Long-Term Success Through a Solid Foundational Approach
Let’s be honest: if you’re going to bet on sports, you’re doing it because you want to win money. Nobody enjoys losing money on a bet they made on a sporting event because their team didn’t win or cover the spread. It’s common knowledge that most sports bettors ultimately lose money in the long run. According to the data, a lack of or ineffective money management is a major issue among recreational gamblers. While there are no guarantees when betting on sports, there are some strategies that can be learned and put into practice immediately that will put you ahead of the vast majority of people who end up losing money. One of the few who actually makes a profit is you.
While the information presented here is not exhaustive, it will provide a rock-solid basis upon which to build your savings month after month and year after year.
Setting Expectations for Sports Gambling
People bet because they want to make a profit, as I mentioned before. When crafting a strategy for success, one of the most important things to ask yourself is:
1. What is the minimum and maximum amount of money I want to make each month and each year from sports betting, and do I have enough money to get started?
It’s fine if you don’t know the exact answers to the two questions above. In a short time, everything will become crystal obvious.
Let’s look at an example of a hopelessly idealistic objective: In an ideal world, I’d be able to make $500 each month through sports betting. At the beginning of the football season, I had $500 to work with.
IGNORE IT; GO PLAY THE LOTTO OR FIND A NEW HOBBY!
Here’s an attainable target to aim for: I’m looking to supplement my income by $100-$300 each month through sports betting. At the start of the football season, I had $3000 to work with.
This article will teach you the fundamentals of personal finance so that you can achieve this and more in your own life.
There is potential for profit in sports betting, just as there is in any other industry, if one is aware of and prepared for the challenges it presents. Many gamblers mistakenly believe that a $500 bankroll may be used to place $50 bets on each game. Unfortunately, this is not how things work and neither will you expect them to. Now that you know how much money you can afford to gamble, you can learn how to manage your sports betting business like any other.
Funding Level
Your first step in sports betting is to build a bankroll from which you may make wagers, and then to set individual wager limits for each game. The size of your wagers should always be determined by the size of your bankroll.
Let’s say your goal is to increase your wealth through gambling, and your bankroll is the total amount of money you have available to wager. In general, we advocate using a flat 2% of your bankroll as your betting strategy, and that’s what we do ourselves. In other words, if you have a $1,000 bankroll, your initial bet should be $20, or 2% of your bankroll. If you’re wondering “why 2%?” You can almost guarantee that you won’t lose your entire bankroll if you stick to betting just 2% of it at a time, because as your bankroll decreases, so does a stake of just 2%. If you’re diligent and keep to the 2% flat rate of bankroll system, you’ll be able to increase your wager amount when you hit a winning streak and your bankroll rises to more than $1,000. Check out the images below to discover what 2% of various balances looks like.
% of total capital Amount of Money in the Bank to Begin Betting With
2 100 2 \s2 500 10 \s2 750 15 \s2 1000 20 \s2 1500 30
2 2000 40 \s2 5000 100
2 7500 150 \s2 10000 200 \s2 20000 400 \s2 50000 1000
To put this into perspective, let’s say you’re the type of player that is comfortable betting $20 per game. Use a technique like this to cut down on your losses during a losing streak and increase your earnings when you’re on a winning streak.