The Best Money Management Tips for Sports Betting | Credit Repair Expert

If you love the thrill of betting on football, soccer, horse racing or another sport, you will more than likely want to maximize your chances or winning, while reducing the likelihood that you will lose a considerable sum.

To ensure you have fun from start to finish, here are the best money management tips for sports betting.

Establish a Budget

To take a tight control of your finances when betting recreationally, you must aim to establish a budget to adhere to. Tell yourself how much money you can spend on sports betting per month and don’t feel tempted to add additional cash into your bankroll. Remember, you should only ever gamble with a sum you feel comfortable to lose. So, even if a sporting event doesn’t go your way, you’ll have had fun and you won’t have to worry about your finances.

Don’t Immediately Remove Money from Your Bankroll

While it might be tempting to quickly remove the cash from your bankroll when you win a bet, you should avoid doing so. For example, rather than dipping into your bank account to fund future bets, you could use the money in your bankroll to gamble on another sporting event. So, you can enjoy a bet without touching your savings, and you could potentially increase the sum in your account. You can then withdraw the money from your bankroll, but you could leave a small fraction in the account for future sports betting.

Don’t Wager More Than 5% Per Game

Follow the rule of thumb by never betting more than 5% of your bankroll per game. Plus, you should not spend more than 20% of the bankroll throughout the week’s games. For example, if you have $5,000 in your bankroll, you should spend no more than $1000 per week. Of course, you must also take into account both your wins and losses when calculating these percentages.

Use Free Bets

Everyone one will want to make their money go further when they place a bet. To do exactly that, you should utilize the many free bets that are currently available for your first or next deposit. As a result, you could win a cash prize that will be added into your bankroll – and the bet won’t have cost you a penny.

Track Your Betting History

Many sports betting companies will provide their customers with a bankroll management facility, which will allow them to review exactly how much money they have in their account. Plus, they can analyze how much they have lost or won throughout the month.

It is a simple way to keep track of your betting history, which can help you to identify if you are spending too much each day, week or month. Plus, tracking the account history can provide an insight into where you have enjoyed success or failure online, so you can avoid betting on certain sports in the future. While it might seem like an obvious tip, it is frequently underutilized by sports fans.

Do Your Homework

It is a smart decision to thoroughly do your research before you place a sports bet. While trusting your gut might occasionally work, you will likely enjoy greater success when placing a wager if you do your homework on a potential pick.

For example, you must review a team or a player’s statistics and past games to make an informed decision. Consequently, you’ll have more confidence in your choice and you will increase your chances of increasing your bankroll.

Make a Wager at the Right Time

To maximize your money, you must aim to make a wager at the right time. For example, monitor a sportsbook to identify when they might provide the best odds for a sporting event, which can help you to receive an excellent return on your investment. While it can be a challenge to predict line movements, both research and analysis could provide an insight into the best time to place a bet.

Consider Variance

Different bet types will have a higher variance than others, which could result in you experiencing more losses before you enjoy a financial gain. For example, there is often less variance when placing a wager on an NFL point spread bet, but you can expect a higher variance when betting on a five-team parlay.

If you gamble on bets with a higher variance, you should expect to experience a fluctuating bankroll. So, if you are embarking on a higher variance bet, you should air on the side of caution by betting a little more conservatively.

Manually Add Cash into Your Bankroll

Many new sports betters often choose to automatically add a sum into the bankroll every two weeks or more, which will ensure they have cash available to spend in their account. However, to maintain a tighter control of your finances, it is beneficial to manually add the sum into your account instead. However, ensure you don’t spend a penny more than you originally intended to, which can prevent you from experiencing financial hardship should your gamble fail to pay off.

Know When to Stop

Even professional gamblers will experience a losing streak from time to time. While you might be tempted to chase your losses when a bet doesn’t go your way, you must avoid doing so or you could negatively impact your personal finances. Instead of raising the stakes and wasting money you cannot afford to lose, you must take a break from the process and return when you are in a more financially comfortable position.

Conclusion

If you are new to sports betting or want to take control of your cashflow when placing a wager, you should seriously consider the above tactics. So, establish a budget, make the most of the many free bets available online, thoroughly research a team and player, and don’t be too eager to withdraw money from your bankroll, which can protect your personal finances. By doing so, you could enjoy the experience while potentially increasing the likelihood of you securing a winning wager.

Steven Millstein

Steven Millstein

Steven is a Certified Financial Planner (CFP) and Certified Credit Counselor (CCC) and joined CreditRepairExpert in June 2016 as a Credit Repair Adviser to continue his mission of making a difference in the world. Everyday, Steven speaks with individuals and families in the online credit repair community to answers questions and offer help people on their journey to repair their credit rating. If you have a story idea for Steven or you would like help with credit repair, please email him at hello@creditrepairexpert.org.
Steven Millstein