Nobody bets on sports with the intention of losing money, but unfortunately that is one of the harsh realities of an activity where even the best handicappers in the world can struggle to make the right pick just 60 percent of the time. That is the main reason why anyone who is serious about betting on sports should incorporate some sort of money management system into their overall betting strategy.
The tagline “bet with your head not over it” unfortunately rings true for too many people who let themselves get caught up in the heat of the moment when it came to betting on the games. There is a time to go big and there is a time to lay low and that is the basis of any successful attempt to manage your betting bankroll in the most productive way possible.
The first rule of thumb when it comes to any kind of gambling is to only bet money that you can afford to lose. Once you have established what an acceptable betting bankroll should be, then you are ready to actually start placing bets. If you are new to sports betting then you might want to take things as slow as possible. One strategy would be to try your luck handicapping your favorite sport to pick some winners for some upcoming games. Place the bets in your head, not with the local bookie to see how you did. Once you feel comfortable with your ability to break down a matchup to the point a picking a probable outcome, then it is time to put some money on the line.
The amount that you bet on any single game should be in proportion to two things. The first is the size of your overall bankroll and the second in the level of confidence you have in your actual pick. If you are starting with a $500 pile of cash, you might want to limit your bets to $10 a unit. The term unit simply refers to an amount bet. If you start with $10, then a five-unit bet would be $50.
Betting by units really comes into play when talking about your confidence level in any particular bet. The higher the confidence, the high the units wagered. Get it into your head early in the process that there are no such things as “locks” when betting on sports. However, there are definitely going to be times when you feel really good about a certain pick and that would be the time to bump up the units played. Keep in mind your overall betting bankroll when deciding how many units to bet. A seven or eight unit play should have an extremely high level of confidence so the majority of your plays should probably be in the three to six unit range.
Another very important aspect when it comes to proper money management is tracking your results. Patterns and trends will begin to emerge once you have been betting on the games for an extended period of time and you should be able to learn from your past successes and failures. Betting on sports is supposed to fun with the money wagered working to add excitement to the actual games. Do not get to high with a winning streak and walk away from the betting window when the losses start piling up. Just like in the actual sports you bet on, winning streaks and losing streaks are very common in this game.
The other alternative to proper money management is to use some of your bankroll to subscribe to a professional betting service that will sell you the picks and suggested unit plays for a set package of games. Always make sure that you do your homework before giving anyone money for picks, but this is a very viable way to build a nice return on investment when it comes to sports betting.