I got called out last night by a guy who was all bent out of shape because he put his retirement account on the Red Sox and they lost. First of all, the guy needs to chill the fuck out. Second of all, it’s a good time to explain the most important part of sports betting, bankroll management. You should NEVER ever put all of your bankroll on one game. I don’t care if your whole bankroll is $50 of $50,000. Anything can happen in sports any given night, refs or umps fuck the favorite, the underdog plays like a defending champion, or the starting pitching slips and tears his hamstring after 2 pitches and some scrub comes in to try and keep his team in the game. In order to profit in the long run, you need to set up a bankroll and strategy. If you haven’t done this yet, today is a perfect day to start.
In order to use this guide as a reference, you need to set your starting bankroll (how much money you want to set aside to play with). For this example, we will use a starting bankroll of $100. The goal here is to make money and enjoy doing it. If you can’t stick to this system, I guarantee that you will lose a lot more money than you should.
Example of a bad bettor – starts with $100 and puts $30 on his favorite team – they lose. His first though is, “oh boy…I better make up that money I just lost.” Then he will instantly fire a bet that is equal to or greater than the last one on the next game no matter who it is or what it is. Everyone has done this before and if you let it become a habit, you will lose a lot of money.
Let’s take a look at how you SHOULD manage your bankroll. Think of it like building a mansion – one level at a time. If you have a larger starting bankroll, just add as many zeros to these numbers as you need to:
Level 1 - Balance - $100