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Money Management for Sports Betting

General Sports Betting Tips and Rules of Thumb to Keep your Head Above Water

As with all types of betting, you need to make sure to manage your money when you are sports betting. If you don't it is unlikely that you will be successful.

Flat Bet

You are more likely to come out a winner if you flat bet. This means that you place a similar size bet on every game that you bet on. If you bet different amounts on every game and win the majority of your games, you may find that you have only won the games that you bet the least on, in which case you will not come out a winner. On the other hand, if you bet similar amounts on every game, as long as you win more games than you lose, you will make money.

Choose Your Bet Size according to your Bankroll

Every bettor starts out with a certain bankroll – that is, the amount of money that is accessible to you for wagers. You need to make sure to spread your bankroll out enough that if you have a losing streak, you will not lose all of your money in a few bets. On the other hand, you want to bet enough that if you win, your win will be significant. It is a great feeling to have one huge life-changing win, but in reality, you are more likely to come out ahead if you can stay in the game longer. And that means that you need to be able to make your bankroll last.

Stick to your Plan

Having a plan when you begin betting is always important. As mentioned above, straight bets and flat bets are a safe, and generally worthwhile, way to go. It can sometimes be difficult to stick to these plans, however, especially when you let your emotions run your betting. Make sure not to go off on any wild betting sprees. There are always people who are exceptions to the rule and come out with a huge win after risking everything. Remember that they are the exception – you are more likely to come out ahead if you play slow and steady and stick to your plan.

Avoid Parlays, Teasers and Props

Most sports books like to promote parlays, teasers and props. This in itself should make you wary – they promote these types of bets because they increase the site's profit margins. For the most part it is more worthwhile for you, as the player, to avoid these bets and to bet on individual games, individually. In other words, stick to straight bets.

Only Place a Planned Bet

In general, a bet is either a good bet or a bad bet. It is never a good idea to place a bet simply to try to win back previous losses. This is known as chasing in the sports betting industry. You are more likely to place a larger bet than your plan dictates when you are chasing and you are also more likely to place a bet that you wouldn't have otherwise. These are both recipes for losing more. Again, stick your plan and know when to stop betting. Some bettors also fall into the trap of placing bets only to get action - meaning that the bettor did not do his/her research and is only wagering on the game for the need to gamble. This can be a dangerous habit and will likely cost you money in the long run.