Essentially your bankroll is the amount you’re willing to both risk and invest in your betting. It’s important that you start with a bankroll that will allow you to bet in a manner so as to see consistent growth.
We recommend starting with a bankroll of at least 50 units, but preferably 100. Yes, this might mean that the amount you bet on each bet is small, to begin with, especially if your starting bankroll is around $1000. But you’re in this for a long time, not a good time right? Start slow and build and remember patience is key.
Now I want to talk to you about bankroll management. Although it sounds boring it is essential to having success with sports investing. First off you need to set your bankroll amount, whether it’s $20 or $20,000 it doesn’t matter. You can work with what you have. Just do me a favor and use money that you aren’t going to need or touch until it has at least generated enough monthly income to cover your regular expenses. Here are the rules to follow:
- If you are using flat bets meaning the same amount each time then you should invest a maximum of 5% of your bankroll. For example, if you have a bankroll of $1000 then you should be investing $50 in each game.
- If you are using a progressive system then I recommend using a maximum of 2% of your bankroll. For example, if you have a bankroll of $100 then you should be investing $2 per series.
Regardless, by the end of this article it’s hoped even the most inexperienced of sports bettors will be familiar with the most popular betting bankroll management strategies, will have a better understanding of the fundamentals behind bankroll management and how to increase your chances of joining the small percentage of sports gamblers who make a long-term profit.
So if your bankroll is $5000, and you are betting on a team at odds of 2.60 to win with an assessed winning probability of 50%, we will have an overlay of 30%. The recommended bet amount would be calculated as:
|(bankroll * chosen fraction) * (overlay/(odds – 1))|
|i.e ($5000 * 10%) * (30% / 1.60)|
|($500) * (18.75%)||=||$93.75|