In sports betting we can really get caught up with winning money and the thrill of the action.
But no matter how much money we start with, there will not be any left if we don't tread with some form of bankroll management.
If you bet on sports you know that the bookie clears 10% on all of the losses.
So the juice alone could eat all of your bankroll up over a long period of time.
I will go into a good management plan that has worked for me for years.
First your bankroll is the most important thing when it comes to sports betting.
Without it you are dead in the water.
And it should be money you know you can afford to lose.
Let's say you start with $2000 you know you can afford to lose and this is your designated bankroll.
You should divide it into four equal parts.
That would make four parts of $500.
Then your betting unit should be no more than 5% of your total bankroll.
I use and am a proponent of 1-2%.
So that puts the betting unit at $20-40.
Your goal now is to take one $500 unit and double it using a good system and your betting unit of $20-40.
Once it's doubled you add that to your total bankroll and you now have $2500.
Now divide that into four parts and do it again.
But what if you lose the first $500?If that unit is gone then you take your remaining bankroll ($1500) and divide that now into four equal parts and repeat.
The whole idea is to protect you from huge losing slides, which we've all experienced.
It protects you not only from a huge losing streak but keeps you on track for long term investment opportunities.
When it comes to sports betting, bankroll management is one of the four strategies all sports bettors must use if they want to be long term winners.
When you use all four strategies together no bookie can stop you.