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
-$10 bets- on high confidence level games. Don’t focus on $10 for $10 bets. You are looking to start building your bankroll. You should be fine with a single bet on a heavy favorite $10 for $6. Right, it will take longer and you want to get rich quick but let’s face it, that isn’t going to happen. $10 for $6 profit is a lot better than putting in a $10 10 team parlay that COULD return $2,000. You can’t get to that point without building a base and a stronger bankroll. Once you build up a bigger bankroll then you can start taking more risks. You should not be making ANY parlays more than 2 teams until you get to the next level.
Level 2 – Balance $200
-$20 bets- you can take a few more risks at this level but you should continue the strategy from level one because it obviously worked and got you to level two. You shouldn’t be playing any parlays more than 3 teams at this level. I’d strongly suggest keeping it to 2 teams for now.
Level 3 – Balance is up to $300
-$30- bets- do you see the sequence? You should continue this strategy until you reach level 10. Let’s fast forward to level 10.
Level 10 – Balance is up to $1,000
If we follow the sequence from above where are we at? -$100- bets. Once you reach level 10, you have built up a good base and you can afford to take some bigger risks. Now is the time that you can start playing around with big parlay payouts. BUT when you do this, you should only be making -$10- bets. Always bet smaller when your odds of your bet goes up – because that means it is less likely of hitting.
You can continue the increase as you advance to each level above. It is a great strategy and if you stick to it, you will profit. If you don’t…..well you know the deal.
But Kof, that sounds too easy. It can’t be that easy. You’re right, it isn’t easy and you aren’t going to win every bet you make. Even if you are a VIP member of mine and follow my picks (I am an expert) you will hit 60-70% of the time. So what do you do when you lose or go on a cold streak? Let’s take a look:
Alright so let’s pretend you used the strategy above and you got up to level two – good work. You are feeling good about it and that strategy is working. But then you increase your bets at level two and go on a cold streak. When you fall back a level, you need to revert back to the bet size for that level.
So you get to level two and make your first -$20- bet – you win. But then you lose three -$20- bets in a row and find yourself at a $180 balance. You’re on a cold streak and you feel the urge to MAKE THAT MONEY BACK. You will, but you need to be patient. I can’t stress how important it is to revert back to the bet size for that level. This will help prevent you from making a dumb bet with all or half of your remaining bankroll. So you fall back to $180 and that is level one – go back to the -$10- bets until you get back to level two.
I could go on for days but I’m going to cut myself off here. It can be very difficult to stick to this strategy but if you do, you WILL profit in the long run. If you have any questions - @kofsports or firstname.lastname@example.org – and do yourself a favor, start this strategy today. Let me know how it goes.