5 Tips To Increase Your Sportsbetting Bankroll
When it comes to sportsbetting, your bankroll is the amount of money you have set aside to bet with, and it has to be managed smartly, if you intend to turn a profit from your bets. There are a few rules that if you follow them correctly, they will always keep you in the black.
One of the biggest reasons that the sportsbooks keep making money, is due to the fact that they can count on inexperienced gamblers not to have any discipline. An inexperienced person will always bet more money than they should on games, they even spend more than that when they lose, because they believe they can win the money that they lost back, and most of the time, they lose twice what they originally lost. If that sounds like something you do or something you have done in the past, you aren’t managing your bankroll well.
The first thing you should know about managing your bankroll, is that you should always maintain discipline. Everyone that has ever placed a bet knows that it is always tempting to bet large amounts of cash at a time, because the payouts are bigger, but you should never do that if you intend on making any money when betting on sports.
#2. Be Consistent
You should always make similar or identical bets every time, because it is literally the difference between a bad day and a really bad day. What is meant by that is if you usually bet $10 on each game, and you place five bets that day. Even if you lose all five bets, all you lost was $50, which doesn’t affect your bottom line as much as if you placed four $10 bets, but decided to place $100 on one game, because you thought it was a sure thing, and end up losing.
#3. Know Why You Are Betting
Another thing you have to determine before you begin placing wagers is why you are doing it. Some people place bets just for the entertainment factor, and the fact that it makes the games more interesting, while others bet on games for a living. If sports betting is something you intend to do for a living, you have to understand that you are investing your hard earned money on these teams to come through, and approach sports betting as you would a real life investment. Doing this as a full time job allows you to take it more seriously, and make smarter bets.
#4. Invest Wisely
As you would do with any investment, you have to consider the potential return on investment before placing any bet, which is why it is surprising to see some people spend more than 20% of their bankroll on a single game.
According to most betting experts, the general rule of thumb is to bet anywhere between 1 and 2% of your bankroll on a wager, so if you do go on a losing streak, you will be able to weather the storm without losing a lot of your bankroll. The problem most people have with this type of bankroll management is that it is slow, and it takes some time before you start to turn a decent profit. This tends to turn a lot of people off, because when they think of sports betting, they have watched too many movies and believe they should be making fast cash, and in the end, they end up spending most of their money pretty quickly, and are out of cash before they know it.
By spending 1-2% of your bankroll, not only are you able to absorb losses more easily, but according to industry experts that have been doing this for a long time, if you are making smart bets, you should be able to win 54-60% of your wagers, and if you are smart about it, that could equal somewhere around a 48% return on Investment, which is nothing to sneeze at.
#5. Throw Some of Your Profit Back In
Once you are making money on a consistent basis, you should increase your bankroll by adding some of your profits back into it. This gives you more money to place bets with, and it also increases your profits at the end of the day, putting you in a win-win situation.
These are just some tips to help you hold on to your bankroll and increase it at the same time. There are plenty more ways to increase your sportsbook bankroll, but these should put you on the right track.