Sports betting is one of the biggest industries in the world today. It requires a bit more savvy and skill than pressing a button or spinning a reel. Sports betting has been compared with investing in stock exchanges. Thus, using the same strategies to manage your sports betting bankroll seems like a good option.
In this review we’ll look at sports betting bankroll management.
Whether you need betting odds explained, or gambling explained – we’re here to help you maximise your chances at landing the jackpot.
As sports betting can be a little challenging and complicated, the Gambling Guy highlighted specifics to help with your ventures in the sports betting world.
- Our team of experts explained a sports betting points spread, and looked at how it affects betting odds.
- An understanding of sports betting money lines will help you work out your bets to turn a profit.
- The U.S. sports betting guide contains all the basics on sports betting
- Gambling Guy’s U.S. online casino guide lists many of the best sportsbooks in the U.S.A.
Best Sports Betting Management Systems
It’s important to manage your available funds in sports betting. Essentially, everything revolves around how much you bet and how much you make on your wagers. It’s prudent not to forget that you also have to consider the bookmaker’s cut on every bet. Fortunately, the bookie’s cut is already added into every bet when you make it, so it doesn’t truly affect you beyond your initial bet.
The gambling legal age is eighteen or older. You won’t be able to open an online banking account, or manage a bankroll, if you’re younger than eighteen. The Gambling Guy team compiled some handy tips on bankroll management.
Registering an Account with a Bookie
Before you register an account with an online bookmaker, compare different sportsbooks and the sports they cover. Also have a look at the welcome bonuses, promotions and VIP programs on offer. Whether you’re a new or seasoned player, bonuses and prizes are always nice. Our sportsbook register guide will give you all the details on registering and setting up your bankroll.
When you register an account, the online bookmaker will ask that you verify your identity and age. This is to make sure that you’re eighteen and at a legal age to gamble.
Establishing and Managing your Bankroll
By now, you’ll have realized that sports betting is flooded with jargon. Bankroll management is yet another phrase that you have to come to terms with. Before we look at sports betting bankroll management, you need to know what a bankroll is. Simply put, it’s the money that you deposit into your online account with your preferred bookmaker. This is money that you’re willing to lose (winning is not guaranteed, remember)! An understanding of sports betting money lines will help you work out your bets to turn a profit.
It might also be a good idea to look at the sportbook rules before you set up and start managing your bankroll. These rules will explain how little or how much you’re required to bet. It will further guide you in terms of specific types of bets, like gambling over under. It’s really important that you understand all the rules and terms before venturing into the arena of sports betting.
Once you’ve deposited your money, assign or keep a fixed amount for sports betting. This may sound like an echo, but don’t commit money that you cannot afford to spend. This is the first step towards responsible sports betting bankroll management.
Your online bookmaker will have minimum and maximum deposit limits. You won’t be able to deposit more than the maximum limit.
When it comes to the management of your sports betting bankroll, it’s best to decide on, and stick to, a specific betting amount. Don’t go big once you’re hitting a winning cruise. Lastly, determine your betting frequency per year. Are you just going to go for big events (maybe betting up to five times a year), or do you plan on daily betting? Only you can answer this. Adjust the money you’re investing accordingly.
Keeping Bets Consistent
A key tip to managing your sports betting bankroll is to keep your bets consistent. The Gambling Guy has a matched betting strategy to help you work out your perfect betting amount. In sports betting explained, the Gambling Guy devised bet setting strategies to enhance the management of your sports betting bankroll.
There are two different approaches to setting a bet. Firstly, there’s the bankroll percentage method. This means that you’ll set a bet at a certain percentage of your overall bankroll. Secondly, you can simply choose to set a betting amount. Just remember, bookmakers have minimum bettings amounts, and you can’t bet lower than that.
Financial analyses have compared sports betting to financial investments. Some experts believe that the ideal betting unit is between 1% and 5% of your bankroll. Bet your fixed amount and be patient. Your wins will come!
If you’re new to sports betting, it’s best to keep your betting percentages between 1% and 3%.
Now that you’ve nailed your amount per bet, it’s very important that you stick to it. Don’t place your bets on a seesaw of ups and downs. You’ll lose sight of your initial bankroll with frequent withdrawals and deposits. We’ve got plenty of information on betting strategies to guide you through sports betting, including the common pick 3 betting strategy and 1.01 betting strategy.
Know Your Sports
It goes without saying that sports betting and sports betting bankroll management require a sound knowledge of the sport you wish to bet on. You won’t go to a show of the three tenors not knowing who Placido Domingo is, would you? The same goes for sports betting. The more you know about your chosen sport, the more effectively you’ll be able to apply a sports betting management system. Check out our US sports betting guide and best betting strategy for the US roundup to get yourself in the know.
Use Your Head and not Your Heart
Sports performance is an ever-changing phenomenon. A team that’s on top for a season may tumble from its throne during the next season. Thus, betting on a team just because you’re a supporter or fan is a bit ludicrous.
Sports betting bankroll management requires a level head and an open mind. So, take a step back and look at the picture from an objective perspective. Once you’ve gauged the pros and cons, you’ll be in a much better position to make an informed choice about your bet.
When you experience significant losses or wins, it may be time to make some changes to your bankroll and your percentage bets. Reconsider your options carefully before affecting any changes.
Bookmakers use points spread to level the playing field between teams and players. If there are clear differences in skills or performance levels, bookies may change the betting conditions and odds to ‘equalize’ the ‘field.’ Why do bookmakers do this? Well, because they’d like to make money. It’s important that you understand how points spread will affect the management of your sports betting bankroll.
Another factor that will influence your betting margins is the taxes you’ll pay on winnings. These will be state-specific tax regulations. Don’t neglect to have a look at them. You may spare yourself some nasty surprises. If you need a U.S. sports betting guide to help you with this, then you’re in luck.
Other Guides and Strategies
Is sports betting not really your thing? Or is sports betting bankroll management too complicated or too much effort? Why not check out other casino options and strategies? The Gambling Guy’s guide to the best U.S. online casinos will set you on the right track. It details the best online casinos for slots and table games.
Whether you’re interested in having gambling explained to you, betting odds explained to you, sports betting explained to you, or you just want to know how sportsbooks make money our US sports betting guide has what you need. Not only will they teach you about sports betting bankroll management and how to create a value bet strategy, but they’ll teach you the difference between a 1.01 betting strategy, a derby betting strategy, and a pick 3 betting strategy. They’ll also tell you which strategy they think is the best betting strategy for the US.
Sports betting is vibrant, exciting, and ever-changing. If you like something that’s adrenaline-fueled, sports betting is definitely for you. Effective sports betting bankroll management strategies will make sports betting enthralling. These basics give you a solid foundation to manage your sports betting bankroll. If you back these strategies with knowledge about your chosen sport, the scales are sure to tip in your favor.
If sports betting isn’t your thing, you can read our casino games guide to learn all about how to win at slots, which slots are the best slot machines to play, and even gambling winning tax. Whatever you need, we have it.