Sports Betting Tips
Some Perspective on Money Management
Along with our Common Mistakes and Importance of Having
Multiple Sportsbook Account articles, the tips contained in this article are
absolutely critical to your long-term gambling success. All the tips
and inside information in the world aren't going to mean a thing if you
don't have money in your account to bet. Staying in the game or
"living to fight another day" is one of the top tips we can offer here at
SportBooksReview. Lets all win money together, folks.
Opinions Are Like...
If you've been in the gambling world as long as I have, chances are you've
heard more than one persons opinion about the best way to manage your sport
bankroll and not go broke. Depending on who you talk to, you should only put
5% of your total bankroll in play on any given night, with the idea being
that if you go on a cold streak it won't kill your entire bankroll. This is
a reasonable idea, particularly if your sport book balance is in the thousands and
tens of thousands of dollars--if you're wagering higher amounts, then
naturally you'd want to protect yourself from losing everything.
But what about the smaller, more recreational gambler with a bankroll in the
hundreds of dollars rather than thousands? If you follow the 5% guideline,
you'll find yourself making tiny wagers in the $5-10 range. For some people,
this is perfectly OK. They are only trying to have a little fun and make the
games more interesting, while not risking too much money. Other people would
see this as simply a waste of time, required more money to be at stake for
it to be considered "worth it".
One Size Doesn't Fit All
So, what to do? Well, there is no singular method that should be
applied--everyone is different, with different ideas, attitudes and most
importantly--bankrolls. My advice is fairly simple: if you have a large
bankroll, I recommend following a version of the 5% rule (going as high as
maybe 10% if you really like a particular game) on any given night. Keep the
number of bets you make to a minimum in order to decrease the amount of risk
you're taking on (not to mention the amount of juice you're laying). I would
personally keep it to three bets or less per day if following this scheme,
all the same amount. On the other hand, if you've got a smaller bankroll in
the hundred(s) dollar range, why not gamble a little and try to build it up?
I see nothing wrong with taking a shot on a parlay or two, or laying down a
larger percentage of your bankroll in one day if all you stand to lose is a
hundred bucks. As you gradually increase your bankroll, I would then slowly
move back to the standard money management model of risking less and less of
your bankroll as it grows larger and larger.
Ride the Wave
Remember, long term success in the sports gambling world requires patience
and discipline. Not only should you do your research (as discussed in my
Betting on Major
League Baseball article), but you should adjust your bet sizes in
accordance with your bankroll. This is the number one concept to remember
when betting on sports. You'll win some and you'll lose some, but the key is
to manage your losses so that a bad day or week doesn't kill your entire
bankroll. Ride out the cold stretches so that you're still in the game when
the hot stretches inevitably arrive and you'll be on your way to requesting
a nice fat payout from your sport book.
Check out more of our sports betting tips articles to become a smarter
sports better. Knowledge is power, folks.
Best of luck, and please gamble responsibly!
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