If you’re new to sports betting, you might find yourself asking what money management even means in this regard, since I assume you’ve heard this term before thinking about starting your betting “career.”
Money management in sports betting is an entire process, which allows you to oversee the funds you have in your hands. To put it even simpler, it’s the money you set aside for sports betting.
It all comes down to your income level, because the first thing you need to do, before even thinking about opening an account with one of the bookmakers, is to figure out how much money you are able to set aside for betting. This is going to be your “bankroll”, and you need to know that there are no guarantees that you will always win; everyone has a bad streak, but on the upside, it also never lasts forever.
Your next step should be calculating just how much money you’re willing to bet on each game or event. And here are the magic words you need to remember: flat bet and straight bet. Flat bet means betting the same amount of money on each game, which should never go over 5% of the entire bankroll; 5% is almost always viewed as a more aggressive approach to sports betting. Straight bet is concentrated on a single game that has a point-spread or a money line. To win this kind of bet you have to choose the team that will cover the point spread chosen by the bookmakers. Increase your bankroll once you start winning, but never the percentage you’re willing to bet.
When you set a goal for an entire betting session and you met it in a shorter amount of time than planned, always cash out and take a break, enjoy your winnings. If you hit your losing streak, fight against the urge to bet more, because you will lose everything at a much faster pace, and it might taint your betting experience for good. Never put money on a game you don’t trust just because others tell you so or the odds are bigger, trust your instinct.
You’ve met with money management in your everyday life, you know how it works, and the same basic rules and principles apply in sports betting. There is always this thin line that separates a winner from a loser, and if you do not want to find yourself in the second category, all you have to do is learn from other people’s mistakes in betting money management.
The bottom line is: handle your money wisely, and don’t look for quick winnings, because, as everyone knows, the odds are already against you. Anyone who started with small bets will tell you in a heartbeat that they were happy with a 15-20% return for a week of sports betting. If you can keep this pace up, you will be betting successfully for years to come and then just enjoy the benefits. Start with small, steady winnings, be patient even if it looks impossible sometimes and then watch your bankroll achieve the numbers you never dared to dream of.