosing a unit and sticking to it is one of the best strategies to use.
You should choose a betting unit after determining your bankroll amount, and choose an amount that will give you some flexibility when getting into sports betting. It is important to choose a unit that will give you some decent returns for your winnings but also choose a unit that won’t hold you back from placing several bets of your choosing.
The number one reason for choosing one betting unit and sticking to it is the fact that all of your bets should be treated as equal. There is no such thing as a sure thing when it comes to sports betting, and you should never be willing to bet a higher amount on any game.
Deviating from the plan of sticking to one unit can be extremely dangerous and risky, and it can really affect your bankroll amount and situation if you bet big and lose a ton of money.
Make sure that you are comfortable with the “unit” that you choose before you start to bet, and then you can always adjust the amount of the unit to either be higher or lower depending on how things are going.
Re-Evaluate Bankroll Management Often
It is important to continue to re-evaluate your bankroll management plan often, especially if you are just getting started in the world of sports betting. Maybe sports betting was harder than you thought, and you find yourself losing money at a quicker rate.
Maybe you have made some terrific picks of late, and your account is getting refunded much quicker than normal. After you’ve spent some time betting on sports, then it is time to re-evaluate how things are going and determine if any changes need to be made.
Sports betting is meant to be a hobby, not a way of life. If you find yourself getting too involved in the sports betting industry or losing too much money, then it is time to change some things up.
Changing your bankroll management plan often isn’t a sign that something is wrong, but it is a great way to ensure that you are in control.
One thing to remember is that there are ways to seek help if you are struggling with addiction to sports betting, or if you can’t seem to get things under control. The first step would be to seek the help and advice of a friend or family member, but there are professionals out there who can help you as well.
Sports betting can make you some extra money, but it can also mess with your life if you aren’t careful. Set up a solid bankroll management plan before placing any wagers and stick to the plan.