Most people go into sports betting without a clue as to how to manage their money. They make a deposit at a book, make bets, and happily churn away their bankroll.
I always think of sports betting as a business. So, if you want to be successful, you should follow the basic rules of any other business. In sports betting, like any other business, that starts with a business plan.
If you are one of those who makes a deposit in the book and then makes bets until it is gone, you will need to change your ways before you can start winning.
The first thing you will need to decide is how much you will bring to the table. Just as in a regular business, that money should be considered gone and not recoverable for purposes not directly related to the business. You should also be aware of the possibility that you will NEVER see it again. Therefore it should be an amount that will not strain your budget.
Next you will need to decide how much you will invest in each bet. I suggest kicking your business off with 20 units for direct investment (betting). I don’t care what unit you use, but start yourself off with 20 of them if possible. That’s the safest way to go. Spread the risk around so that your total investment is allocated in roughly 5% chunks around various bets. This is just one approach and how I like to approach this sort of thing.
If your bankroll is small, or if you don’t mind a little extra risk, you can use 10 units. Just remember that your bankroll may double twice as fast, but it can get busted twice as fast as well. For the record, I have always used 10 units and never busted a bankroll with my sports betting system.
Then you will need to set profit targets and stop loss triggers to control the flow of funds. This will allow you to plan for both the best and worst case scenarios, because they become known and actually exist.
Nothing stresses you out more than a losing streak, and nothing is more conducive to making bad bets than a winning streak. You can avoid the stress and temptation of making dumb bets by establishing betting controls before you begin.
Lastly, you will need to establish a betting frequency. How many bets will you make each week? My personal rule is only one bet a day. You can make whatever rule you want, but I suggest you at least try it my way. Obviously this doesn’t really apply to football season, but I still encourage you to spread it around, while at the same time putting more weight on the bets you’re most confident in. Many believe they need to bet more to win more. Usually, the reverse happens because they end up betting low value games and churning the bankroll in a negative way.
So here is a simple business plan that I recommend when starting with my systems:
A starting bank broken into 20 betting units (essentially 5% chunks)
A single daily bet strategy
A weekly betting range of plus four to negative three units
A monthly betting range of plus ten to negative ten units
From that starting point, you are in business for a minimum of 20 bets over 7 weeks if you lose every bet. Highly unlikely, but nothing is impossible. You never have to worry about how much to bet, or how many games to play, or when to stop. You don’t have to fear the losing streak that will bust your bankroll and your business in a very short amount of time.
The betting ranges mean that you will stop betting for the week if you get up four units, or get behind three units. Either way, that can happen in three bets at +135 or better.
The monthly range of +10 to -10 works the same. If you get up 10 units, stop betting for the rest of the month and let it end at a great profit. If you’re down 10 units, take a break and keep the losses to as little as possible. There is no need to go chasing losses when you’re right in the middle of a terrible streak. There is always next month so long as you don’t bust your bank.
It is important to remember that building a bankroll is a process, not an event. Slowly and steadily forward builds the bank. A big step forward and a small step back. You accomplish that by winning half of your bets at +150 and losing half of them at -100. If you bet the right games the monetary advantage is astronomical compared to any other form of “gambling.”
Most people see this backwards, looking for the big day rather than the smooth sailing of a successful business model. While you will never have the big day using my model, you will never have the bad day either. As time goes by, you will see gradual growth in your bankroll. In the end, that is what it is all about. Long term sustained profits.