Bankroll Management Strategies: Tips To Make Money With Sports

Sports betting can earn you many extra bucks, but only if you’re smart about how you place your bets. That’s why we’re highlighting some of the most profitable sports betting systems in this article to help in your bankroll management.

What Is Bankroll Management?

Rotowire defines a betting bankroll as the money punters set aside for gambling. You’ll need to protect this amount and wager responsibly to increase it. Most top online sportsbooks provide tips and insights on bankroll management, but it’s always best to learn more strategies to minimize unnecessary risks.

How much should you place per bet with your total bankroll? What is the best strategy for sports betting? Are you prepared to risk the amount to win that wager? These are some of the fundamental questions to ask yourself for successful bankroll management.

What Are The Best Strategies For Sports Betting?

There are numerous money management strategies to use depending on your bankroll size. But what is the most profitable betting strategy?

1. Flat Betting Model

Flat betting is the most effective long-term betting strategy and one of the easiest to learn. It entails setting a unit amount and staking one unit size on each game. So if you have $1,000 in your bankroll and decide to wager 5% of it for each stake, you’d bet exactly $50 on every game.

That helps preserve the bankroll while making profits if you choose more winners than losers. It also allows players to stay consistent throughout the gambling session. The more structured your bets are, the better your chances of increasing long-term wins in sports betting.

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1. Percentage Model

The Percentage betting model works just like the Flat model, except that you’ll not have to stick with betting one unit for long. Your numbers should remain the same initially, but you can increase the amount as your bankroll grows

Sportsbettingdime divides this system into two parts. First, you should look for the events with odds close to 50/50. Then, come up with a betting structure. For instance, you only stake 1% of your bankroll until its total value grows by 25%, then you can increase your bet size.

1. Confidence Model

With the Confidence model, punters have to adjust a bet based on its reliability. The strategy involves three principles, according to Alvin-Almazov;

1. Your bet confidence should be 80%. At the very least, you should be sure the bet will succeed.
2. Your starting bet size should be 1.0 units.
3. Increase the wager amount once you have consistently won several confidence bets.

Before deciding on using the confidence model, make sure you’ve tested it. You can do this by tracking how confident you feel with each bet and recording the results on a spreadsheet. If more of your wagers succeed, it only makes sense to start betting real money.

How To Be Good At Betting On Sports

Learning how to be good at sports betting by managing your bankroll starts by following the tips below;

1. Stick To A Budget

Punters should come up with a bankroll budget based on the risk they are willing to take. What amount can you afford to lose with your current financial status? Knowing your risk tolerance and planning a corresponding budget will help keep you focused.

When making a budget, ensure you’re working for success but also prepared for the failures. Also, keep in mind that there’s no guaranteed way to recover your money upon losing it.

1. Set The Amount To Bet As One Unit

Another essential part of sports betting money management is setting a betting amount. After all, the amount you bet in the long run constitutes your entire bankroll.The recommended unit bet for most punters should range between 1% and 3% of the total budget. Veterans can bet with amounts slightly above this value, while newbies should stick to the 1%. Intermediate players can opt for the medium range, which is around 2%.

1. Track Your Betting Progress

Tracking bets means being able to tell whether you’re winning or losing in a session and by how much. Players can do this by following up with their bookie’s records for a specific period, say one week.Good record keeping allows punters to find out how their betting strategies affect the results. So that if you’re making losses with a particular system, that’s a clear indicator that you need to switch plans.

1. Know When To Stop

Placing stopping points regardless of your budget is crucial for any money management strategy. You can set these limits as either stop-loss or target profits.Stop-loss limits will help you end a betting session when your bankroll can no longer handle the loss amounts. On the other hand, a target win limit only entails knowing when to stop betting after growing your bankroll by a specific amount.

Best Online Sportsbooks

1. BetUS

Located in San Jose, BetUS started to accept new accounts in 2020 after its previous closure. It’s famous for offering a wide range of betting options, including a racebook and live betting, along with an online casino.BetUS welcomes new players with a 125% sign-up bonus up to $2,500. The reward comes with a fair 10x wagering requirement, and you can claim it using the promo code JOIN125.

1. BetNow

With BetNow, gamers benefit from numerous payment methods, like crypto and credit cards. Both of which have fast processing times. It operates from Curacao and also offers high wagering limits, perfect for high rollers.

Its generous new-player bonus comes in two packages for bettors to pick. The first one is a 100% match bonus up to $500, claimed using the BN50 promo code. And the second option, players get a 25% offer up to $1,000 using the code BN25.

1. Bovada

Bovada is among the oldest betting platforms in the industry, launched in 1994. Its excellent reputation, speedy payment processes, and extra security layers make the bookie among the safest out there.

Bovada offers a 50% up to $250 Freeplay first deposit bonus as the welcome package for new players. The bonus doesn’t require any code for you to claim it. The bookmarker will automatically deposit the bonus cash into your account within about 30 minutes.

Conclusion

As you can see, using your bankroll responsibly is crucial to having a successful sports betting investment. You can do this by picking our recommended bookies, implementing your preferred strategy, and following our simple tips.