Bankroll Management Strategy for Successful Sports Betting
There are many misconceptions regarding being a successful sports bettor. Most people think it’s as easy as picking the winners and finding a place to hold all your money. Obviously, we want to pick all the winners and find a place to hold all our money but, unfortunately, it just isn’t that simple.
There are many factors, both big and small, to consider as your entire enterprise is based on maximizing your profits and limiting your risk. There’s research that needs to be done. And not just on the wager your placing either. On where you are placing that wager. On how much that wager should be and, most importantly, on how to build a bankroll.
Your bankroll is not only what you use to play but it’s also what you’re playing for. Starting a bankroll is the easy part. Building it and maintaining it is the tough part. It takes timing, know-how, and discipline. Doing the work is not only important, it’s a must to keep that bankroll growing in your pocket. Here we have some tips to keep in mind as you play week in and week out to better build your bankroll.
Take Advantage of Bonuses
If you’re like 98% of gamblers out there, you’re using an online gambling site to place your bets. There are a million of these sites nowadays that are all looking for your action. Some are good and some are bad but one thing they all have are cash bonuses. When signing up on one of these sites or shopping for a new one, it’s important to note how the bonus program works and what it’s offering.
The bottom line is that it’s free money and your’s for the taking. All bonuses come with rollovers as sportsbooks don’t like giving out bonuses only to see the players cash out immediately. They want you to play. When researching sites, be sure to check on the rollovers as much as the bonus amounts. Once you’ve completed the rollover you can collect on the bonus the lower the rollover the better.
Play With House Money
When you’ve placed a few wagers and have some money coming in, it’s important to remember what is house money and what is your money. You can afford to lose house money but not your money. This is the place you want to get to as quickly as you can.
Once you’ve collected more and more house money, it becomes your money. Cash out your initial deposits as soon as you have enough house money to play without it. This will do two things for you: save you money and keep your wagers reasonable. This is how you build a bankroll with house money.
Note the Fine Print
Just like every online gambling site has bonuses and rollovers, they also have a ton of fine print. This is as important as ever. As the old saying goes, the devil’s in the details. There’s more out there than just high rollovers. There are maximum limits, pay caps, and more cash out fees than you can imagine. Most sites will carry rollovers and fees so you want to find the sites where these are low.
A tell-tale sign is when you see the disclaimer, “This site is for entertainment purposes only.” This is because they are not going to let you win. Even if you make enough money to cash out, the fees they hit you with will even the score and leave you at zero. Stick to reputable sites with good reviews, low rollovers, and free cash outs.
A good way to keep your wagering in-check and smart is to set attainable goals for yourself. This discipline will keep you from chasing after tough losses and limit you to less risky wagers. What do you want to win in one day? In a week? A month? Once you hit what you want to hit, you get out and set a new goal. There’s no overdoing it when you set goals for yourself.
Even more important than setting attainable goals for yourself is setting limits for yourself. This will also keep you from chasing. Allot yourself so much money or so many bets in one day that you can play. Or a week if you’re only a weekend gambler. You’ll be in much more control over your bankroll by setting limits for yourself and sticking to them when you’re hot and when you’re cold.
Know Your Streaks
Every gambler is going to find themselves on a streak. Sometimes you are hot and sometimes you are not. Be sure to note when you are. This is a hard and fast rule in Blackjack but it rings true with any wagering. When you are cold, it’s important to limit not only your wagers but the amount you’re wagering. When you’re hot, you can let it ride and keep the money coming in.