Bet Smarter: Mastering Sports Betting and Bankroll Management for Maximum Profits

By admin #B
Introduction to sports betting

Sports betting is placing a wager on the outcome of a given event. These events will be aspects of sporting events – one team to win, one team to win by a certain margin at a certain time, a total score for both teams, and so on – but similar markets exist for any other event where the outcome is based on chance and probability. (Several of the major bookmakers offer prop bets on everything from StarCraft matches to the selection of the new Pope!)

An example of sports betting could be placing a wager on the outcome of a tennis match, or a football game, through to how many goals will be scored in a game, or even how many drivers will not finish a grand prix race. As you can see, there are a lot of events upon which you can place a wager. If you correctly predict the outcome, you get paid.

Sports betting is a subset of bookmaking, which has its traditional history in horse racing and greyhound racing. It can be a successful and lucrative way to make money on the side. Some people have even turned it into a profession. The main aspiration of anyone participating in sports betting is to beat the bookmaker and the general public, and win some money. Also, from a spectator’s point of view, the game becomes more exciting when you have some money on the outcome. Even if you’re breaking even on sports betting, you’re increasing your enjoyment of the sports, and maybe even learning to watch them in different ways!

Profitable betting

How Sports Betting Can Be Profitable

A well quoted statistic is that 95 percent of all people participating in sports betting will be losing money over a year. Obviously, that does not deter that supermajority from wagering on sporting events. This article aims to get you out of that 95 percent, and make you one of the 5 percent who profit.

We’ll do this by outlining the reasons why most people lose and how to make you a winner. Though many bettors often lose money because they cannot pick winners frequently enough, it’s also common for punters to be long-term losers due to poor money management. When you follow a good sports-betting strategy with disciplined bankroll management, then you do not need any sports knowledge to be successful. (It helps, though!)

Bankroll Management

A bankroll is the amount of money you have set aside for your sports betting ‘business.’ (I call it a business, because if you do not treat it as such, then you are not likely to make any money out of your efforts.) When you place a bet, you are taking money out of your bankroll. If you win the bet, your bankroll increases, and if you lose, your bankroll decreases.

To be successful at sports betting, it is very important that you manage your bankroll. This is accomplished by using betting units. What is a betting unit? It is the amount of money you decided to place on each of your bets. The bigger the unit, the more money you are putting up for each bet, the bigger the risk you are taking. By keeping the units as small as possible, you minimize the risk you are exposed to and will allow you to stay in the game for longer – but you can also slow the growth of your bankroll. You have to find a happy medium between risk and reward. By winning anything over 53 percent of your bets – the top sharps maintain a win-rate between 55 and 60 percent – you are well on your way to growing your bankroll over time.

A typical unit could be 5 percent of your bankroll, or an even modest 1 percent or 0.5 percent is usually recommended. The unit you go for in the end is a combination of your bankroll size and your risk appetite. Following strict money management principles will set you on the path to successful sports betting.

Sports Betting Tipsters

There are hundreds of sports betting opportunities out there, and way too much information for you to digest and choose the best bets. One thing that can improve your chances of winning is subscribing to a betting tipster. These tipsters take all forms, from free websites giving betting tips, to paid services where you get tips sent to you every weekend before games. Every bookmaker also provides betting tips from their own analysis and statistics. Below are a few thoughts you should consider before subscribing to a paid tipping service:

  • Do they have a proven track record and verifiable results? Looking at their winning percentage over a season for example, you should look for a 55 percent winrate or above. The higher the better.
  • Do they place bets on their own tips? Here you are looking at the confidence they have in their own tips. If they place bets on their own tips, then they are putting their money where their mouth is and this is a good thing.
  • Are the claims they make realistic or do they promise to make 500 % return on investment (ROI)? Be wary of people making outrageous claims.

Sports betting tipsters can be a part of your betting strategy, but you need to be careful before you pay for tipster services.

I hope this short introduction on sports betting and the importance of bankroll management is a step to your success and will give you an advantage.

By admin

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