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Helpful Tips to Help You Manage Your Sports Betting Bankroll

By Paul Wilson in Tips & Tricks / Strategies
| February 22, 2016 12:00 am PDT
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Sports betting can be a ton of fun, but whether you do it just for kicks or grind for a living, it’s probably not a bad idea to incorporate a little discipline in how you bet on a regular basis. More specifically, it’s a pretty good idea to take proper care of your bankroll starting from your first wager.

No limit poker can be fun, but it’s actually a really wise choice to put a cap on how much money you’re going to put on the line. This can apply to sports betting as well and it can stay simple at what the percentage is going to be that you want to risk per day or you can even stretch it out to a per game basis.

The best thing to do to help limit how much you put in play is to give yourself an annual cap. Say, “this is how much money I’m going to bet with this year” and just never go past that amount – even if you win big. You can always adjust this the following year and so on, and doing this always keeps reality in check and also prevents you from “going for broke” or “chasing the dream”.

All betting of any kind is really entertainment when you get down to it, so as long as you can afford to do it, you simply play the percentages and bet the amount you both feel comfortable with and can definitely afford.

If you put down $300 for the year and can afford it and wouldn’t be heartbroken if you lost it, then that’s a perfect amount. Depending on how much you make and what other hobbies and interests exist in your life, the number can climb significantly higher.

Once you have that baseline to work off of, the next step is to never bet too much of it all at once. You don’t always have to slow play your bankroll to the point where you’re cutting short your maximum winnings, but sticking right around 10-15% of your total bankroll is probably a good rule of thumb. This prevents a bad night turning into a bad year in the blink of an eye.

Take Breaks

Ever suffer a bad beat you can’t recover from and are stuck on tilt? Yeah, that’s the feeling we want to stray away from if we can, and it isn’t specific to just poker. That sinking feeling can lead to you suddenly betting more money than you’d like or worse – more money than you can afford.

Refraining from taking on new bets is a really good way to recharge your batteries and rid yourself of that awful feeling. That is usually a feeling mixed of regret, loss and “what if”. It’s never any good and going forward with that feeling can only lead to bad things.

Whether taking a break means taking the next day, week or month off – at least leaning back and taking a look at how you feel and how you’re reacting to the situation is in order. Once you are back in a good spot, you can proceed as normal.

Stick With What You Know

Your comfort level is very key when it comes to sports betting, so if you’re not confident in your abilities, start out with a small bet or pick games as practice until you get to a point where you feel good about risking some of your own cash. If you don’t know anything about hockey, it’s probably not the best idea to drop $300 on the Oilers to beat the Kings. I don’t even know hockey and I know that’s a terrible bet, but you get the point.

This line of thinking will also hopefully rule out chasing bets and situations that come off more as guessing than actual research and knowledge being put to work. Sports betting can often appear random, but a lot of what ends up happening actually ends up making good sense. If you have the eye for it, then you don’t have to go out on a limb with crazy bets or piling your bets up sky high. Instead, you can stick with what you know and dominate one niche.

There are more ways to keep yourself in check and keep your bankroll intact, but if you’re starting out, these are some of the best ways to reel yourself in. Just remember that sports betting is supposed to be fun and entertaining. If it becomes stressful or taxing, just refer to your limits, consider taking a break and go back to what you know or are good at.

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