Read Managing Your Sports Betting Bankroll Like A Pro below before you start betting and following the bankroll chart.
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Managing Your Sports Betting Bankroll Like A Pro
Original article posted on March 17th, 2024, updated March 22nd, 2024
Starting with the 2024 NCAA Tournament, we are going to switch gears to betting with a bankroll.
In sports betting, effective bankroll management is an underserved component of Sports Betting, but it is just as important as winning. Effective bankroll management is the backbone of successful sports betting. Whether you’re a seasoned bettor or just starting, understanding how to manage your funds is crucial to long-term success. In 2024, we’ll explore key strategies to help you maintain and grow your sports betting bankroll wisely.
- Set a Budget:
Begin by establishing a dedicated budget for sports betting. This should be an amount you can afford to lose without impacting on your financial stability. Avoid using money earmarked for essential expenses and view your betting bankroll as you would any other investment.
I will be starting out with a budget set at $10,000.
- Define Unit Size:
Determine a consistent unit size for your bets, usually a small percentage of your total bankroll, such as 1-2%. This ensures that a losing streak won’t wipe out your funds quickly. Stay disciplined and resist the temptation to increase your unit size impulsively after a win.
Based on a $10,000 bankroll the start unit size on day 1 will be $100. A 1% play will be $100, and a 2% play will be $200. We will adjust our unit size daily, based on where our bankroll starts out that morning.
- Research and Analysis:
Knowledge is power in sports betting. Conduct thorough research on teams, players, and other relevant factors before placing any bets. Analyze statistics, injury reports, and recent performance to make informed decisions. This approach minimizes the element of chance and enhances your chances of making profitable bets.
Use EdTheStatMan.com for the information I will be sharing to incorporate into your handicapping.
- Diversify Your Bets:
Avoid putting all your eggs in one basket. Diversify your bets across different sports, leagues, and types of wagers. This strategy helps spread risk and mitigates the impact of a single losing streak on your overall bankroll. Balance higher-risk bets with safer options to maintain stability.
My bets going forward will be made well in advance of the starting time allowing you time to get down. Check my bets section daily for the latest moves.
- Keep Emotions in Check:
Emotional decision-making can lead to impulsive bets and, ultimately, losses. Stick to your strategy, and don’t chase losses by increasing your stakes hastily. Accept that losses are part of the game and maintain a rational approach to each bet.
- Monitor and Adjust:
Regularly review your betting performance and reassess your strategy. Keep track of wins, losses, and overall profitability. If necessary, adjust your unit size or strategy based on your performance. Flexibility and adaptability are key components of successful bankroll management.
- How to Handle Daily Betting:
I recalibrate my bankroll at the beginning of each day therefore my unit changes each day. I never go below by base unit. Therefore if my current bankroll goes below $10,000, my unit will never go below $100. If my bankroll goes up, than 1% of my new bankroll becomes my unit for that day and bet accordingly. Example, my bankroll goes up $300 from the previous day, my new unit is $103.
With regards to bets already made for that day at a previous unit size, I will revisit that bet and if I get the same line or better I will add to the bet to get to the current unit size. If the line is worse, I will leave the bet alone. If additional information is available that makes that bet stronger regardless of which way the line moved, I may also add another unit to that bet.
- Use Betting Tools Wisely:
Leverage betting tools, such as bankroll management apps or spreadsheets, to track your bets and monitor your progress. These tools can provide valuable insights into your betting patterns and help you make data-driven decisions.
Managing a sports betting bankroll requires discipline, research, and a strategic approach. By setting a budget, defining unit sizes, conducting thorough research, diversifying bets, maintaining emotional control, and using betting tools, you can enhance your chances of long-term success in the dynamic world of sports betting. Remember, it’s not just about winning individual bets, but about consistently making profitable decisions over time.