5 Best Sports Betting Money Management Tips
In the 21st century, sports betting has become one of the most popular activities within the sports industry. Though the practice has always been popular, its huge surge in recent years certainly speaks to something.
So, just why is sports betting so much more popular nowadays? One reason might be the popularity of sports in general. Football, soccer, baseball, basketball, and most of the big names in sports have all become a lot more popular than they ever have been. So, it shouldn’t surprise anyone to see betting is a lot more popular.
Another reason, however, might be the emergence of online betting. Since the late 20th century, people have had the option to place bets online. Nowadays, however, online betting has become a lot safer. Both local and offshore betting sites that can be trusted have emerged and grown in popularity. All of them provide a safe experience and a secure way to wager.
The Basics: Tips for Sports Betting Money Management
If you are new to the world of sports betting, then there are some things that you must research before you start to partake. Whether these be betting strategies, research on the players, teams and sports you are betting on, or, as the topic of this article suggests, money management, you must make an effort to keep up with the competition.
So, just how can you manage your money when sports betting? Well, the simplest advice we can give you is also the most obvious. When betting, set up a separate budget. Then, further separate that budget into smaller daily budgets. Once that is done, and you actually start betting, do not exceed your daily budgets when placing bets.
Another tip we can give you is to keep a detailed record of any wager you’ve made. In this record, include all of the cash that you’ve lost, the money you’ve earned and anything else that you think is relevant. The practice is excellent for keeping track of all your sports betting funds.
Lastly, create or follow a betting strategy. There are a ton of excellent and thoroughly thought-out betting strategies, which you can find out more about online. The most popular and safest one is the flat betting strategy.
According to this model, you should place a flat bet with each subsequent bet. However, there are different strategies for people who want to take a bigger risk. Research some of these models, find the betting website that is right for you, and try your hand at betting on your favorite sport.
Money Management/Bankroll Management
We touched a bit on this in the previous section. However, we believe it is important to expand a bit about it. So, that is exactly what we are going to do. In this section of the article, we are going to take a look at a few different strategies for managing your bankroll.
Starting out with the Flat Betting Model, we will not delve too deep into it. The flat betting model is simple to understand. Each time you bet, you wager the same amount. This ensures that you can better keep track of how much money you’ve spent and lost. And, once you win, if your odds were good, it also ensures you come out with a profit.
The flat betting model is great for newbies. However, what if you are a seasoned bettor who has already developed a certain understanding of the sport you are wagering on? Well, if that is the case, perhaps you should try out the confidence model. For those not in the know, the confidence model is a betting strategy in which you place a bet, the size of which changes depending on your confidence in the bet.
Do I Need to Maintain my Bankroll?
Maintaining your bankroll is not just important. Rather, it is the most important thing you can do when placing bets on sports. So, what just do we mean when we say “maintain the bankroll”? Well, it is quite simple, really. Maintaining your bankroll entails managing exactly how much money you can invest in sports betting on a daily, weekly, monthly, or even yearly basis.
Do Your Homework, Make Informed Bets Every Time
Before you place even a single wager, it is of great importance to do your homework on those involved in the sport. For example, if you are placing bets on the currently ongoing Premier League, then it is of great importance to know which teams are ahead and who is falling behind. This advice applies to pretty much any sport, including the NFL, MLS, MLB, etc.
Line Shopping
For those who may not know, line shopping is the practice of comparing different odds from different sportsbooks and coming up with the best offers. The concept is simple, and it is done by pretty much every bettor, unless there is some misguided sense of brand loyalty involved. The thing to remember here is, it is your money, and you should put it down with the business that offers the best payout.
Avoid Buying Points
Most experienced bettors will tell you the same thing. Buying points is not the best idea. For those who are not in the know, buying points is an option at many betting sites. It entails improving your own spread for a higher price. However, most bettors have noticed that this is a rather pointless endeavor. If you make a smart bet, you are getting a good return on your investment anyways. Improving your spread for a great price, simply is not worth it.
Where Do Sports Betting Money Management Strategies Come from?
These money management strategies have all been developed and expanded upon by some of the biggest and most popular gamblers / bettors in the world. Since the 20th century, when sports betting truly gained worldwide prominence, people have been developing better and better ways to maintain their bankrolls
Final Word
Sports betting will likely continue to grow in popularity. With more and more people coming into the hobby, we hope that this article can help you manage your money and maintain your bankroll when you first dip your toes into the different types of NFL bets you can place online.
This article was written in collaboration with NFL betting experts.
