Football is King Kong when it comes to sports gambling in North America (although the election gave it a run for its money this year). Pigskin centric bettors spend slower spring and summer months devising a bankroll management strategy with hope it provides an opportunity to maximize earning potential during fall. However, even profitable bettors hit speed bumps throughout the course of a season forcing them to reassess the schedule ahead. Whether you’re a $5 or $50,000 bettor, optimal money management is essential to long-term gambling success. Here are a few bankroll tips for bettors to finish football season strong.
Stay within your means
We know it sounds simple but you would be shocked at the number of bettors that ask how much they can expect to make betting sports; there isn’t a worse question in this business. If you don’t believe us then you haven’t paid close enough attention to Bet the Board over the last three seasons. Instead of asking how much you can make, take a long look in the mirror and ask yourself this: how much can you afford to lose in this hobby without it negatively impacting your life? The majority of the population needs to view sports gambling as a form of recreation, mentioned in the same breath as spending a night out on the town or playing a round of golf. When taking this pragmatic approach you’re better equipped to keep perspective and budget for appropriate fall risk.
We harp on it every single podcast — there’s nothing wrong with having action on the marquee games if action is your goal, but don’t expect to turn a profit when consistently investing in games without an edge. There’s no better feeling than putting wins on the scoreboard however, the reality of this business is that most bettors lose because they can’t stay disciplined. The amount of cash you dedicate to gambling should be a dollar amount that you don’t mind losing unless you’re willing to put in the required time.
Set aside a fixed amount and stick to it
We tell bettors all the time to set aside an actual bankroll and stick to that amount. If it’s $500, $1,000, $5,000, or $100,000 recreational bettors need to understand their threshold for loss. Obviously, if you’re reading this before week 11 It becomes easy to start adding to your mounting losses chasing bad money with good in hopes a heater is ahead. If action is what you’re after, bet smaller amounts saving full wagers for games offering real value (or Bet the Board recommendations. Ha). There’s no worse feeling than turning a form of recreation, sports betting, into a source of escalating frustration. Create a budget and adhere to it; showing maturity as a sports bettor and human is part of being an adult.
Adhere to solid principles
We mentioned there’s no shame in keeping wager amounts smaller than what optimal money management suggests. It then goes without saying the converse is true regarding the dangers of betting above safe thresholds. Sports betting isn’t a black and white business. Regardless of skill level, casual bettors need to realize there’s an inherent streakiness in sports betting. Even the best bettors in the world go on cold spells and its disciplined money management that keeps them in the game. Everyone has his or her own take on wager differentiation. There are definitely professionals looking to step out, betting much larger amounts when the edge presents itself but a new bettor needs to learn how to identify said edge before taking out a second mortgage. Throughout the course of this article we provided useful links for anyone seeking more in-depth reading on how structuring a bankroll directly correlates to assessing that aforementioned edge.