When it comes to being a successful long-term sports bettor, bankroll management can be just as important as picking winners.
One of the most common mistakes new bettors can make is being reckless with their bankrolls. If they love a game, they’ll bet more on it. If not, they’ll bet less. In turn, when they’re winning big they’ll double down because they’re overconfident. When they’re cold, they’ll start chasing with the hopes of winning it all back in one fell swoop.
This strategy is dangerous, unsustainable and one of the quickest ways to bankrupt your bankroll.
Instead, we suggest embracing a flat-betting approach.
Flat betting means betting the same amount on every game (one unit) and only risking 1% to 5% of your bankroll per play, regardless of your confidence level. A good medium is 3% per play.
For example, if you’re starting with a bankroll of $1000, you should risk $30 on every bet. If you’re starting with $10,000, you should risk $300 on every bet. Your unit size would be $30 or $300, respectively.
Being consistent and disciplined with your unit size will help you ride out the inevitable ups and downs that come with sports betting. When you encounter a losing streak, it will save you from going broke. But when you’re winning, it will provide a positive Return on Investment (ROI).