Sports Betting: How to Manage Your Budget Effectively

Managing your budget is one of the most important things in sports betting, if not the most important thing, whether you are a professional bettor, a semi-professional bettor, a beginner, or a bettor who only bets occasionally for entertainment. By setting a few simple rules about money management and the bets you place, you give yourself a much better chance of success.

Set your own rules

An online sports betting site always wins in the long run, that’s indisputable. 95% of bettors lose in the long run. One of the main causes is poor or non-existent budget management. If you don’t set specific rules for yourself, you tend to make two types of terrible mistakes:

·      Increase your bets during winning streaks. You tell yourself that everything is going well and will continue to go well,

·      Increasing bets during losing streaks. Because you want to “win back” your losses, an unacceptable statement.

This means that whatever happens to the bettor, they will tend to increase their stakes. However, this will not increase their chances of winning, nor their confidence in their bets. As the budget is not unlimited, you can see how this leads to disaster.

It is important to know that sports betting works in series. There are winning series (where the bettor has an 80% success rate), neutral series (40-60% success rate), and losing series (20%). Series of 2 or 3 winning predictions out of 8 or 9 exist because sports betting is not an exact science and, out of hundreds or thousands of bets per year, the probability of bad series occurring is high, as is the probability of good series, of course

4 Steps to Managing Your Budget Well

1. Set aside a certain amount of money

Money that will be allocated solely to sports betting (called a bankroll). It is very important that this amount of money can be lost. Being aware of this will allow the bettor to avoid feeling a huge weight on their shoulders when betting. This pressure could have a dangerous influence on how bets are managed.

2. Set a betting range

What will be the minimum bet and what will be the maximum bet? As you can imagine, it’s not the minimum that’s important here, but the maximum! It’s very important to set a limit! As mentioned earlier, our sports betting budget is not unlimited, so the most important goal is not to lose it. Generally, bettors use a betting range between 1% and 10% of their total budget. For very large bankrolls, 1%-5% is possible.

3. Choose between a variable or fixed betting model

·      Variable betting model: this involves applying the betting percentage to the current bankroll rather than the starting bankroll. This technique is therefore more aggressive when you are winning (a percentage of a larger sum corresponds to a larger bet) but also more cautious when you are losing.

·      Fixed betting model: in contrast, the fixed model involves calculating the bet based on the starting bankroll. It therefore has characteristics that are the opposite of the first model. Caution is key when the bettor is in the green. The game becomes aggressive when the bettor is in the red. We recommend the variable betting model. This way, you regularly increase your bets in line with the increase in your bankroll.

4. Follow the three points above!