Betting Guide: Sports Betting & Managing Your Bankroll
I get plenty of emails on a daily basis from people asking how I manage my bankroll. Honestly, keeping your bankroll flush and in the green is easier than you’d think - the strategy is simple. That said, the skills people have a tough time mastering are patience and will power (especially when they’re first starting out). It’s tough to be disciplined, but if you want your bankroll to grow, it’s imperative that you don’t “rage bet” or impulsively drop 50+ units in an effort to recover your losses. Here’s exactly how I took my bankroll from $1000.00 to, well, a lot more.
1. Determine the value of your “Units”, and stick to your system.
People think I’m exaggerating when I say my bankroll started with $1000CDN. The value of your initial bankroll should be money that you will NOT miss at all in the event that you should lose it. Move this money to a separate account; your bankroll can be $100, $1000, or $10,000 – but keep it separate from your day-to-day cashflow.
Most bettors talk in “units”. A Unit is the currency we speak in, as a single unit is different for every single person. Typically, 1 unit represents 1% of your bankroll. For some bettors, 1 unit can be as much as 5% of their bankroll. Personally, 1 unit for me is 5% of my bankroll.
For example: If your bankroll is $100, and you’ve decided 1 unit will be 5%, 1 unit is $5.
When I started betting, I’d never bet more than 1 unit on a single game. For me, this meant I typically wagered $50 on a single bet. This was my system, and I stuck to it religiously.
2. Learn the terminology & know the values – it’s important.
This sounds obvious, but you’d be amazed at how many people will throw hundreds of dollars on a bet not knowing what a “spread” is. This one drives me crazy, because learning the terminology will save you a ton of money in the short and long term. Here are some big ones:
Know that -1.5 means that the team you’ve bet on needs to win by AT LEAST 2.
Know that Over 5.5 means that the total you’ve bet on needs to reach at LEAST 6.
Yes, the half is always important!!
Know that +1.5 means that the team you’ve bet on can lose by NO MORE THAN 1.
Know that +100 means you’re getting an equal return on your wager (ie. $100 will profit you $100, returning a total of $200).
Know that -110 will return you 0.91 on your wagered $1 (ie. $100 will profit you $90.91, returning a total of $190.91).
Know the difference between a straight bet and a parlay; a parlay consists of more than 1 bet in a single wager, whereas a straight bet is simply one bet on a single wager.
3. Grow your Unit Size ONLY when your Bankroll Grows
This one is important, folks. If your bankroll starts at $1000, and you bet $50 to win $100, your bankroll is now at $1150. As your bankroll grows, you may increase your unit size (in this case, assuming your unit size is 5%, your new unit could be $57.50). The same rule applies however if you lose – decrease your unit size if your bankroll gets smaller! This will keep you from taking heavy losses and quickly depleting your bankroll.
4. Always pull a profit from your winnings.
Let’s not forget why you’re doing this – believe me, it’s easy to lose sight of why you started sports betting in the first place. One, you’re supposed to have fun. Two, you want to make money. These two things go hand in hand – losing money day after day is NOT fun! I ALWAYS pull profit out of my winnings.
For example: I’ve wagered $500 at +100. I win, and the return is an equal $500, leaving me with a total of $1000.
I do NOT put this entire amount back into my bankroll. If I win $500, I’ll take a $250 profit for myself and put it into a separate account. My actual bankroll is now at $750.
Why do I do this? Because now my Bankroll grows, and cuts me a pay check.
This is the way.
5. Ignore how much money other bettors are putting into their wagers!
Friends, FOMO (fear of missing out) is VERY REAL. You need to avoid this feeling like the plague if you plan on being profitable. I’ve seen people with a $1000 bankroll bet $750 on a straight bet because they saw Experienced Bettor X do it. I can’t stress this enough - even the world’s most savvy sports bettors take losses. They are not ALWAYS right, and there is NO SUCH THING as a SURE THING. It’s okay to lose, but you want to remain in the green. Taking a $750 chunk out of your $1000 bankroll for a potential loss is never the way. The nice thing about Units? A UNIT is a UNIT for EVERY BETTOR. The value of that unit typically remains anonymous, but one can assume it still represents 1-5% of said bettor’s bankroll. For this reason, FOMO is unnecessary, and it will never serve you or your bottom line. If said Experienced Bettor X loses $500, they’ve lost 1-5% of their bankroll - you’ve lost 75% of yours. Don’t do it :)
I hope this post is helpful! I’ll likely add to it over the coming weeks based on the questions I receive.
Cheers!
-Belle
Have questions? Message me on Reddit, or head to the contact page.