Money Management For Sports Betting
As a bookie, you always see the different kinds of players. Some are recreational bettors who favor certain teams or sports events. This means a sportsbook pay per head with a lot of recreational players can get busy mostly during the postseason of, say, the NBA, or the NFL. There are also the professional bettors, who do this to earn money.
Chances are, the professional bettors earn big when they think, while the newer, less-knowledgeable ones tend to drown. Some can reach the surface again, while some don’t last. This is where money management comes in. How you bankroll your budget will matter. This simplifies all things: from taxes, to reviewing your proficiency, to checking your available bankroll, and more.
Money Management Basics: Fixed Stake
Money Management is simply breaking down your bankroll, or your budget, over a certain period of time. Its like balancing your own budget, where you allocate a certain amount for certain things over a certain period of time.
The first strategy we see with players, is by placing fixed amounts of bets over a season. This is one of the safest options you can try, especially new bettors. What happens is, you have a budget of, let’s say, $10,000 for a whole NBA season. You can choose to divide the money to place wagers on all games, or set something like, betting in just 100 games. With this, you will have a budget of $100 worth of wagers for each of the 100 games you choose. Of course, you can adjust this to say, $50 per wager so you can play more games, or not place wagers in the beginning to save money for the playoffs. Either way, your max is at $10,000.
This keeps you responsible for not overspending, and be able to track your winnings easily as well. And the sports betting software your bookie uses can also make things sinpler, expecially when you have a set amount if money in your account. We’ll get into more details with the other money management strategies in future posts. Keep checking out gambling tutorials for more tips.
