The most important aspect of being a successful sports bettor is managing your money. If you don’t have any money then you can’t bet on sports. That is really simple. Money is like the tools of the trade. If I go to build a new house then I need tools to do it. Like hammer, nails and saws. To be a bettor, you need capital. If you want to turn a profit in sports betting then get serious about bankroll management.
Keep your money separate. The dollars you use for normal activities in your life need to be off somewhere else from the money used in betting. Don’t cross them over or consolidate them. That can get you in financial ruins. Think of it as a completely different entity.
Keep record of your bankroll. You need to know where your money is going. It will also keep you on task and it will help in self-discipline. Further analysis will help determine where you are making money and where you are failing and need some improvement.
Don’t place random amounts on bets. Stick to a plan. Decide how much you want to place on your bets and do start placing random amounts. This is will not, for the most part, get you profitable. If it i normally $10 or $25, then stick to the plan and bet the same amount throughout the betting process.
Some bet the 1-5 units per method. With this you make a determination of your confidence is being correct on different bets. If $10 is your basic bet then that is designated as one unit. If you are really sure you can win the wager then you may assign it 3 units which means you bet $30. If you are really, really sure you can win then possible 5 units are bet which is now a $50 bet. Some issues with this is you may lose more than you want to if you had some confidence in a bet and you lose. So your bankroll may dwindle faster using this method.
You may want to treat all bets equally. Place the same amount on each bet. If $10 is your standard then stick with it for all bets. Do NOT go chasing bets. Possibly you just lost $100 and you want to make it back right away as you are beginning to panic so you take the next wagering opportunity to bet $100 to attempt to get back to zero. That’s a good way to go downhill very quickly
Getting overly emotional about a game and throwing good money after bad can be one of the most harmful things you can do to your bankroll. Don’t start wagering at half time just because you are frustrated that your team is probably not going to cover. Betting a large portion of your bankroll on one game is never a good idea and too risky of a move. Any professional investor will tell you to diversify. No one in their right mind would put their whole retirement money on on one stock like Apple and just leave it there. The same should go for sports betting. Don’t risk too much on one game.
Bankroll management is necessary and better for your health and the health of your family.