6 Basic Bankroll Management Strategies No One Talks About
A certain fraction of gamblers take sports betting more seriously than the rest. They tend to treat wagering as a business and not a hobby. More often than not, gamblers forget that winning money and not bets are the goal. If you’re new to the game, here’s everything you should consider to maximize your profits.
Avoid Low-Value Bets
Before we begin, new bookmakers in 2021 must remember that the difference between winning and losing money in sports betting isn’t based on the results of a single bet. The average punter makes hundreds of bets per year, although the thin line between winning and losing means we must do everything in our power to maximize the chances of winning. For instance, although it might not seem like a big deal to avoid games with a point spread at -115, it’s an important part of a winning strategy.
Take Risks for Greater Rewards
Entrepreneurs know that taking risks is fundamental to reaping the benefits at the end of the day, and the equation is no different for sports betting. Punters must take note of the odds and the overall winning percentage. And if you’re constantly making lower-risk, lower-value plays, you end up winning a high percentage of your bets. Unfortunately, that won’t increase your bankroll, and you’ll need to bet frequently for any significant improvements.
Track Your Bets
After a big week, you might feel like a bigshot until you track your betting history. Similarly, following a bad week, you might feel like you’ve gone bankrupt. In reality, most punters stay right in the middle of this weekly struggle. Therefore, proper scrutiny is needed to evaluate the result at the end of the month. If you aren’t already documenting cash flow, you might as well begin now.
Bet Small on Parlays
Parlays might be a sustainable betting strategy if used sparingly. But online sportsbooks generally push patrons to partake in such deals frequently. In my opinion, parlays must be treated like lottery tickets. Just as you wouldn’t buy a $25 ticket, you shouldn’t invest heavily in parlay bets. And although they offer a chance to hit the jackpot, remember you aren’t going to win as frequently.
Return to the Basics
Even though it might sound like an overused cliche, it’s standard advice for a reason. Remember not to chase your losses. Betting in frustration rarely helps and inadvertently leads to worse outcomes. Also, avoid the gambler’s fallacy. Just because five favorite hits appeared during the first round, doesn’t guarantee a favorable outcome at the sixth. Remove such a chain of thought from your head if you wish to make better decisions consistently.
Protect Your Bankroll
Sportsbooks depend on uninformed gamblers for action. If you’re jumping into the fray without the least idea of what you’re getting into, you’re throwing away good money. For best results, don’t make blind bets as protecting your bankroll is crucial for long-term wagering goals.
