How To Manage Money For Sports Betting

Sports Betting Money Management

Managing your money is one of the most important aspects of successfully wagering on sports betting sites. A solid money management plan that meets your betting style and experience raises the odds of profit. This guide focuses on planning and implementing a money management strategy for sports betting, including the creation of a bankroll.

Create A Betting Bankroll

The first step to money management for sports betting begins with creating a budget. 

Determine how much money you’re willing to risk as an investment. This amount will form your bankroll, specifically for sports betting. The cash should be from money set aside for investment or entertainment purposes – two of the end goals of betting on sports.

Once you’ve decided the size of your bankroll, you can start choosing how you manage your sports betting money.

Flat Betting Money Management

A flat bet money management system revolves around betting a consistent stake every time you place a wager, instead of pulling random numbers from thin air. Planning how much you risk before committing to a bet reduces the odds of big, sudden losses due to bad beats and other unpredictable issues.

Let’s use a $1,000 bankroll as a budget for a flat betting system that splits your roll into 100 equal betting units. Each unit represents a single bet, in this case $10 or 1% of your bankroll. 

Since this is a flat system which doesn’t change, you always bet the same amount for each wager, regardless of circumstances. This requires discipline when you place a wager on a game which looks like a sure thing.

If you prefer a slightly more aggressive flat betting strategy, you can split your bankroll into fewer units. Instead of 100 units, you could split your $1,000 roll into 50 units, which calculates to $20 per bet or 2% of your roll. The consequences of a more aggressive plan include bigger wins and losses.

For flat bet money management, experts typically don’t recommend betting more than 5% of your bankroll in a single wager, a number considered very aggressive for long-term sports betting. For a $1,000 roll, a 5% wager would split your bet into 20 units of $50 each.

Flat betting money management is a simple, effective method which works well for all types of sports bettors, making it easier to keep track of your overall progress while avoiding catastrophe.

Variable Bet Money Management

Similar to flat bet money management, variable money management involves splitting your bankroll into betting units. Instead of wagering the same amount for every scenario, you determine a range of predetermined betting amounts for specific situations.

Instead of wagering the same amount for every scenario, you determine a range of predetermined betting amounts for specific situations

For example, if your standard bet for most games is 2%, and you discover an outstanding betting opportunity that’s worth additional investment, you could double your wager to 4% of your bankroll, increasing the payout.

If you’re wagering on an underdog hunch, you can reduce your risk by betting half your standard bet instead – in this case 1% instead of 2%. Since longshots have greater odds, you still enjoy a solid payout despite the reduced risk.

Variable bet money management systems are a bit more complex than flat bet management because you need to develop a solid understanding of betting value, instead of focusing strictly on predicting winners.

Money Management According To Odds

Adjusting the amount of money you bet according to odds can help to minimize bankroll risk while ensuring a steady payout.

Using the $1,000 bankroll with a $20 standard betting unit as an example, the total payout for betting on a +100 line results in a $40 return.

When betting on a +300 line, you can cut your standard bet in half and receive the same payout. A $10 bet on a +300 line also returns $40, the same as the standard betting amount for half the stake.

If you’re wagering on a strong favorite, you can boost your payout by doubling your standard betting amount. For example, if you’re placing a bet on a -200 favorite, a standard $20 bet will result in a $30 payout, while doubling the standard bet to $40 will increase the return to $60. In this scenario, doubling your typical bet attempts to leverage the favorite for increased profit.

To summarize:

Standard bet at normal risk

  • $20 (+100) = $40

Half a standard bet at higher risk

  • $10 (+300) = $40

Standard bet at reduced risk

  • $20 (-200) = $30

Double the standard bet at reduced risk

  • $40 (-200) = $60

These basic examples show how adjusting your wager according to odds produces consistent returns while responding to different risk conditions.

NHL Betting - Winnipeg Jets

Avoid Money Management Mistakes

Chasing Losses

How you respond to adversity will determine success when managing your sports betting money. Chasing a loss with another quick bet to make up for the ‘L’ greatly increases the risk of rapidly depleting your bankroll.

Flat and variable bet money management is specifically designed to keep your bankroll afloat, allowing you to survive the occasional bad run by eventually bouncing back over the long term. 

Unplanned Deposits

Stick with your original plan for your bankroll and avoid depositing money on a whim. The point of sports betting money management focuses on consistent betting activity, including standard wagering amounts and pre-planned deposits into your account. Focus on gradually regaining your bankroll instead of a spur of the moment deposit.

Splashing Big Bets

It’s tempting to respond to a five-star lock of the week by ponying up half your roll in anticipation of a fast, easy reward. Sports betting is unpredictable by nature, resulting in upsets and surprises nearly every day. Wagering a small portion of your bankroll protects you against unexpected sports betting disasters. Aim for long-term profit over short-term gains.

 

See below the top sportsbooks where you can wager online and choose the best one for you: