Numerous research studies have shown that 98 percent of all online bettors lose money in the long run, but there is no reason to be concerned by said numbers. Betting is supposed to be a form of entertainment, but obviously it wouldn’t hurt if you also earned some money while enjoying your favourite pastime. The good news is that you can seriously improve your chances of beating the house and becoming a member of the exclusive two-percent club with the correct money management skills, so make sure to read our selection of the best sports betting money management tips, designed to help lower the advantage the best online bookmakers tend to have over punters.
1. Determine a Betting Bankroll
The golden rule of sports betting says that one should never bet more money than they can afford to spend, and with that in mind, setting aside a budget that will be used solely for the purpose of placing wagers online is very important. Responsible gambling is something that you should always have in mind and establishing a betting bankroll is the first step towards that goal. The amount of the betting budget should be an individual thing, so don’t feel obliged to bet more than you have planned just because your friends or acquaintances are placing large wagers. The best thing to do is determine a percentage of your monthly income that you aim to deposit with online sportsbooks, and also make sure to stick by your decisions.
2. Set a Preferred Stake (Unit)
In order to stand any chance of achieving success in the long run, you have got to be consistent with your wagers. This is not to say that you should back the same team to win week in week out, but it rather applies to the amount you will be risking per match or betting slip. Many believe that single bets are the way to go, so if you also aim to place wagers on individual games, then you first need to select the preferred stake size. The unit amount is obviously linked with your total budget, so it is recommended that your stake is set to 2-4% of your total bankroll. Let’s say you have set aside €500 for gaming purposes and decide on a 4% stake. This means that you will stake €20 per individual bet. Once you make a decision on your stake, make sure to stick by it and don’t go changing the amount regardless of your success. Only when the amount of your bankroll changes significantly can you recalculate the stake per individual wager, but make sure it remains 4%.
3. Make a Decision When to Cashout
Staying disciplined is key to improving your chances of turning a profit, but we are aware that it is not easy to stop when you are on a winning streak. It is for that reason that you need to determine your goal beforehand and stick by it whatever happens. You can make a decision to cash out once your total bankroll increases by let’s say 30 percent. So if you started with €500 and you reach €650 at any point, it’s time to make a withdrawal. In case you want to continue playing, simply withdraw the €150 profit and you will still have another €500 to play with. Setting these kinds of goals makes it easier for bettors to make smart decisions, rather than rely on a hunch and play on even when they should make a cashout and treat themselves and their loved once with something nice.
4. Never Chase Your Losses
As we have already pointed out, staying true to a pre-determined stake or unit is one of the key money management tips, but a great deal of punters tend to increase their wagers once they hit a bad streak. Rather than keeping the bet value at the same level, they raise their stake in an attempt to return to the green as quickly as possible, but that rarely proves a good decision. This strategy is more likely to see you lose the remainder of your bankroll that return to the right track, so make sure to think long and hard before opting to chase your losses since this usually leads to all your hard work going to waste.
5. Study Any Welcome Bonus Closely
Welcome bonuses and exclusive sign-up offers can prove a good way to boost your bankroll in the beginning, especially if you open multiple bookmaker accounts. However, you have got to make sure that any bonus offer you claim has favourable wagering requirements and provides good value for money. You can read our bookmaker sign up offers guide for additional information, but bottom line is to carefully read promotion terms and conditions before registering an account and ensure that the sign-up bonus will ultimately see you win some extra cash once all the playthrough requirements are completed.