If you’re a diehard sports fan, the thought of making money while betting on sports has probably crossed your mind at least once. Millions of people bet on sports every day but only a small percentage actually make money in the long run. We’ll give you some tips on how to make money betting on sports the right way.
Unless You Treat It Like a Job You Won’t Profit
This article is about how to make money betting on sports and the reality is, bankroll management is step one for any beginners. Now we have to be careful with the word beginner because a lot of you reading this have already been betting on sports for years recreationally. That experience is very valuable but if you’re looking to make a long-term profit with sports betting, then you need to treat it like a job.
Think about it this way, when you do anything to make money, if you want to maximize your profits, you would treat it like an actual job and put in as much time and effort as possible. Sports betting is no different in that respect so unless that’s how you’ve always done it, then you are a beginner. We’ll talk about the common mistakes recreational bettors make that you should avoid but for now, let’s get you started on the right foot and teach you how to manage your bankroll.
Bankroll Management is Key to Success
There are two fundamental principles you need to understand about managing your bankroll as a sports bettor. The first thing is deciding on how much money you are willing to lose over the course of a season. If you’re in this for the long haul, you have to have a strategy in place that allows you to manage your funds without ever being concerned about going broke.
That last part is key to answering the question “how much you are willing to lose over the course of a season”. Figure out the amount of money you are able to lose without it affecting the rest of your life (paying your bills, putting food on the table) and that should be your max bankroll. Once you’ve done that, then you’ve guaranteed yourself one thing; peace of mind.
If you aren’t worried about going broke, the pressure of picking wagers is far less than it would be for someone that has kept a roof over their head on their mind while they try to pick winners. Now that you’ve relieved yourself of that stress, it’s time to understand how much of your bankroll you should bet on each game. Perspective is key to understanding how much you should be risking on each game which is why you need to think of it in terms of “the more bets I make the more room for error I’ll have to pick winners”. With that in mind, you should be betting between 1-5% of your bankroll per game.
If you bet 1% of your bankroll on every game, you would give yourself 100% best regardless of the size of your starting bankroll. Obviously then if you bet 5% on every game, you’ll give yourself 20 bets before your bankroll is done. With that in mind, you’ve probably already come to the conclusion that the amount you bet per game should be related to your confidence. You think it’s a lock (we’ll get to the idea of a lock later) then you should bet 5%. If it’s just something you like, then bet 1%. Regardless, you are now managing your money like a professional. Speaking of professionals, they usually refer to units instead of percentage.
Avoid Amateur Mistakes That Cost Money
Now that you have the basic principle of bankroll management, we can give you the other tips that you will need to make money while betting on sports. One of the mistakes that you are certainly making as a recreational player is only betting on game day or right before. If you intend to make money, you need to be looking at the lines immediately when they are released and what the pro handicappers have to say. If you don’t then what you are getting is what pros call “the worst of the line”. Basically, the opening line is rarely the same as the line that you see on game day. The more time that passes, the more people will take the best available line which leaves you with the scraps. Once you start paying attention to the difference between the opening and closing lines, you will be amazed at the difference.
Another amateur mistake is not doing your homework. If you are not studying statistics and the trends associated with them, you have no chance of winning. Sports betting is about recognizing matchups and being able to use data to make accurate predictions on the outcome of games. Statistical analysis is part of your job if making money on sports is your goal. If you’re picking based on what you’ve watched or a feeling you have, you’re wasting your time. Armed with this knowledge, you now have the basics needed to get started on your sports betting journey. Remember, this is just what you need to get started, ultimately, how much time you put into sports betting will be crucial to your success…