When it comes to sports betting, the size of the bets that you make is so important that we have a whole section here dedicated to making sure that you aren’t over betting on things, and also that you know the best strategy behind sizing your bets correctly. Literally betting too large on a specific bet can be the difference between having a profitable day or breaking even, or even between breaking even and having a losing day when all is said and done! It’s a tough thing to do, but there are quite a few things to take into consideration when placing your bets about how large they should be, and we are going to break them down here today. Let’s look at things like ranking your bets, basing the sizing off of your bankroll, and even betting on things like parlays as well!
Ranking Bets Daily
Regardless of which sport that you are betting on, you should go through at the start of each day when you are looking through the betting options on the board and rank your bets on some sort of a scale. Many people use the “star scale” ranking bets from three stars to five stars. Why not have one and two stars you ask? Well, because you shouldn’t even be considering betting on a one or two star bet at any point! From there though, you should decide how much you are going to bet on each ranking of bet. This comes down to standard money management as well, because you want to make sure that you aren’t over betting on a specific bet, and it should all be based off of the size of your bankroll (more on this below). Five star bets are going to be where you are placing the bulk of your action, and if you have enough four or five star bets that you could be fine just skipping some of the three star bets as well.
Based on Bankroll
The quickest way to burn through your bankroll is to over bet. The general strategy behind bet sizing is that you should bet around 1% of your bankroll, but many people still to between 2% to 4% in most situations. A lot should depend on your confidence level of the bet (see above), but if you are betting more than 5% of your bankroll then you are simply putting yourself in a bad spot. Unfortunately losing streaks do happen in sports betting, and if you are betting too big and hit one of those dreaded losing streaks then you are going to find that you are out of money quickly and they are either going to have to redeposit or simply take some time off! Either way, both are not the options that you hope for, so make the most out of the money that you have and grind out results until you can raise up that bet sizing!
Betting Parlays vs. Single Bets
The difference between betting on a parlay and betting on a single bet is HUGE. If you typically are betting $5 or $10 on a single bet, that absolutely does NOT mean that you should be betting that same amount on a parlay. If you bet that size on a single bet then your bet sizing for parlays should probably be right around $1 or $2, mainly because they are quite a bit harder to hit, and the payouts are going to be a good bit higher so you are going to get a good return on your investment if you hit a parlay almost no matter what! The worst type of bankroll management that you can possibly have and the worst idea for general bet sizing in sports betting is to bet large on parlays with your only thought being how large that payout would be if it hit. Just stick with smaller bets on parlays, and your normal size bet on a single bet.
In general, the most important thing behind bet sizing in sports betting is to know how to take care of your money. Burning through your bankroll is never a good thing to do, so it’s recommended to come into each day with a plan, and to stick with that plan no matter what the situation is!