When it comes to betting sports online, you’ll find that one of the biggest things that you need to be careful of is that you are managing your money well. Not only is this incredibly important, but it’s also overlooked by many online sports bettors! Just like playing online poker or playing casino games, you’ll find that if you aren’t careful and do not have good money management skills that it can really be the difference between having a profitable night and having a night where you break even. We are going to take a look at some of the best tips behind managing your money when betting sports, and also make sure that you aren’t burning through money by not making smart bets with smart bet sizing as well!
Bet Sizing Based on Bankroll
When you are placing your bets, one of the absolute WORST things to possibly do is to bet too big based on the size of your bankroll. What does this mean exactly? To put it simply, it means that if you have $100 in your bankroll, you do not want to bet $20 or $25 per bet and limit yourself to only being able to place four or five bets before running out of money! Down swings definitely do happen in sports betting (as much as we’d all love to be able to avoid them), so you always have to prepare for it and make sure that your bankroll can outlast them. So if you have $100 in your sports betting bank account, make sure that you are betting a small amount (typically between $2-$5 at MOST), or else you’ll find out quickly that you don’t have nearly as many bets as you originally thought that you did.
Another great way to manage your money is to rank the bets that you are looking to place. When you are going through the games you can rank things on a scale of one star to five stars, and simply throw anything with a one or two ranking out the window. Some sports bettors will simply skip the one and two star rankings all together, and just rank their bets with three, four, or five stars. From there, the idea is that you are going to have a SET betting amount that you will put on each of the different rankings. So it might be that you bet $1 on any three star games that you like, $2 on any four star games, and $3 on any five star games. This makes it so that you have a set amount and a game plan to start off the night, and also so that you don’t convince yourself that you love a game TOO much, and place too large of a bet on it. Many of the biggest handicappers out there use methods similar to this for their betting, so don’t overlook this option!
Not Over Betting
Obviously we’ve touched on the idea of not over betting already here, but it really can’t be stressed enough. One of the most popular phrases that I learned in sports betting is that “if a line looks wrong, then it probably isn’t.” What this means is that just because you think that a team should be favored by WAY more than what the sports betting line is, doesn’t mean that you should go all-in when betting on it! There could definitely be something that you are overlooking or simply missing, so make sure that you do your research and take the time to look into all of your bets. Just because you have sold yourself on a bet, doesn’t mean that you should go incredibly big with the bet size as well (reference back to the ranking bets section above).
There are definitely quite a few ways to make sure that you are managing your money when betting on sports, but these three things above are VERY important to pay attention to. If you make sure that you are constantly reminding yourself of these things then you’ll find that more often than not you are able to outlast any downswings, and more importantly that you will bring in a consistent profit night in and night out when betting on sports!