Professional bettors employ various strategies to manage their bankroll, effectively setting themselves apart from amateurs. This article provides guidance on determining the optimal betting amount to ensure consistent profitability.
What is a Betting Bankroll?
Your betting bankroll refers to the initial sum of money dedicated to your betting endeavors. It represents the amount you are willing to both risk and invest. Maintaining a bankroll enables you to approach betting consistently and rationally. It facilitates the analysis of your betting strategy and allows you to learn from past mistakes.
You are encouraged to adopt a long-term perspective rather than focusing solely on short-term gains by utilizing a bankroll instead of making individual bets or deposits. This long-term mindset is where the true value lies.
A professional sports bettor understands the importance of having a substantial bankroll, as it allows for absorbing potential losses without jeopardizing the entire amount. Moreover, they recognize that their winnings will exceed their losses over time if they adhere to the correct betting strategy.
Sports Betting Bankroll: Pros vs. Joes
Joes/Squares/Recreational Bettors
The majority of the betting market consists of individuals commonly known as “squares”. These bettors are often called the betting public due to their large presence.
Average Joes engage in betting primarily for enjoyment and view it as a form of entertainment rather than a profession. They typically place small wagers and rely heavily on gut feelings, biases, and emotions when making their bets. Their focus is mainly on high-profile televised games, and bankroll management is non-existent.
When recreational bettors choose to place a bet on a game, they tend to favor the “better” team. As a result, they are drawn towards favorites, home teams, their personal favorites, and teams with superior records and more prominent players than their opponents.
Pros/Sharp Bettors
Professional bettors, often referred to as “sharps,” are highly experienced individuals with a proven track record of success in gambling. These seasoned veterans have accumulated betting expertise for years if not decades.
Sharps possess a strong analytical mindset and rely on data to inform their betting decisions. Unlike casual bettors, they prioritize the value of betting numbers over the reputation of teams. Sharps only place wagers with Massachusetts sportsbooks when they have identified a perceived advantage or edge over
the sportsbooks.
But why is it important to highlight the difference between casual and pro bettors? Because the latter all possess one common trait: they utilize a bankroll strategy!
The Size of Your Bankroll
The size of your bankroll should be determined by what you can comfortably afford to allocate for your betting bank. Whether it’s $100, $500, $1,000, or any other amount, it’s important to ensure that this money is separate from your regular expenses. B
Betting with funds meant for other purposes, such as paying bills, can add unnecessary pressure and stress, increasing the likelihood of making poor betting decisions. Remember, these funds are solely for betting and should not be used for anything else.
Unit Betting
Units offer a convenient method to eliminate the financial aspect of sports betting. By converting your bankroll into units, you can place wagers based on the perceived strength of each bet. To implement this approach, it is essential to establish your initial bankroll and allocate units accordingly.
For instance, if your bankroll is $1000, one unit could represent $10, equivalent to 1% of your total funds. The number of units you wager can increase as you become more confident in the bet’s likelihood of success.
Bankroll Management Techniques
In theory, betting a unit per wager may seem simple, but it’s not always straightforward due to varying odds. Personally, I prefer a modified version of flat betting. Typically, I bet one unit on bets with even money odds (+100, 2.00) or higher. For odds below this threshold, I bet an amount that would allow me to win one unit.
For instance, if the best available odds were +120 and my unit size was $100, I would place a $100 bet to win $120. Alternatively, if the odds were -110, I would bet $110 to win $100. This approach ensures that I always win at least one unit per bet.
Flat betting entails placing the same amount on every play. It enables bettors to sustain their bankroll over a longer period, with the bet size typically ranging from 1-5% of the total bankroll.
Although numerous other betting techniques and systems exist, some may seem absurd as you delve deeper into the realm. Ultimately, bettors should find a system that works for them and one they can consistently and competently adhere to.