6 Things to Know – Advice for Sports Betting Money Management. By Rex Hoffman in General — Dec 15th, 2020 8:00am PST December 15, 2020. 'The Everything Guide to Sports Betting' by Josh Appelbaum is one of my new fav sports betting books. It joins 'Weighing the Odds in Sports Betting' by King Yao and 'Sharp Sports Betting' by Stanford Wong. The advantage that 'The Everything. Still, after considering everything we know about sports betting, we believe that it ultimately comes down to two main reasons. The first is simply that sports themselves are extremely popular. Not everyone is into sports, of course, but there sure are A LOT of people who are. Coming back to why people bet on sports, it’s a lot easier to have fun while betting on sports than it is to make money. That’s why so many people focus on the excitement that this form of gambling brings. In fact, you could say that the majority of sports bettors are what we call “recreational bettors.”.
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You might find some people out there who treat sports betting like a business. Typically, these people take gambling much more seriously than the average bettor.
If you’re the type of gambler described above, this article probably isn’t for you. However, if you fall into the category of someone who bets regularly but isn’t planning to quit their day job, I believe some of this information can be useful.
All too often, gamblers forget that winning bets isn’t the goal—winning money is. In this article, I’ll explain what you need to consider to maximize the financial side of sports gambling.
1. Don’t Make Low-Value Bets
Before I get any further, it’s important to get one crucial piece of information out there: the difference between winning money and losing money in sports betting isn’t determined by one bet.
Most bettors make hundreds of bets per year, and the razor-thin margin between winning and losing means it’s imperative to do everything in your power to minimize losses and maximize wins.
Personally, not only will I stay away from plays that are -150 or more if I’m betting on the moneyline. In addition, I won’t usually even play the point spread if the odds are worse than -110.
Although it might seem like no big deal to avoid games with point spreads at -115 odds, I find it to be an important part of a profitable strategy. The bottom line is that there are nearly endless games to gamble on, there’s no reason to spend more than necessary when you can just move on and look for the next opportunity.
2. You Need to Tolerate Risk
Every successful businessman or woman knows that risk is a necessary part of improvement. If you make fear-based decisions that feel like you’re avoiding something bad rather than trying for something good, it’s tough to get big wins.
This is where it’s important to remind yourself that sports betting isn’t about the number of games you win, nor is it about your overall winning percentage. If you’re constantly making lower-value, lower-risk plays, you might end up winning a high percentage of your bets. Unfortunately, that isn’t going to help increase your bankroll if you’re betting significantly more than you have to gain on a regular basis.
Though there are no cure-all solutions or prescriptions for the risk-averse. With that being said, the answer might lie in getting comfortable with utilizing the moneyline.
I can’t say enough about the impact smart moneyline betting can have on your bankroll. Obviously, the logical next question is, how do I make the most out of it?
Stick to betting on teams or players that have odds between +110 and +200 as these are in the range of an upset that isn’t all that shocking. You might want to swing for the fences and take even longer shots. But it would be best if you used those types of plays sparingly, and never risk a high dollar amount on them.
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3. Bet Small on Parlays
I won’t go into the lecture explaining why parlays are almost always a bad way to bet, but suffice it to say that the online sportsbooks actually want you to make these plays (why do you think those risk-to-win numbers look so attractive?). I believe that parlays can be a part of a sustainable strategy, but you must use them sparingly.
In my opinion, parlays can be looked at as a lottery ticket. Just as you wouldn’t buy a lottery ticket for $25, you shouldn’t be betting very much when you do try make parlay bets. Think of it this way: If you’re going to risk $10 to win $200-$300, but there’s a low chance of winning, don’t get greedy by wanting to bump up your potential winnings by increasing your initial bet.
Parlays are fun and give you a chance to hit the jackpot. But remember that you’re rarely going to win. Keep these bets small because the payout is going to be significant either way.
4. Track Your Bets
After a good week of betting, you might feel like a big shot with your winnings. Following a bad week, you might feel like you’ve become poor overnight. The reality is that this week-to-week struggle is going to leave most bettors somewhere in the middle.
The only way to properly evaluate how successful your betting strategy really is in terms of profitability is to track your plays. If you’re betting online, there’s a good chance your plays are stored somewhere, so if you aren’t already documenting your cash flow, go back and start building your tracking sheet today.
Getting this top-line data isn’t going to help you recognize that you’re good at picking the underdog in the NFL and bad at choosing favorites in the NBA (like a fully built out tracking sheet would), but it will help you recognize where you’re standing financially.
Another benefit to having a basic tracking sheet is that it’s easier to keep up with. Update your tracker on a daily or weekly basis, and at the very least, you’ll know how your overall performance is impacting your bankroll.
5. Don’t Throw Money Away
Sportsbooks rely on relatively uninformed bettors to be the source of most of the action they receive. If you take the time to do even high-level research before making your plays, you’re giving yourself an advantage over other gamblers.
If you’re going to be risking money, you should at least be giving yourself the best chance to win. Don’t make bets blindly, and remember that luck can carry you through for a week, but eventually, those with superior knowledge will have the most success.
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6. Remember the Basics
These might feel like overused clichés in the world of sports betting, but they’ve become the standard advice for a reason.
- Don’t chase your losses. Just as the NBA often has “frustration” fouls, bettors make “frustration” bets. These rarely work out for the offender in either case.
- Don’t fall for the “gambler’s fallacy” which so often plagues bettors of all types. If five favorites hit in the early round of games, that’s not going to have any impact on what happens in the later rounds. Get this type of thought process out of your head, and you’ll make much better decisions on a consistent basis.
Finally, always remember that your bankroll is crucial. Update it often, know where you stand, and never bet too much of it at one time. Your goal isn’t to get one big win, but to stick around and slowly accumulate your profits over time.
Conclusion
So much of the sports betting talk that can be seen in the media today focuses on wins and losses.
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If you feel like you’re winning at a decent rate but are struggling to make any real money, try to keep these tips in mind and see if you can take things to the next level.