When it comes to online sports betting, we all know that one of the most important things that you need to know about is money management. Money management is crucial in pretty much anything in the world, but it’s also incredibly important in the online sports betting world, as it can be the difference in bringing in a profit for the year, or simply placing a few bad beats and coming out in the red at the end of the year. There are quite a few things to take into consideration that can help you have excellent money management, and one of the things from the start is the fact that most online sports betting sites will offer quite a wide range of bet sizing options for bettors. What this means is that if you are typically betting a specific amount, you can almost always move down in the size of your bet, because a lot of sites will offer a minimum bet of $1! We are going to give a full look at how to have strong money management, and make sure that you can last through any cold streaks.
I could talk about bet sizing for days, and days, and days. If you bet too big, it’s going to make those cold streaks impossible to live through. For example, say that you are betting on the NFL throughout the season, and you have a bankroll of $200 to start with. If you are betting $15-$20 per bet, and you hit a bit of a bad run, you’re going to be done with that money pretty quickly. Most people say to stick with about 1% of your bankroll for a regular bet, but some people will vary up to about 2%-4% depending on how much they like the bet. Regardless though, the most important thing is that you NEED to be able to go down in your bet size if you simply aren’t hitting. So if you are typically betting $5 at a time, but lose a few straight, bump your bet down to $3 and attempt to build your account back up.
Cashing Money Off
Since I’ve now talked about going on cold streaks for a full two paragraphs now, it’s time to look at something that will make all sports bettors happy. This is the thought of when to cash money off when you get on a hot streak! Many people do this differently, as some bettors will look to double up before pulling their money off, and other bettors like to raise their bet size after they double up. Regardless of how you do it, just make sure you come into this with a plan. Personally, I like to keep my bet sizing consistent and just cash off if I end up doubling up, and I set my account back to its starting point. On the other side of things, if you are a HUGE NFL bettor, and are right in the midst of the season, it’s not a bad idea to bump the bet sizing up in hopes of continuing to build that bankroll!